Allworth Financial LP Makes New Investment in Paychex, Inc. $PAYX

Allworth Financial LP purchased a new stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 19,999 shares of the business services provider's stock, valued at approximately $1,967,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Paychex during the 2nd quarter worth approximately $2,728,970,000. Capital International Investors lifted its stake in shares of Paychex by 59.1% in the 4th quarter. Capital International Investors now owns 30,265,174 shares of the business services provider's stock valued at $3,395,583,000 after acquiring an additional 11,243,295 shares during the last quarter. Vanguard Group Inc. raised its holdings in Paychex by 12.1% in the 4th quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider's stock worth $4,750,669,000 after purchasing an additional 4,583,157 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of Paychex by 4,141.2% during the fourth quarter. Federated Hermes Inc. now owns 2,409,229 shares of the business services provider's stock valued at $270,267,000 after purchasing an additional 2,352,423 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Paychex during the fourth quarter valued at approximately $257,699,000. Institutional investors and hedge funds own 83.47% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on PAYX shares. Weiss Ratings upgraded shares of Paychex from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, July 20th. Cantor Fitzgerald restated an "underweight" rating and issued a $107.00 target price on shares of Paychex in a research note on Monday, July 20th. Citigroup boosted their price target on shares of Paychex from $140.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Jefferies Financial Group upped their price target on Paychex from $105.00 to $120.00 and gave the stock a "hold" rating in a research note on Wednesday, August 12th. Finally, JPMorgan Chase & Co. raised their price target on Paychex from $100.00 to $105.00 and gave the stock an "underweight" rating in a research report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $109.20.

Paychex Stock Up 1.3%

Shares of Paychex stock opened at $124.47 on Friday. 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 business has a 50-day moving average price of $111.08 and a 200 day moving average price of $100.01. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $141.19. The firm has a market cap of $44.27 billion, a P/E ratio of 25.45 and a beta of 0.81.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.01. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the prior year, the firm posted $1.19 earnings per share. The company's revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, sell-side analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be given a $1.19 dividend. The ex-dividend date is Tuesday, July 28th. This represents a $4.76 dividend on an annualized basis and a yield of 3.8%. Paychex's payout ratio is 97.34%.

Insider Buying and Selling at Paychex

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the business'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 completion of the transaction, the chief financial officer directly owned 18,547 shares of the company's stock, valued at approximately $2,134,574.23. The trade was a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph M. Tucci sold 3,907 shares of the business's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $98.25, for a total value of $383,862.75. Following the completion of the transaction, the director owned 67,364 shares of the company's stock, valued at $6,618,513. This represents a 5.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.80% of the stock is currently owned by corporate insiders.

Paychex Company 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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