NewEdge Wealth LLC Sells 9,679 Shares of Paychex, Inc. $PAYX

Key Points

• NewEdge Wealth LLC cut its Paychex stake by 29% in the first quarter, selling 9,679 shares and leaving it with 23,684 shares worth about $2.18 million.
• Paychex reported better-than-expected quarterly results, with EPS of $1.32 beating estimates and revenue rising 12.5% year over year to $1.61 billion.
• The company also announced a quarterly dividend of $1.19 per share, equal to an annualized yield of about 4.2%, while analysts currently rate the stock a consensus Hold.

NewEdge Wealth LLC decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 29.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,684 shares of the business services provider's stock after selling 9,679 shares during the quarter. NewEdge Wealth LLC's holdings in Paychex were worth $2,182,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC increased its position in shares of Paychex by 26.3% in the 4th quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider's stock valued at $801,000 after buying an additional 1,190 shares in the last quarter. Bison Wealth LLC lifted its holdings in Paychex by 3.0% during the fourth 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 in the last quarter. Woodline Partners LP acquired a new position in Paychex in the first quarter valued at about $3,333,000. NewEdge Advisors LLC grew its stake in Paychex by 3.2% in the second quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider's stock valued at $5,976,000 after acquiring an additional 1,290 shares during the period. Finally, Sei Investments Co. increased its holdings in shares of Paychex by 47.1% in the second quarter. Sei Investments Co. now owns 156,680 shares of the business services provider's stock worth $22,790,000 after acquiring an additional 50,169 shares in the last quarter. Institutional investors and hedge funds own 83.47% of the company's stock.

Paychex Stock Performance

Shares of Paychex stock opened at $113.55 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26. The firm has a market cap of $40.39 billion, a price-to-earnings ratio of 23.22 and a beta of 0.84. The stock's 50-day moving average is $102.13 and its 200-day moving average is $98.40. Paychex, Inc. has a one year low of $85.45 and a one year high of $148.11.

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

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be paid a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex's dividend payout ratio (DPR) is currently 97.34%.

Insider Buying and Selling at Paychex

In other news, Director Joseph M. Tucci sold 3,907 shares of Paychex stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $98.25, for a total value of $383,862.75. Following the sale, the director directly owned 67,364 shares in the company, valued at $6,618,513. This trade represents a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PAYX. Weiss Ratings raised Paychex from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, July 20th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Paychex in a research report on Thursday, May 28th. Cantor Fitzgerald reissued an "underweight" rating and set a $107.00 target price on shares of Paychex in a research note on Monday, July 20th. Citigroup upgraded shares of Paychex from a "neutral" rating to a "buy" rating and raised their target price for the stock from $99.00 to $140.00 in a report on Monday, June 15th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Paychex from $100.00 to $105.00 and gave the company an "underweight" rating in a research note on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $107.53.

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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