Hsbc Holdings PLC increased its stake in shares of Paychex, Inc. (NASDAQ:PAYX – Free Report) by 12.6% during the second quarter, Holdings Channel reports. The institutional investor owned 814,857 shares of the business services provider’s stock after acquiring an additional 91,358 shares during the period. Hsbc Holdings PLC’s holdings in Paychex were worth $80,083,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hilton Head Capital Partners LLC purchased a new stake in shares of Paychex during the 4th quarter worth approximately $31,000. Kingdom Financial Group LLC. purchased a new position in Paychex in the 4th quarter valued at approximately $33,000. Leonteq Securities AG increased its stake in Paychex by 2,669.2% in the 1st quarter. Leonteq Securities AG now owns 360 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 347 shares in the last quarter. Field & Main Bank acquired a new position in Paychex during the second quarter worth $33,000. Finally, Acumen Wealth Advisors LLC purchased a new stake in Paychex during the fourth quarter worth $34,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
PAYX has been the topic of several research reports. Stifel Nicolaus upped their target price on Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, June 17th. JPMorgan Chase & Co. raised their target price on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, June 25th. Morgan Stanley lifted their target price on shares of Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. Stephens initiated coverage on shares of Paychex in a report on Friday. They issued an “equal weight” rating and a $132.00 price target on the stock. Finally, Citigroup increased their price target on shares of Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Paychex presently has a consensus rating of “Hold” and a consensus target price of $111.00.
Insider Buying and Selling at Paychex
In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total transaction of $383,862.75. Following the completion of the sale, the director owned 67,364 shares of the company’s stock, valued at approximately $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Robert L. Schrader sold 2,600 shares of the company’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $115.09, for a total value of $299,234.00. Following the sale, the chief financial officer owned 18,547 shares of the company’s stock, valued at $2,134,574.23. This represents a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.80% of the stock is owned by insiders.
Paychex Stock Performance
Paychex stock opened at $121.71 on Monday. The stock has a market cap of $43.29 billion, a PE ratio of 24.89, a P/E/G ratio of 2.55 and a beta of 0.82. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22. The stock has a 50-day moving average price of $116.50 and a 200 day moving average price of $102.02. Paychex, Inc. has a 52 week low of $85.45 and a 52 week high of $138.19.
Paychex (NASDAQ:PAYX – Get Free Report) last released its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.01. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the company earned $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Equities research analysts predict that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.
Paychex Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, July 28th were given a dividend of $1.19 per share. The ex-dividend date was Tuesday, July 28th. This represents a $4.76 dividend on an annualized basis and a yield of 3.9%. Paychex’s dividend payout ratio (DPR) is 97.34%.
Paychex Profile
Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.
Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.
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