Glenview Trust Co Invests $2 Million in Paychex, Inc. $PAYX

Key Points

• Glenview Trust Co. initiated a $2 million position in Paychex during the second quarter by purchasing 20,305 shares. Institutional investors and hedge funds collectively own 83.47% of the company.
• Analysts remain mixed on Paychex, with a consensus rating of “Hold” and an average price target of $109.20; ratings include one Strong Buy, two Buys, ten Holds and four Sells.
• Paychex reported quarterly revenue of $1.61 billion and earnings of $1.32 per share, slightly exceeding estimates, while revenue rose 12.5% year over year. The company also maintains a $1.19 quarterly dividend, equal to a 3.7% yield.

Glenview Trust Co bought a new position in Paychex, Inc. (NASDAQ:PAYX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 20,305 shares of the business services provider's stock, valued at approximately $1,997,000.

A number of other hedge funds have also recently added to or reduced their stakes in PAYX. Brighton Jones LLC boosted its stake in shares of Paychex by 26.3% during the 4th quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider's stock worth $801,000 after acquiring an additional 1,190 shares in the last quarter. Bison Wealth LLC lifted its position in Paychex by 3.0% during the 4th quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider's stock worth $566,000 after acquiring an additional 117 shares during the last quarter. Woodline Partners LP acquired a new stake in shares of Paychex in the first quarter valued at about $3,333,000. NewEdge Advisors LLC boosted its stake in Paychex by 3.2% during the 2nd quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider's stock valued at $5,976,000 after purchasing an additional 1,290 shares during the period. Finally, Sei Investments Co. lifted its holdings in shares of Paychex by 47.1% during the second quarter. Sei Investments Co. now owns 156,680 shares of the business services provider's stock worth $22,790,000 after buying an additional 50,169 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PAYX shares. Citigroup increased their target price on shares of Paychex from $140.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Paychex in a report on Thursday, May 28th. Jefferies Financial Group upped their target price on shares of Paychex from $105.00 to $120.00 and gave the company a "hold" rating in a research note on Wednesday, August 12th. Morgan Stanley increased their price target on shares of Paychex from $107.00 to $109.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings raised Paychex from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, July 20th. One investment 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 assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Paychex currently has an average rating of "Hold" and a consensus target price of $109.20.

Insider Transactions at Paychex

In other news, Director Joseph M. Tucci sold 3,907 shares of the company's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $98.25, for a total transaction of $383,862.75. Following the transaction, the director directly owned 67,364 shares in the company, valued at approximately $6,618,513. This represents a 5.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert L. Schrader sold 2,600 shares of the firm's stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $115.09, for a total transaction of $299,234.00. Following the completion of the sale, the chief financial officer directly owned 18,547 shares of the company's stock, valued at approximately $2,134,574.23. This represents a 12.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is owned by corporate insiders.

Paychex Trading Up 0.4%

Shares of PAYX stock opened at $127.04 on Friday. The company has a market capitalization of $45.19 billion, a P/E ratio of 25.98 and a beta of 0.81. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $139.53. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.22. The firm has a 50-day moving average price of $113.76 and a 200 day moving average price of $100.95.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.01. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter last year, the business posted $1.19 earnings per share. The company's revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Research analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, July 28th were given a dividend of $1.19 per share. The ex-dividend date was Tuesday, July 28th. This represents a $4.76 annualized dividend and a yield of 3.7%. Paychex's dividend payout ratio is 97.34%.

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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