Exchange Traded Concepts LLC Buys 2,068 Shares of Paychex, Inc. $PAYX

Key Points

• Exchange Traded Concepts LLC increased its stake in Paychex by 17.5%, acquiring an additional 2,068 shares during the 2nd quarter, bringing its total holdings to 13,873 shares valued at $2,018,000.
• CEO John B. Gibson and Chairman Martin Mucci both sold substantial shares of Paychex, with Gibson selling 12,370 shares and Mucci selling 97,526 shares, representing decreases in their ownership by 13.14% and 17.91%, respectively.
• Paychex recently declared a quarterly dividend of $1.08 per share, with a current payout ratio of 94.53%, reflecting a dividend yield of 3.3%.

Exchange Traded Concepts LLC raised its stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 17.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 13,873 shares of the business services provider's stock after buying an additional 2,068 shares during the period. Exchange Traded Concepts LLC's holdings in Paychex were worth $2,018,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PAYX. Marshall Financial Group LLC lifted its position in shares of Paychex by 212.2% in the 2nd quarter. Marshall Financial Group LLC now owns 7,956 shares of the business services provider's stock worth $1,159,000 after purchasing an additional 5,408 shares during the period. NorthCrest Asset Manangement LLC lifted its position in Paychex by 84.2% in the 2nd quarter. NorthCrest Asset Manangement LLC now owns 4,263 shares of the business services provider's stock valued at $627,000 after acquiring an additional 1,949 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Paychex by 118.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 260,506 shares of the business services provider's stock worth $38,328,000 after purchasing an additional 141,215 shares during the last quarter. Mn Services Vermogensbeheer B.V. lifted its holdings in shares of Paychex by 1.9% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 121,180 shares of the business services provider's stock valued at $17,627,000 after purchasing an additional 2,300 shares in the last quarter. Finally, Tompkins Financial Corp boosted its position in shares of Paychex by 0.9% during the second quarter. Tompkins Financial Corp now owns 12,114 shares of the business services provider's stock valued at $1,762,000 after buying an additional 107 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors.

Paychex Price Performance

PAYX traded up $0.40 during trading on Monday, reaching $130.40. 4,327,176 shares of the company were exchanged, compared to its average volume of 2,326,958. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.10. The company has a market cap of $46.89 billion, a price-to-earnings ratio of 28.53, a P/E/G ratio of 2.98 and a beta of 0.91. Paychex, Inc. has a 12-month low of $128.23 and a 12-month high of $161.24. The company's 50-day moving average is $139.08 and its two-hundred day moving average is $145.81.

Paychex (NASDAQ:PAYX - Get Free Report) last released its quarterly earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share for the quarter, meeting the consensus estimate of $1.19. The firm had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.38 billion. Paychex had a return on equity of 45.01% and a net margin of 29.75%.During the same quarter last year, the firm posted $1.12 EPS. Paychex has set its FY 2026 guidance at EPS. Research analysts forecast that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, July 21st were paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, July 21st. Paychex's dividend payout ratio (DPR) is 94.53%.

Analyst Ratings Changes

PAYX has been the subject of a number of analyst reports. Citigroup lowered their price target on Paychex from $158.00 to $148.00 and set a "neutral" rating for the company in a research report on Thursday, August 21st. BMO Capital Markets assumed coverage on shares of Paychex in a report on Thursday, July 10th. They issued a "market perform" rating and a $160.00 target price for the company. JPMorgan Chase & Co. raised their price target on shares of Paychex from $148.00 to $153.00 and gave the company an "underweight" rating in a research report on Thursday, August 14th. Stifel Nicolaus reduced their price objective on shares of Paychex from $152.00 to $142.00 and set a "hold" rating for the company in a research report on Monday. Finally, UBS Group decreased their price objective on shares of Paychex from $148.00 to $140.00 and set a "neutral" rating for the company in a research note on Wednesday, September 17th. Ten equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $148.20.

Insider Activity

In other Paychex news, Chairman Martin Mucci sold 97,526 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $145.17, for a total transaction of $14,157,849.42. Following the completion of the transaction, the chairman owned 446,917 shares of the company's stock, valued at approximately $64,878,940.89. This trade represents a 17.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO John B. Gibson sold 12,370 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $141.92, for a total transaction of $1,755,550.40. Following the sale, the chief executive officer owned 81,755 shares of the company's stock, valued at approximately $11,602,669.60. This represents a 13.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company's stock.

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.