BlackRock Inc. acquired a new stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 27,753,178 shares of the business services provider's stock, valued at approximately $2,728,970,000. BlackRock Inc. owned approximately 7.80% of Paychex as of its most recent filing with the SEC.
Other large investors also recently bought and sold shares of the company. Brighton Jones LLC boosted its holdings in Paychex by 26.3% in the fourth quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider's stock worth $801,000 after acquiring an additional 1,190 shares in the last quarter. Bison Wealth LLC lifted its holdings in shares of Paychex by 3.0% during the 4th quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider's stock valued at $566,000 after buying an additional 117 shares during the period. Woodline Partners LP purchased a new position in Paychex in the first quarter worth about $3,333,000. NewEdge Advisors LLC boosted its holdings in shares of Paychex by 3.2% in the second quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider's stock worth $5,976,000 after buying an additional 1,290 shares during the last quarter. Finally, Sei Investments Co. raised 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 worth $22,790,000 after acquiring an additional 50,169 shares during the period. 83.47% of the stock is owned by hedge funds and other institutional investors.
Paychex Stock Performance
PAYX opened at $122.50 on Thursday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a market capitalization of $43.57 billion, a price-to-earnings ratio of 25.05 and a beta of 0.81. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $141.19. The company has a fifty day moving average of $110.13 and a 200 day moving average of $99.70.
Paychex (NASDAQ:PAYX - Get Free Report) last announced its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.01. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The firm's revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, sell-side analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.
Paychex Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be issued a $1.19 dividend. The ex-dividend date of this dividend 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 (DPR) is presently 97.34%.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on PAYX shares. Cantor Fitzgerald reaffirmed an "underweight" rating and issued a $107.00 target price on shares of Paychex in a report on Monday, July 20th. JPMorgan Chase & Co. boosted their price target on Paychex from $100.00 to $105.00 and gave the company an "underweight" rating in a report on Thursday, June 25th. Jefferies Financial Group lifted their price objective on Paychex from $105.00 to $120.00 and gave the company a "hold" rating in a research report on Wednesday, August 12th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Paychex in a research note on Thursday, May 28th. Finally, TD Cowen increased their target price on shares of Paychex from $94.00 to $98.00 and gave the stock a "hold" rating in a report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $109.20.
Check Out Our Latest Stock Report on Paychex
Insider Buying and Selling
In other news, CFO Robert L. Schrader sold 2,600 shares of Paychex stock in a transaction that occurred 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. The trade was a 12.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph M. Tucci sold 3,907 shares of the business's stock in a transaction on Friday, June 26th. The shares were sold at an average price of $98.25, for a total transaction of $383,862.75. Following the transaction, the director owned 67,364 shares in the company, valued at $6,618,513. This trade represents a 5.48% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.80% of the stock is currently owned by insiders.
About Paychex
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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.
Further Reading
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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