Canada Pension Plan Investment Board acquired a new position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 90,348 shares of the business services provider's stock, valued at approximately $8,884,000.
A number of other hedge funds have also made changes to their positions in PAYX. Cornerstone Planning Group LLC boosted its holdings in Paychex by 957.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider's stock valued at $30,000 after purchasing an additional 268 shares in the last quarter. Hilton Head Capital Partners LLC purchased a new position in Paychex in the fourth quarter valued at approximately $31,000. Kingdom Financial Group LLC. acquired a new stake in Paychex during the fourth quarter worth approximately $33,000. Leonteq Securities AG raised its holdings in Paychex by 2,669.2% during the first quarter. Leonteq Securities AG now owns 360 shares of the business services provider's stock worth $33,000 after purchasing an additional 347 shares in the last quarter. Finally, Acumen Wealth Advisors LLC purchased a new stake in shares of Paychex during the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 83.47% of the company's stock.
Insider Activity
In related news, CFO Robert L. Schrader sold 2,600 shares of the firm's stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $115.09, for a total transaction of $299,234.00. Following the transaction, the chief financial officer owned 18,547 shares of the company's stock, valued at $2,134,574.23. This trade represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Joseph M. Tucci sold 3,907 shares of the business's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $98.25, for a total value of $383,862.75. Following the completion of 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. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is currently owned by corporate insiders.
Paychex Stock Performance
Shares of PAYX opened at $127.04 on Friday. The company's 50 day simple moving average is $113.76 and its 200-day simple moving average is $100.95. The firm has a market cap of $45.19 billion, a PE ratio of 25.98 and a beta of 0.81. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $139.53. 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 issued its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, topping analysts' consensus estimates 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 quarter in the prior year, the business earned $1.19 EPS. Paychex'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. As a group, equities analysts predict that Paychex, Inc. will post 5.96 EPS for the current year.
Paychex Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th were paid a dividend of $1.19 per share. The ex-dividend date was Tuesday, July 28th. This represents a $4.76 annualized dividend and a dividend yield of 3.7%. Paychex's dividend payout ratio is 97.34%.
Analyst Upgrades and Downgrades
PAYX has been the subject of several research analyst reports. Jefferies Financial Group upped their target price on shares of Paychex from $105.00 to $120.00 and gave the company a "hold" rating in a 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. Citigroup boosted their price target on shares of Paychex from $140.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Stifel Nicolaus upped their price objective on shares of Paychex from $105.00 to $110.00 and gave the company a "hold" rating in a research note on Wednesday, June 17th. Finally, Cantor Fitzgerald reaffirmed an "underweight" rating and set a $107.00 price objective on shares of Paychex in a report on Monday, July 20th. One investment 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's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $109.20.
Check Out Our Latest Stock Analysis on PAYX
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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