28,711 Shares in Paychex, Inc. $PAYX Bought by CenterBook Partners LP

Key Points

• CenterBook Partners opened a Paychex position, buying 28,711 shares worth approximately $2.83 million in the third quarter. Institutional investors and hedge funds own 83.47% of the stock.
• Paychex reported quarterly EPS of $1.34, beating analyst estimates by $0.02, while revenue rose 5.9% year over year to $1.63 billion.
• The company announced a quarterly dividend of $1.19 per share, equivalent to a 4.1% yield at the reported share price. Analysts’ consensus rating is Hold, with an average price target of $115.93.

CenterBook Partners LP acquired a new position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 28,711 shares of the business services provider's stock, valued at approximately $2,828,000.

A number of other institutional investors also recently made changes to their positions in PAYX. XXEC Inc. purchased a new position in shares of Paychex during the 2nd quarter valued at approximately $1,123,016,000. BlackRock Inc. acquired a new stake in shares of Paychex during the second quarter worth approximately $2,728,970,000. Bank of America Corp DE acquired a new stake in shares of Paychex during the second quarter worth approximately $434,061,000. Legal & General Group Plc bought a new stake in shares of Paychex in the second quarter worth $207,184,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Paychex in the second quarter worth $193,555,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Price Performance

Shares of NASDAQ PAYX opened at $117.06 on Friday. Paychex, Inc. has a twelve month low of $85.45 and a twelve month high of $127.98. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 1.23. The company has a market capitalization of $41.67 billion, a price-to-earnings ratio of 23.23, a price-to-earnings-growth ratio of 2.45 and a beta of 0.81. The business has a 50 day simple moving average of $112.00 and a 200-day simple moving average of $103.78.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its quarterly earnings data on Wednesday, September 23rd. The business services provider reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.02. Paychex had a return on equity of 52.78% and a net margin of 27.35%. The firm had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. During the same period last year, the business posted $1.22 earnings per share. The firm's revenue for the quarter was up 5.9% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.896-6.006 EPS. As a group, equities research analysts expect that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Monday, October 26th will be paid a dividend of $1.19 per share. The ex-dividend date is Monday, October 26th. This represents a $4.76 annualized dividend and a yield of 4.1%. Paychex's payout ratio is presently 94.44%.

Insider Buying and Selling at Paychex

In other Paychex news, Director Joseph Velli sold 7,839 shares of the stock in a transaction on Wednesday, October 14th. The shares were sold at an average price of $107.68, for a total transaction of $844,103.52. Following the sale, the director directly owned 81,725 shares of the company's stock, valued at approximately $8,800,148. This represents a 8.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.60% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PAYX shares. Citigroup upped their price target on shares of Paychex from $140.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Wolfe Research raised shares of Paychex from an "underperform" rating to a "peer perform" rating in a report on Wednesday, September 16th. Cantor Fitzgerald dropped their target price on shares of Paychex from $112.00 to $96.00 and set an "underweight" rating for the company in a research report on Monday, September 28th. TD Cowen cut their target price on shares of Paychex from $117.00 to $105.00 and set a "hold" rating on the stock in a research note on Friday, September 25th. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Paychex in a research report on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $115.93.

Paychex Profile

Paychex, Inc provides payroll, human resources and employee benefits solutions to businesses of varying sizes. Its services include payroll processing, tax administration, time and attendance tools, HR support, employee benefits, retirement services and business insurance.

The company also offers professional employer organization services, which let businesses outsource certain employment responsibilities, as well as technology for workforce management, recruiting and compliance. Paychex primarily serves employers in the United States and supports businesses with international workforce needs.

Founded in Rochester, New York, in 1971 by B.

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