Paychex, Inc. $PAYX Shares Sold by Confluence Investment Management LLC

Confluence Investment Management LLC lessened its stake in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 1.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 952,424 shares of the business services provider's stock after selling 17,385 shares during the quarter. Paychex accounts for about 1.5% of Confluence Investment Management LLC's holdings, making the stock its 26th biggest holding. Confluence Investment Management LLC owned approximately 0.27% of Paychex worth $93,652,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in PAYX. Redwood Investment Management LLC grew its stake in shares of Paychex by 27.9% in the first quarter. Redwood Investment Management LLC now owns 8,385 shares of the business services provider's stock valued at $772,000 after buying an additional 1,827 shares in the last quarter. Ballast Advisors LLC purchased a new position in Paychex during the 1st quarter valued at about $64,000. Western Wealth Management LLC purchased a new position in Paychex during the 1st quarter valued at about $1,174,000. Pacer Advisors Inc. grew its position in Paychex by 773.0% in the 1st quarter. Pacer Advisors Inc. now owns 1,321,663 shares of the business services provider's stock valued at $121,752,000 after acquiring an additional 1,170,277 shares in the last quarter. Finally, Shariaportfolio Inc. acquired a new position in Paychex in the 1st quarter valued at about $276,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald reiterated an "underweight" rating and set a $107.00 target price on shares of Paychex in a report on Monday, July 20th. UBS Group boosted their price target on shares of Paychex from $105.00 to $115.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 22nd. Morgan Stanley increased their price objective on Paychex from $107.00 to $109.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 30th. Citigroup boosted their target price on Paychex from $140.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their price target on Paychex from $100.00 to $105.00 and gave the company an "underweight" rating in a research report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $108.20.

Paychex Stock Up 0.7%

PAYX stock opened at $117.67 on Tuesday. The stock has a market cap of $41.85 billion, a P/E ratio of 24.06 and a beta of 0.81. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22. Paychex, Inc. has a twelve month low of $85.45 and a twelve month high of $141.89. The company's 50 day moving average is $104.84 and its two-hundred day moving average is $98.57.

Paychex (NASDAQ:PAYX - Get Free Report) last issued 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 net margin of 27.03% and a return on equity of 50.90%. The business had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.60 billion. During the same quarter in the prior year, the business posted $1.19 EPS. The company'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. Research analysts expect that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be given 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 dividend yield of 4.0%. Paychex's dividend payout ratio (DPR) is 97.34%.

Insider Transactions at Paychex

In other news, CFO Robert L. Schrader sold 2,600 shares of the stock in a transaction dated 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 owned 18,547 shares in the company, valued at approximately $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 accessible through this link. Also, 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 completion of the transaction, the director 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. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is currently owned by corporate insiders.

About Paychex

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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