Northwestern Mutual Wealth Management Co. Acquires Shares of 46,506 Paychex, Inc. $PAYX

Northwestern Mutual Wealth Management Co. acquired a new position in Paychex, Inc. (NASDAQ:PAYX - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 46,506 shares of the business services provider's stock, valued at approximately $4,573,000.

A number of other large investors have also recently made changes to their positions in the business. 44 Wealth Management LLC lifted its holdings in shares of Paychex by 2.7% in the 2nd quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider's stock valued at $479,000 after acquiring an additional 86 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Paychex by 3.5% in the second quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider's stock worth $381,000 after acquiring an additional 89 shares in the last quarter. Prosperity Consulting Group LLC grew its position in Paychex by 1.4% in the third quarter. Prosperity Consulting Group LLC now owns 7,270 shares of the business services provider's stock worth $922,000 after acquiring an additional 100 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in Paychex by 14.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 798 shares of the business services provider's stock worth $90,000 after acquiring an additional 101 shares during the last quarter. Finally, Zacks Investment Management increased its stake in Paychex by 5.1% during the third quarter. Zacks Investment Management now owns 2,094 shares of the business services provider's stock worth $265,000 after acquiring an additional 101 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PAYX shares. Stifel Nicolaus upped their price objective on Paychex from $105.00 to $110.00 and gave the company a "hold" rating in a research report on Wednesday, June 17th. JPMorgan Chase & Co. lifted their target price on Paychex from $100.00 to $105.00 and gave the stock an "underweight" rating in a report on Thursday, June 25th. UBS Group boosted their target price on Paychex from $105.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 22nd. Jefferies Financial Group increased their price target on Paychex from $105.00 to $120.00 and gave the company a "hold" rating in a report on Wednesday, August 12th. Finally, Citigroup raised their price target on Paychex from $140.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, Paychex presently has an average rating of "Hold" and an average target price of $109.20.

Paychex Stock Performance

Paychex stock opened at $124.47 on Monday. 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 capitalization of $44.27 billion, a P/E ratio of 25.45 and a beta of 0.81. Paychex, Inc. has a 1-year low of $85.45 and a 1-year high of $141.19. The company's 50-day moving average is $111.08 and its 200 day moving average is $99.99.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its earnings results 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. 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 analyst estimates of $1.60 billion. During the same quarter in the previous year, the business earned $1.19 earnings per share. The company's revenue for the quarter was up 12.5% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Research analysts forecast 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 Friday, August 28th. Investors of record on Tuesday, July 28th will be issued a dividend of $1.19 per share. The ex-dividend date is Tuesday, July 28th. This represents a $4.76 dividend on an annualized basis and a yield of 3.8%. Paychex's payout ratio is presently 97.34%.

Insiders Place Their Bets

In other news, CFO Robert L. Schrader sold 2,600 shares of Paychex stock in a transaction on Monday, July 20th. The stock was 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 approximately $2,134,574.23. This trade represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph M. Tucci sold 3,907 shares of the business's stock in a transaction 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 sale, the director directly owned 67,364 shares of the company's stock, valued at $6,618,513. This represents a 5.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is owned by insiders.

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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