Caxton Associates LLP Buys 12,666 Shares of Paychex, Inc. $PAYX

Caxton Associates LLP lifted its stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 183.4% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 19,572 shares of the business services provider's stock after buying an additional 12,666 shares during the quarter. Caxton Associates LLP's holdings in Paychex were worth $1,803,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Capital International Investors raised its holdings in Paychex by 59.1% in the 4th quarter. Capital International Investors now owns 30,265,174 shares of the business services provider's stock valued at $3,395,583,000 after acquiring an additional 11,243,295 shares during the period. Vanguard Group Inc. lifted its position in Paychex by 12.1% during the fourth quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider's stock worth $4,750,669,000 after acquiring an additional 4,583,157 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Paychex by 4,141.2% during the fourth quarter. Federated Hermes Inc. now owns 2,409,229 shares of the business services provider's stock worth $270,267,000 after acquiring an additional 2,352,423 shares during the period. Norges Bank acquired a new position in shares of Paychex in the fourth quarter valued at approximately $257,699,000. Finally, Voloridge Investment Management LLC acquired a new position in shares of Paychex in the third quarter valued at approximately $117,809,000. Institutional investors own 83.47% of the company's stock.

Paychex Price Performance

Shares of NASDAQ:PAYX opened at $113.55 on Friday. The firm has a 50 day moving average of $102.13 and a 200-day moving average of $98.40. The stock has a market capitalization of $40.39 billion, a PE ratio of 23.22 and a beta of 0.84. 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, Inc. has a 12 month low of $85.45 and a 12 month high of $148.11.

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. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The firm's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, equities research analysts predict that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be paid a dividend of $1.19 per share. The ex-dividend date is Tuesday, July 28th. This represents a $4.76 annualized dividend and a yield of 4.2%. Paychex's dividend payout ratio is presently 97.34%.

Insiders Place Their Bets

In other Paychex news, 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 completion of the sale, the director directly owned 67,364 shares in the company, valued at $6,618,513. This represents a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PAYX. Royal Bank Of Canada reissued a "sector perform" rating on shares of Paychex in a report on Thursday, May 28th. TD Cowen increased their price objective on Paychex from $94.00 to $98.00 and gave the stock a "hold" rating in a research report on Monday, June 8th. Citigroup raised Paychex from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $99.00 to $140.00 in a report on Monday, June 15th. UBS Group boosted their target price on shares of Paychex from $105.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, Stifel Nicolaus upped their price target 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. One 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 issued a Sell rating to the stock. According to MarketBeat, Paychex has a consensus rating of "Hold" and a consensus target price of $107.53.

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.

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