J. Safra Sarasin Holding AG Increases Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Key Points

• J. Safra Sarasin Holding AG increased its stake in Paychex, Inc. by 200.5%, acquiring an additional 15,030 shares during the first quarter, bringing their total holdings to 22,528 shares valued at approximately $3.48 million.
• Paychex recently declared a quarterly dividend of $1.08 per share, with an annualized dividend yield of 3.1%, highlighting the company's commitment to returning value to its shareholders.
• As of the latest updates, Paychex's stock is seeing a 3.5% decline and has a market cap of $50.20 billion, with analysts maintaining a consensus rating of "Hold" and a target price of $150.20.

J. Safra Sarasin Holding AG grew its stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 200.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,528 shares of the business services provider's stock after purchasing an additional 15,030 shares during the quarter. J. Safra Sarasin Holding AG's holdings in Paychex were worth $3,476,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Alpine Bank Wealth Management purchased a new stake in shares of Paychex during the first quarter worth $34,000. MorganRosel Wealth Management LLC acquired a new stake in shares of Paychex during the first quarter worth approximately $34,000. Tsfg LLC raised its position in Paychex by 122.3% in the 1st quarter. Tsfg LLC now owns 229 shares of the business services provider's stock worth $35,000 after purchasing an additional 126 shares during the last quarter. Transce3nd LLC bought a new stake in shares of Paychex during the 4th quarter valued at $44,000. Finally, HWG Holdings LP acquired a new position in shares of Paychex in the 1st quarter valued at $46,000. Institutional investors and hedge funds own 83.47% of the company's stock.

Paychex Trading Down 0.2%

Shares of Paychex stock traded down $0.25 on Tuesday, reaching $139.18. 306,788 shares of the company were exchanged, compared to its average volume of 2,144,972. The firm has a market capitalization of $50.14 billion, a price-to-earnings ratio of 30.42, a price-to-earnings-growth ratio of 3.19 and a beta of 0.91. The stock has a fifty day moving average price of $148.84 and a 200-day moving average price of $148.60. Paychex, Inc. has a fifty-two week low of $122.07 and a fifty-two week high of $161.24. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 1.10.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The business services provider reported $1.19 EPS for the quarter, meeting analysts' consensus estimates of $1.19. Paychex had a return on equity of 45.01% and a net margin of 29.75%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the company posted $1.12 earnings per share. On average, analysts expect that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, July 21st will be given a dividend of $1.08 per share. The ex-dividend date is Monday, July 21st. This represents a $4.32 annualized dividend and a dividend yield of 3.1%. Paychex's dividend payout ratio is currently 94.53%.

Insider Buying and Selling at Paychex

In other news, CEO John B. Gibson sold 12,370 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $141.92, for a total value of $1,755,550.40. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Martin Mucci sold 97,526 shares of the stock in a transaction dated 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 sale, the chairman owned 446,917 shares of the company's stock, valued at approximately $64,878,940.89. This represents a 17.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 11.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PAYX shares. Stifel Nicolaus lowered their price target on shares of Paychex from $156.00 to $152.00 and set a "hold" rating on the stock in a report on Thursday, June 26th. Royal Bank Of Canada set a $165.00 target price on shares of Paychex and gave the stock a "sector perform" rating in a research report on Tuesday, June 24th. Citigroup set a $158.00 price target on shares of Paychex and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Jefferies Financial Group set a $140.00 price target on shares of Paychex and gave the stock a "hold" rating in a report on Thursday, June 26th. Finally, BMO Capital Markets started coverage on shares of Paychex in a research report on Thursday, July 10th. They issued a "market perform" rating and a $160.00 target price for the company. One equities research analyst has rated the stock with a sell rating and ten have issued a hold rating to the company's stock. According to MarketBeat.com, Paychex currently has a consensus rating of "Hold" and a consensus target price of $150.20.

Paychex Profile

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.