Canandaigua National Bank & Trust Co. Sells 5,538 Shares of Paychex, Inc. $PAYX

Key Points

• Canandaigua National Bank & Trust Co. reduced its stake in Paychex, Inc. by 8.9%, selling 5,538 shares and retaining 56,368 shares, which are currently valued at approximately $8.2 million.
• Paychex announced a quarterly dividend of $1.08 per share, resulting in an annualized dividend payout of $4.32 and a yield of 3.2%.
• Paychex reported earnings of $1.19 per share, surpassing analysts' estimates, with revenues of $1.43 billion for the quarter, indicating robust financial performance.

Canandaigua National Bank & Trust Co. cut its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 8.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 56,368 shares of the business services provider's stock after selling 5,538 shares during the quarter. Paychex comprises approximately 0.8% of Canandaigua National Bank & Trust Co.'s holdings, making the stock its 27th largest holding. Canandaigua National Bank & Trust Co.'s holdings in Paychex were worth $8,199,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PAYX. Alpine Bank Wealth Management bought a new stake in shares of Paychex during the first quarter worth $34,000. MorganRosel Wealth Management LLC bought a new stake in shares of Paychex during the first quarter worth $34,000. Quarry LP bought a new stake in shares of Paychex during the first quarter worth $34,000. Tsfg LLC lifted its position in shares of Paychex by 122.3% during the first quarter. Tsfg LLC now owns 229 shares of the business services provider's stock worth $35,000 after purchasing an additional 126 shares during the last quarter. Finally, Nova Wealth Management Inc. bought a new stake in shares of Paychex during the first quarter worth $38,000. 83.47% of the stock is currently owned by institutional investors.

Paychex Price Performance

PAYX opened at $135.11 on Monday. Paychex, Inc. has a 1 year low of $131.83 and a 1 year high of $161.24. The firm has a market capitalization of $48.59 billion, a PE ratio of 29.56, a price-to-earnings-growth ratio of 3.09 and a beta of 0.91. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.28 and a quick ratio of 1.28. The business's 50-day moving average is $140.44 and its two-hundred day moving average is $146.52.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share for the quarter, hitting analysts' consensus estimates of $1.19. Paychex had a return on equity of 45.01% and a net margin of 29.75%.The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the firm earned $1.12 earnings per share. Paychex has set its FY 2026 guidance at EPS. Research analysts anticipate that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, July 21st were issued a dividend of $1.08 per share. The ex-dividend date of this dividend was Monday, July 21st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.2%. Paychex's payout ratio is 94.53%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PAYX. Barclays set a $155.00 target price on Paychex and gave the stock an "equal weight" rating in a research report on Tuesday, June 24th. Citigroup decreased their target price on Paychex from $158.00 to $148.00 and set a "neutral" rating for the company in a research report on Thursday, August 21st. Royal Bank Of Canada set a $165.00 price target on Paychex and gave the company a "sector perform" rating in a research note on Tuesday, June 24th. Stifel Nicolaus cut their price target on Paychex from $156.00 to $152.00 and set a "hold" rating on the stock in a research note on Thursday, June 26th. Finally, Jefferies Financial Group set a $140.00 price target on Paychex and gave the company a "hold" rating in a research note on Thursday, June 26th. Ten research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $149.70.

Insider Transactions at Paychex

In other Paychex news, Chairman Martin Mucci sold 97,526 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $145.17, for a total value of $14,157,849.42. Following the completion of the transaction, the chairman directly owned 446,917 shares of the company's stock, valued at approximately $64,878,940.89. The trade was a 17.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO John B. Gibson sold 12,370 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $141.92, for a total value of $1,755,550.40. Following the completion of the transaction, the chief executive officer directly owned 81,755 shares of the company's stock, valued at $11,602,669.60. The trade was a 13.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.80% of the company's stock.

Paychex Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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