Daiichi Life Insurance Co. Ltd. Makes New $790,000 Investment in Paychex, Inc. $PAYX

Daiichi Life Insurance Co. Ltd. purchased a new position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,037 shares of the business services provider's stock, valued at approximately $790,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PAYX. XXEC Inc. acquired a new stake in Paychex during the 2nd quarter worth $1,123,016,000. BlackRock Inc. acquired a new position in Paychex in the second quarter valued at about $2,728,970,000. Capital International Investors increased its holdings in shares of Paychex by 59.1% in the fourth quarter. Capital International Investors now owns 30,265,174 shares of the business services provider's stock worth $3,395,583,000 after acquiring an additional 11,243,295 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Paychex by 12.1% in 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 in the last quarter. Finally, Federated Hermes Inc. raised its position 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 purchasing an additional 2,352,423 shares during the period. Institutional investors and hedge funds own 83.47% of the company's stock.

Paychex Stock Up 1.2%

NASDAQ:PAYX opened at $126.01 on Tuesday. The stock has a 50-day simple moving average of $111.58 and a 200 day simple moving average of $100.20. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $140.56. The company has a market cap of $44.82 billion, a PE ratio of 25.77 and a beta of 0.81. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26.

Paychex (NASDAQ:PAYX - Get Free Report) last released its earnings results on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, beating the consensus estimate of $1.31 by $0.01. The firm had revenue of $1.61 billion for the quarter, compared to analysts' expectations of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The business's quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, sell-side analysts expect that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be issued 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 3.8%. Paychex's dividend payout ratio is presently 97.34%.

Wall Street Analyst Weigh In

PAYX has been the subject of several research analyst reports. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Paychex in a research report on Thursday, May 28th. Cantor Fitzgerald restated an "underweight" rating and set a $107.00 target price on shares of Paychex in a report on Monday, July 20th. Morgan Stanley lifted their price target on shares of Paychex from $107.00 to $109.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. upped their price target on shares of Paychex from $100.00 to $105.00 and gave the company an "underweight" rating in a report on Thursday, June 25th. Finally, Stifel Nicolaus increased their price objective on shares of Paychex from $105.00 to $110.00 and gave the stock a "hold" rating in a research report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $109.20.

Insiders Place Their Bets

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the business's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $115.09, for a total transaction of $299,234.00. Following the sale, the chief financial officer directly owned 18,547 shares of the company's stock, valued at $2,134,574.23. The trade was a 12.29% decrease in their position. The sale 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 firm'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 of the company's stock, valued at $6,618,513. The trade was a 5.48% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.80% of the stock is currently owned by company insiders.

Paychex Company 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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