B. Metzler seel. Sohn & Co. AG purchased a new stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 28,328 shares of the business services provider's stock, valued at approximately $2,785,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. 44 Wealth Management LLC increased its position in Paychex by 2.7% during the 2nd quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider's stock worth $479,000 after purchasing an additional 86 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in Paychex by 3.5% in the second quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider's stock valued at $381,000 after buying an additional 89 shares in the last quarter. Prosperity Consulting Group LLC grew its stake in shares of Paychex by 1.4% during the third quarter. Prosperity Consulting Group LLC now owns 7,270 shares of the business services provider's stock worth $922,000 after buying an additional 100 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in shares of Paychex by 14.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 798 shares of the business services provider's stock worth $90,000 after buying an additional 101 shares during the last quarter. Finally, Zacks Investment Management increased its holdings in shares of Paychex by 5.1% during the third quarter. Zacks Investment Management now owns 2,094 shares of the business services provider's stock worth $265,000 after buying an additional 101 shares in the last quarter. 83.47% of the stock is owned by institutional investors.
Paychex Trading Up 1.3%
Shares of NASDAQ PAYX opened at $124.47 on Friday. The firm has a 50 day moving average price of $111.08 and a two-hundred day moving average price of $100.01. The stock has a market cap of $44.27 billion, a P/E ratio of 25.45 and a beta of 0.81. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $141.19. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26.
Paychex (NASDAQ:PAYX - Get Free Report) last issued its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.01. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. Paychex's revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, equities analysts forecast that Paychex, Inc. will post 5.96 EPS for the current year.
Paychex Announces Dividend
The business 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. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, July 28th. Paychex's payout ratio is 97.34%.
Insider Transactions at Paychex
In other news, CFO Robert L. Schrader sold 2,600 shares of the 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 sale, the chief financial officer owned 18,547 shares of the company's stock, valued at approximately $2,134,574.23. This represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph M. Tucci sold 3,907 shares of the firm's 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 transaction, the director owned 67,364 shares of the company's stock, valued at $6,618,513. This trade represents a 5.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.80% of the company's stock.
Analyst Ratings Changes
A number of brokerages have recently commented on PAYX. UBS Group increased their price target on Paychex from $105.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. boosted their price objective on Paychex from $100.00 to $105.00 and gave the stock an "underweight" rating in a research report on Thursday, June 25th. TD Cowen upped their target price on Paychex from $94.00 to $98.00 and gave the stock a "hold" rating in a report on Monday, June 8th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Paychex in a research report on Thursday, May 28th. Finally, Weiss Ratings raised Paychex from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Paychex currently has a consensus rating of "Hold" and a consensus price target of $109.20.
Check Out Our Latest Report on Paychex
About Paychex
(
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.
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