International Assets Investment Management LLC Purchases 15,102 Shares of Paychex, Inc. $PAYX

Key Points

• International Assets Investment Management increased its Paychex stake by 308.3% in the third quarter, buying 15,102 shares and ending the period with 20,000 shares valued at about $1.97 million.
• Paychex reported quarterly EPS of $1.34, beating estimates of $1.32; revenue rose 5.9% year over year to $1.63 billion.
• The company declared a quarterly dividend of $1.19 per share, equivalent to an annualized yield of about 4.1%. Analysts’ consensus rating was “Hold,” with an average price target of $127.88.

International Assets Investment Management LLC increased its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 308.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,000 shares of the business services provider's stock after purchasing an additional 15,102 shares during the period. International Assets Investment Management LLC's holdings in Paychex were worth $1,970,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PAYX. Partners Wealth Management LLC bought a new stake in Paychex during the 3rd quarter valued at about $247,000. Choreo LLC boosted its holdings in shares of Paychex by 14.4% in the third quarter. Choreo LLC now owns 24,909 shares of the business services provider's stock valued at $2,454,000 after purchasing an additional 3,128 shares during the period. China Universal Asset Management Co. Ltd. increased its holdings in Paychex by 11.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,986 shares of the business services provider's stock worth $1,190,000 after purchasing an additional 1,198 shares during the period. D.A. Davidson & CO. raised its position in Paychex by 1.0% during the 3rd quarter. D.A. Davidson & CO. now owns 33,000 shares of the business services provider's stock valued at $3,251,000 after purchasing an additional 339 shares in the last quarter. Finally, LaFleur & Godfrey LLC lifted its holdings in shares of Paychex by 0.6% in the 3rd quarter. LaFleur & Godfrey LLC now owns 118,946 shares of the business services provider's stock worth $11,716,000 after buying an additional 671 shares during the period. 83.47% of the stock is currently owned by institutional investors.

Paychex Trading Up 0.1%

Paychex stock opened at $115.65 on Wednesday. The stock has a 50-day moving average price of $112.42 and a 200 day moving average price of $103.65. The company has a market capitalization of $41.17 billion, a price-to-earnings ratio of 22.95, a price-to-earnings-growth ratio of 2.42 and a beta of 0.81. Paychex, Inc. has a 52 week low of $85.45 and a 52 week high of $127.98. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.23.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings results on Wednesday, September 23rd. The business services provider reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.32 by $0.02. Paychex had a net margin of 27.35% and a return on equity of 52.78%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the firm posted $1.22 EPS. Paychex's revenue for the quarter was up 5.9% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.896-6.006 EPS. Sell-side analysts anticipate that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Monday, October 26th will be paid a $1.19 dividend. The ex-dividend date is Monday, October 26th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.1%. Paychex's dividend payout ratio is presently 94.44%.

Wall Street Analyst Weigh In

PAYX has been the subject of a number of research reports. Citigroup upped their price objective on shares of Paychex from $140.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. raised shares of Paychex from an "underweight" rating to a "neutral" rating and raised their target price for the company from $105.00 to $115.00 in a research report on Thursday, September 24th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $130.00 price target on shares of Paychex in a research report on Thursday, September 24th. Wolfe Research upgraded shares of Paychex from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, September 16th. Finally, Stifel Nicolaus cut their price objective on shares of Paychex from $130.00 to $112.00 and set a "hold" rating on the stock in a report on Thursday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $127.88.

Insider Buying and Selling at Paychex

In related news, Director Joseph Velli sold 7,839 shares of the firm's stock in a transaction on Wednesday, October 14th. The shares were sold at an average price of $107.68, for a total transaction of $844,103.52. Following the completion of the transaction, the director owned 81,725 shares of the company's stock, valued at $8,800,148. This trade represents a 8.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.60% of the stock is owned by insiders.

Paychex Company Profile

Paychex, Inc provides payroll, human resources and employee-benefits solutions to small and medium-sized businesses. Its offerings include payroll processing, tax administration, time and attendance management, recruiting, onboarding, human resources administration, compliance support and employee benefits services.

The company also provides retirement-plan services, insurance solutions and professional employer organization services. Through its software and outsourced services, Paychex helps employers manage workforce administration, employee data and regulatory requirements.

Paychex was founded in 1971 by B.

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