Beacon Pointe Advisors LLC Purchases Shares of 12,259 Paychex, Inc. $PAYX

Key Points

• Beacon Pointe Advisors purchased 12,259 Paychex shares worth approximately $1.2 million during the second quarter. Institutional investors own 83.47% of the company.
• Analysts maintain a consensus “Hold” rating, with an average price target of $109.20, below Paychex’s reported opening price of $127.04.
• Paychex exceeded quarterly earnings and revenue estimates, reporting $1.32 in EPS and $1.61 billion in revenue, while revenue grew 12.5% year over year. The company also paid a quarterly dividend of $1.19 per share, representing a 3.7% yield.

Beacon Pointe Advisors LLC bought a new position in Paychex, Inc. (NASDAQ:PAYX - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm bought 12,259 shares of the business services provider's stock, valued at approximately $1,205,000.

Other large investors also recently bought and sold shares of the company. EFG International AG acquired a new position in shares of Paychex in the 2nd quarter valued at about $1,494,000. Danske Bank A S boosted its stake in shares of Paychex by 14.0% in the fourth quarter. Danske Bank A S now owns 205,341 shares of the business services provider's stock worth $23,035,000 after buying an additional 25,184 shares during the last quarter. Truist Financial Corp grew its holdings in Paychex by 33.3% during the fourth quarter. Truist Financial Corp now owns 208,150 shares of the business services provider's stock worth $23,350,000 after acquiring an additional 51,982 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in Paychex during the second quarter worth about $7,296,000. Finally, Western Wealth Management LLC purchased a new position in Paychex during the first quarter valued at approximately $1,174,000. Hedge funds and other institutional investors own 83.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Paychex from $100.00 to $105.00 and gave the company an "underweight" rating in a research note on Thursday, June 25th. TD Cowen lifted their price objective on shares of Paychex from $94.00 to $98.00 and gave the company a "hold" rating in a report on Monday, June 8th. Jefferies Financial Group upped their price objective on shares of Paychex from $105.00 to $120.00 and gave the stock a "hold" rating in a research report on Wednesday, August 12th. Morgan Stanley increased their target price on shares of Paychex from $107.00 to $109.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 30th. Finally, Royal Bank Of Canada restated a "sector perform" rating on shares of Paychex in a research report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $109.20.

Insider Activity at Paychex

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of Paychex 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 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 document filed with the SEC, which is available through this hyperlink. Also, Director Joseph M. Tucci sold 3,907 shares of the company's stock in a transaction 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 sale, the director directly owned 67,364 shares of the company's stock, valued at $6,618,513. The trade was 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 insiders.

Paychex Stock Performance

Shares of Paychex stock opened at $127.04 on Monday. The firm has a market capitalization of $45.19 billion, a PE ratio of 25.98 and a beta of 0.81. Paychex, Inc. has a twelve month low of $85.45 and a twelve month high of $139.53. The firm's 50-day moving average price is $113.76 and its 200 day moving average price is $100.97. 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 (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings data 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 return on equity of 50.90% and a net margin of 27.03%.The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period in the previous year, the business earned $1.19 EPS. Paychex's quarterly 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 predict that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, July 28th were given a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Tuesday, July 28th. Paychex's payout ratio is presently 97.34%.

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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