Amundi Grows Holdings in Paychex, Inc. $PAYX

Key Points

• Amundi increased its Paychex stake by 1.8% in the first quarter, reaching 1.63 million shares worth approximately $150.6 million. Institutional investors collectively own 83.47% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $108.20, despite several firms recently raising their targets.
• Paychex exceeded quarterly earnings and revenue estimates, reporting $1.32 in EPS and $1.61 billion in revenue, while declaring a quarterly dividend of $1.19 per share, representing a 4.1% annualized yield.

Amundi raised its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 1.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,634,609 shares of the business services provider's stock after purchasing an additional 28,844 shares during the period. Amundi owned 0.46% of Paychex worth $150,580,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its position in Paychex by 82.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 5,929 shares of the business services provider's stock valued at $546,000 after purchasing an additional 2,671 shares in the last quarter. Empire Financial Management Company LLC grew its stake in Paychex by 9.2% in the first quarter. Empire Financial Management Company LLC now owns 17,315 shares of the business services provider's stock valued at $1,595,000 after purchasing an additional 1,454 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Paychex by 199.4% during the first quarter. Empowered Funds LLC now owns 137,328 shares of the business services provider's stock valued at $12,651,000 after buying an additional 91,459 shares during the last quarter. Measured Risk Portfolios Inc. acquired a new stake in Paychex during the 1st quarter worth about $1,760,000. Finally, Quantinno Capital Management LP grew its stake in Paychex by 126.1% during the 1st quarter. Quantinno Capital Management LP now owns 388,686 shares of the business services provider's stock valued at $35,806,000 after purchasing an additional 216,781 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. TD Cowen boosted their target price on shares of Paychex from $94.00 to $98.00 and gave the stock a "hold" rating in a research note on Monday, June 8th. Citigroup upped their price target on Paychex from $140.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday. UBS Group raised their price target on Paychex from $105.00 to $115.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Stifel Nicolaus increased their target price on Paychex from $105.00 to $110.00 and gave the stock a "hold" rating in a research note on Wednesday, June 17th. Finally, Morgan Stanley raised their target price on Paychex from $107.00 to $109.00 and gave the company an "equal weight" rating in a report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $108.20.

Insiders Place Their Bets

In related news, CFO Robert L. Schrader sold 2,600 shares of the business's 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 sale, the chief financial officer owned 18,547 shares of the company's stock, valued at $2,134,574.23. The trade was a 12.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph M. Tucci sold 3,907 shares of Paychex stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total value 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 0.80% of the company's stock.

Paychex Trading Up 0.4%

Paychex stock opened at $116.84 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26. The stock has a market capitalization of $41.56 billion, a PE ratio of 23.89 and a beta of 0.84. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $146.83. The firm has a 50 day simple moving average of $104.42 and a 200-day simple moving average of $98.61.

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

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders 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 4.1%. Paychex's payout ratio is 97.34%.

About Paychex

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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