Korea Investment CORP Acquires New Stake in Paychex, Inc. $PAYX

Korea Investment CORP acquired a new stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 141,597 shares of the business services provider's stock, valued at approximately $13,923,000.

A number of other large investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Paychex by 12.1% in the fourth quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider's stock worth $4,750,669,000 after purchasing an additional 4,583,157 shares in the last quarter. Danske Bank A S raised its position in shares of Paychex by 14.0% in the fourth quarter. Danske Bank A S now owns 205,341 shares of the business services provider's stock valued at $23,035,000 after purchasing an additional 25,184 shares during the period. Comerica Bank lifted its stake in shares of Paychex by 10.4% during the 4th quarter. Comerica Bank now owns 121,705 shares of the business services provider's stock valued at $13,653,000 after buying an additional 11,497 shares in the last quarter. Truist Financial Corp lifted its stake in shares of Paychex by 33.3% during the 4th quarter. Truist Financial Corp now owns 208,150 shares of the business services provider's stock valued at $23,350,000 after buying an additional 51,982 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new position in Paychex in the 2nd quarter worth approximately $7,296,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of Paychex 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 in the company, valued at $2,134,574.23. The trade was a 12.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joseph M. Tucci sold 3,907 shares of the business's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $98.25, for a total transaction of $383,862.75. Following the completion of the transaction, the director directly owned 67,364 shares of the company's stock, valued at approximately $6,618,513. This represents a 5.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is currently owned by insiders.

Paychex Trading Down 0.0%

Paychex stock opened at $124.47 on Monday. The stock has a market cap of $44.27 billion, a P/E ratio of 25.45 and a beta of 0.81. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $141.19. The firm's fifty day moving average price is $111.08 and its 200-day moving average price is $99.99. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26.

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 (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.01. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The firm's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the company earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Equities research analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be issued a dividend of $1.19 per share. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $4.76 annualized dividend and a dividend yield of 3.8%. Paychex's payout ratio is presently 97.34%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. 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 report on Monday, June 8th. UBS Group raised their price target on Paychex from $105.00 to $115.00 and gave the stock a "neutral" rating in a report on Wednesday, July 22nd. Citigroup boosted their price objective on Paychex from $140.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Stifel Nicolaus increased their price objective on Paychex from $105.00 to $110.00 and gave the stock a "hold" rating in a report on Wednesday, June 17th. Finally, Cantor Fitzgerald restated an "underweight" rating and issued a $107.00 target price on shares of Paychex in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $109.20.

Paychex Company 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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