Candriam S.C.A. Sells 9,216 Shares of Paychex, Inc. $PAYX

Candriam S.C.A. lessened its position in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 26.3% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 25,834 shares of the business services provider's stock after selling 9,216 shares during the period. Candriam S.C.A.'s holdings in Paychex were worth $2,380,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Paychex during the 3rd quarter valued at $27,000. Cornerstone Planning Group LLC raised its position in shares of 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 during the period. Stance Capital LLC bought a new stake in Paychex during the 3rd quarter valued at $31,000. Hilton Head Capital Partners LLC bought a new stake in shares of Paychex during the 4th quarter valued at $31,000. Finally, Kingdom Financial Group LLC. purchased a new stake in shares of Paychex in the fourth quarter worth about $33,000. 83.47% of the stock is owned by institutional investors.

Paychex Stock Down 1.1%

PAYX opened at $109.52 on Wednesday. The stock has a market capitalization of $39.24 billion, a price-to-earnings ratio of 22.40 and a beta of 0.84. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.22. The firm has a 50 day moving average price of $98.86 and a 200-day moving average price of $98.31. Paychex, Inc. has a twelve month low of $85.45 and a twelve month high of $148.11.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.60 billion. During the same quarter in the prior year, the business earned $1.19 EPS. The business'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. Equities research analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were issued a dividend of $1.19 per share. This is a boost from Paychex's previous quarterly dividend of $1.08. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $4.76 annualized dividend and a dividend yield of 4.3%. Paychex's payout ratio is currently 97.34%.

Wall Street Analysts Forecast Growth

PAYX has been the subject of a number of research analyst reports. Jefferies Financial Group dropped their price target on Paychex from $110.00 to $105.00 and set a "hold" rating for the company in a research report on Thursday, March 26th. Argus upgraded Paychex to a "strong-buy" rating in a report on Friday, March 27th. Stifel Nicolaus raised their price target on shares of Paychex from $105.00 to $110.00 and gave the stock a "hold" rating in a report on Wednesday, June 17th. Stephens cut their price objective on Paychex from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 26th. Finally, TD Cowen boosted their price target on shares of Paychex from $94.00 to $98.00 and gave the company a "hold" rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $105.80.

Insider Buying and Selling

In other news, Director Joseph M. Tucci sold 3,907 shares of the stock in a transaction that occurred 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 completion of the transaction, the director directly owned 67,364 shares in the company, valued at approximately $6,618,513. This represents a 5.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.80% of the company's stock.

Paychex 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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.