AMG National Trust Bank Buys New Shares in Paychex, Inc. $PAYX

Key Points

• AMG National Trust Bank acquired 14,206 Paychex shares during the second quarter, worth approximately $1.4 million. Institutional investors collectively own 83.47% of the company.
• Analysts maintain a generally cautious view, with Paychex receiving an average rating of “Hold” and an average price target of $109.20, below the stock’s reported $122.02 opening price.
• Paychex slightly exceeded quarterly earnings expectations, reporting $1.32 in EPS and $1.61 billion in revenue, while revenue grew 12.5% year over year. The company also declared a quarterly dividend of $1.19 per share, representing a 3.9% annualized yield.

AMG National Trust Bank acquired a new stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 14,206 shares of the business services provider's stock, valued at approximately $1,397,000.

A number of other hedge funds also recently bought and sold shares of PAYX. Brighton Jones LLC boosted its holdings in Paychex by 26.3% during the 4th quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider's stock valued at $801,000 after acquiring an additional 1,190 shares during the period. Bison Wealth LLC increased its stake in Paychex by 3.0% in the 4th quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider's stock worth $566,000 after purchasing an additional 117 shares during the period. Woodline Partners LP purchased a new position in Paychex in the 1st quarter worth approximately $3,333,000. NewEdge Advisors LLC lifted its position in Paychex by 3.2% in the second quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider's stock valued at $5,976,000 after purchasing an additional 1,290 shares during the last quarter. Finally, Sei Investments Co. lifted its position in Paychex by 47.1% in the second quarter. Sei Investments Co. now owns 156,680 shares of the business services provider's stock valued at $22,790,000 after purchasing an additional 50,169 shares during the last quarter. Institutional investors own 83.47% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PAYX shares. Jefferies Financial Group raised their target price on shares of Paychex from $105.00 to $120.00 and gave the stock a "hold" rating in a report on Wednesday. Cantor Fitzgerald reiterated an "underweight" rating and set a $107.00 price target on shares of Paychex in a report on Monday, July 20th. Weiss Ratings raised shares of Paychex from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, July 20th. Royal Bank Of Canada reissued a "sector perform" rating on shares of Paychex in a report on Thursday, May 28th. Finally, Stifel Nicolaus boosted their price objective on shares of Paychex from $105.00 to $110.00 and gave the company a "hold" rating in a research report on Wednesday, June 17th. One research 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $109.20.

Paychex Price Performance

Shares of Paychex stock opened at $122.02 on Monday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $141.19. The company has a market cap of $43.40 billion, a P/E ratio of 24.95 and a beta of 0.81. The company's fifty day simple moving average is $108.92 and its two-hundred day simple moving average is $99.34.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its earnings results on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, topping the consensus estimate of $1.31 by $0.01. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The firm had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.60 billion. During the same period last year, the company posted $1.19 EPS. The company's quarterly revenue was up 12.5% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Research analysts anticipate that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be issued a dividend of $1.19 per share. The ex-dividend date is Tuesday, July 28th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.9%. Paychex's dividend payout ratio is 97.34%.

Insider Buying and Selling

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the stock in a transaction on 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 owned 18,547 shares in the company, valued at approximately $2,134,574.23. This represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph M. Tucci sold 3,907 shares of the firm's stock in a transaction 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 transaction, the director directly owned 67,364 shares of the company's stock, valued at $6,618,513. This represents a 5.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is currently owned by corporate insiders.

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.

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).

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