Chevy Chase Trust Holdings LLC Sells 6,466 Shares of Paychex, Inc. $PAYX

Key Points

• Chevy Chase Trust Holdings LLC decreased its stake in Paychex, Inc. by 2.8%, selling 6,466 shares but still holding 220,504 shares worth approximately $32.1 million.
• Paychex recently announced a quarterly dividend of $1.08 per share, which will be paid on November 26th, with a current annualized dividend yield of 3.4%.
• Analyst ratings for Paychex have varied, with Morgan Stanley setting a new target price of $132.00, while the average analyst rating remains at "Reduce."

Chevy Chase Trust Holdings LLC trimmed its position in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 2.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 220,504 shares of the business services provider's stock after selling 6,466 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.06% of Paychex worth $32,075,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Paychex by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 31,807,843 shares of the business services provider's stock valued at $4,907,314,000 after buying an additional 286,818 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Paychex by 7.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 10,782,173 shares of the business services provider's stock valued at $1,663,474,000 after buying an additional 737,542 shares in the last quarter. Northern Trust Corp increased its position in Paychex by 3.8% in the 1st quarter. Northern Trust Corp now owns 4,989,182 shares of the business services provider's stock valued at $769,731,000 after buying an additional 181,628 shares in the last quarter. Invesco Ltd. increased its position in Paychex by 0.7% in the 1st quarter. Invesco Ltd. now owns 4,135,296 shares of the business services provider's stock valued at $637,993,000 after buying an additional 30,670 shares in the last quarter. Finally, Select Equity Group L.P. increased its position in Paychex by 99.0% in the 1st quarter. Select Equity Group L.P. now owns 3,494,312 shares of the business services provider's stock valued at $539,102,000 after buying an additional 1,738,372 shares in the last quarter. 83.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

PAYX has been the subject of a number of research analyst reports. Morgan Stanley decreased their target price on Paychex from $148.00 to $132.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 1st. Wolfe Research decreased their price objective on Paychex from $145.00 to $140.00 and set an "underperform" rating for the company in a report on Friday, September 26th. Citigroup decreased their price objective on Paychex from $158.00 to $148.00 and set a "neutral" rating for the company in a report on Thursday, August 21st. Stephens raised Paychex to a "hold" rating in a report on Tuesday, October 7th. Finally, Robert W. Baird decreased their price objective on Paychex from $153.00 to $148.00 and set a "neutral" rating for the company in a report on Wednesday, October 1st. One equities research analyst has rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Paychex has an average rating of "Reduce" and an average price target of $141.29.

Paychex Price Performance

Shares of NASDAQ PAYX opened at $126.56 on Friday. Paychex, Inc. has a twelve month low of $119.02 and a twelve month high of $161.24. The stock's 50 day moving average price is $132.52 and its 200-day moving average price is $142.87. The company has a market capitalization of $45.55 billion, a PE ratio of 28.44, a PEG ratio of 2.89 and a beta of 0.92. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 1.15.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its earnings results on Tuesday, September 30th. The business services provider reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.02. Paychex had a return on equity of 45.17% and a net margin of 27.85%.The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the business earned $1.16 EPS. The company's revenue was up 16.8% compared to the same quarter last year. Paychex has set its FY 2026 guidance at 5.428-5.528 EPS. On average, equities analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Friday, November 7th will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Friday, November 7th. Paychex's payout ratio is presently 97.08%.

About Paychex

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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