Deutsche Bank AG purchased a new stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,532,704 shares of the business services provider's stock, valued at approximately $150,711,000. Deutsche Bank AG owned approximately 0.43% of Paychex at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of PAYX. 44 Wealth Management LLC lifted its stake in Paychex by 2.7% during the 2nd quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider's stock valued at $479,000 after acquiring an additional 86 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of Paychex by 3.5% in the second quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider's stock worth $381,000 after acquiring an additional 89 shares during the period. Prosperity Consulting Group LLC grew its stake in shares of Paychex by 1.4% in the third quarter. Prosperity Consulting Group LLC now owns 7,270 shares of the business services provider's stock worth $922,000 after acquiring an additional 100 shares during the period. SBI Securities Co. Ltd. raised its holdings in shares of Paychex by 14.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 798 shares of the business services provider's stock valued at $90,000 after purchasing an additional 101 shares during the last quarter. Finally, Zacks Investment Management lifted its position in Paychex by 5.1% during the third quarter. Zacks Investment Management now owns 2,094 shares of the business services provider's stock valued at $265,000 after purchasing an additional 101 shares during the period. 83.47% of the stock is owned by hedge funds and other institutional investors.
Paychex Trading Up 2.1%
Paychex stock opened at $122.50 on Thursday. The firm has a 50 day moving average of $110.13 and a 200 day moving average of $99.70. The firm has a market capitalization of $43.57 billion, a price-to-earnings ratio of 25.05 and a beta of 0.81. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $141.19. 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 (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, beating the consensus estimate of $1.31 by $0.01. The business had revenue of $1.61 billion for 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 company's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, research analysts predict that Paychex, Inc. will post 5.96 earnings per share for the current year.
Paychex Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be given a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Tuesday, July 28th. Paychex's dividend payout ratio (DPR) is presently 97.34%.
Insiders Place Their Bets
In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $98.25, for a total value of $383,862.75. Following the completion of the sale, the director owned 67,364 shares in the company, valued at approximately $6,618,513. This represents a 5.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Robert L. Schrader sold 2,600 shares of the firm's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $115.09, for a total value of $299,234.00. Following the sale, the chief financial officer directly owned 18,547 shares in the company, valued at approximately $2,134,574.23. This represents a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.80% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
PAYX has been the subject of a number of research reports. TD Cowen boosted their target price on shares of Paychex from $94.00 to $98.00 and gave the company a "hold" rating in a research note on Monday, June 8th. Cantor Fitzgerald restated an "underweight" rating and issued a $107.00 price target on shares of Paychex in a research note on Monday, July 20th. UBS Group lifted their price objective on Paychex from $105.00 to $115.00 and gave the stock a "neutral" rating in a report on Wednesday, July 22nd. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Paychex in a research report on Thursday, May 28th. Finally, JPMorgan Chase & Co. increased their target price on Paychex from $100.00 to $105.00 and gave the company an "underweight" rating in a report on Thursday, June 25th. One equities research 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 issued a Sell rating to the company's stock. According to data from MarketBeat, Paychex presently has an average rating of "Hold" and an average price target of $109.20.
View Our Latest Research Report on Paychex
About Paychex
(
Free Report)
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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