Coastal Bridge Advisors LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund acquired 9,013 shares of the business services provider's stock, valued at approximately $886,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Cornerstone Planning Group LLC boosted its stake in Paychex by 957.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider's stock worth $30,000 after purchasing an additional 268 shares during the period. Hilton Head Capital Partners LLC bought a new stake in shares of Paychex during the fourth quarter valued at about $31,000. Kingdom Financial Group LLC. bought a new stake in shares of Paychex during the fourth quarter valued at about $33,000. Leonteq Securities AG lifted its holdings in shares of Paychex by 2,669.2% in the first quarter. Leonteq Securities AG now owns 360 shares of the business services provider's stock worth $33,000 after buying an additional 347 shares in the last quarter. Finally, Acumen Wealth Advisors LLC purchased a new stake in shares of Paychex in the fourth quarter worth about $34,000. Institutional investors own 83.47% of the company's stock.
Paychex Stock Up 1.3%
PAYX opened at $126.48 on Friday. The business's fifty day simple moving average is $113.19 and its 200 day simple moving average is $100.77. Paychex, Inc. has a 52 week low of $85.45 and a 52 week high of $139.53. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.22. The stock has a market cap of $44.99 billion, a PE ratio of 25.87 and a beta of 0.81.
Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.01. The firm had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The company's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, research analysts expect 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 will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be paid a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex's payout ratio is presently 97.34%.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Paychex from $100.00 to $105.00 and gave the company an "underweight" rating in a research report on Thursday, June 25th. Citigroup increased their target price on shares of Paychex from $140.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Royal Bank Of Canada reissued a "sector perform" rating on shares of Paychex in a report on Thursday, May 28th. Weiss Ratings upgraded shares of Paychex from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, July 20th. Finally, UBS Group boosted their price target on shares of Paychex from $105.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $109.20.
Get Our Latest Stock Report on Paychex
Insider Buying and Selling at Paychex
In other news, Director Joseph M. Tucci sold 3,907 shares of the business's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $98.25, for a total transaction of $383,862.75. Following the transaction, the director directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Robert L. Schrader sold 2,600 shares of the business's stock in a transaction on Monday, July 20th. The shares were sold at an average price of $115.09, for a total transaction of $299,234.00. Following the transaction, the chief financial officer directly owned 18,547 shares in the company, valued at approximately $2,134,574.23. The trade was 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 Profile
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Paychex, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Paychex wasn't on the list.
While Paychex currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
Get This Free Report
