Paychex, Inc. $PAYX Shares Bought by First Bank & Trust

Key Points

• First Bank & Trust increased its Paychex stake by 83.1% in the second quarter, bringing its holdings to 30,635 shares valued at approximately $3.0 million. Institutional investors collectively own 83.47% of the company.
• Paychex exceeded quarterly expectations with adjusted EPS of $1.32 and revenue of $1.61 billion, up 12.5% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $108.20.
• The company declared a quarterly dividend of $1.19 per share, equivalent to an annualized $4.76 and a 3.9% yield. Meanwhile, CFO Robert Schrader and Director Joseph Tucci sold shares, reducing their respective holdings.

First Bank & Trust lifted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 83.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,635 shares of the business services provider's stock after purchasing an additional 13,905 shares during the period. First Bank & Trust's holdings in Paychex were worth $3,012,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PAYX. Brighton Jones LLC raised its position in shares of Paychex by 26.3% in the fourth 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 during the last quarter. Bison Wealth LLC grew its stake in Paychex by 3.0% in the 4th 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 during the period. Woodline Partners LP purchased a new stake in Paychex in the 1st quarter worth approximately $3,333,000. NewEdge Advisors LLC raised its holdings in Paychex by 3.2% in the 2nd 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 last quarter. Finally, Sei Investments Co. lifted its stake in shares of Paychex by 47.1% during the 2nd quarter. Sei Investments Co. now owns 156,680 shares of the business services provider's stock worth $22,790,000 after purchasing an additional 50,169 shares during the period. Institutional investors and hedge funds own 83.47% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on PAYX. TD Cowen upped their target price on Paychex from $94.00 to $98.00 and gave the company a "hold" rating in a research note on Monday, June 8th. Citigroup lifted their price target on Paychex from $140.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Paychex in a research note on Thursday, May 28th. JPMorgan Chase & Co. increased their price objective on shares of Paychex from $100.00 to $105.00 and gave the stock an "underweight" rating in a report on Thursday, June 25th. Finally, UBS Group raised their target price on shares of Paychex from $105.00 to $115.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $108.20.

Insiders Place Their Bets

In other news, CFO Robert L. Schrader sold 2,600 shares of the company's stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $115.09, for a total value of $299,234.00. Following the completion of the sale, the chief financial officer owned 18,547 shares of the company's stock, valued at $2,134,574.23. This represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph M. Tucci sold 3,907 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $98.25, for a total value of $383,862.75. Following the completion of the sale, the director owned 67,364 shares of the company's stock, valued at approximately $6,618,513. This trade represents a 5.48% decrease in their position. The SEC filing for this sale provides additional information. 0.80% of the stock is currently owned by corporate insiders.

Paychex Trading Up 0.9%

NASDAQ PAYX opened at $121.18 on Tuesday. Paychex, Inc. has a one year low of $85.45 and a one year high of $141.59. The company's 50 day moving average price is $107.12 and its 200 day moving average price is $98.90. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. The firm has a market capitalization of $43.10 billion, a price-to-earnings ratio of 24.78 and a beta of 0.81.

Paychex (NASDAQ:PAYX - Get Free Report) last released its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.01. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the previous year, the firm earned $1.19 earnings per share. Paychex's revenue for the quarter was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, sell-side analysts predict that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be given a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex's dividend payout ratio is 97.34%.

Paychex 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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