Paychex, Inc. $PAYX Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company cut its Paychex stake by 7.4%, selling 14,880 shares and retaining 185,933 shares worth approximately $17.1 million. Institutional investors collectively own 83.47% of Paychex.
• Analysts maintain a broadly neutral outlook, with a consensus “Hold” rating and an average price target of $108.20, despite several firms raising their targets.
• Paychex exceeded quarterly earnings and revenue expectations, reporting $1.32 EPS and $1.61 billion in revenue, while announcing a quarterly dividend of $1.19 per share, equivalent to a 4.1% annualized yield.

The Manufacturers Life Insurance Company lowered its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 7.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 185,933 shares of the business services provider's stock after selling 14,880 shares during the period. The Manufacturers Life Insurance Company owned 0.05% of Paychex worth $17,128,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of PAYX. 44 Wealth Management LLC boosted its stake in shares of Paychex by 2.7% during the second quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider's stock worth $479,000 after buying an additional 86 shares during the period. Smartleaf Asset Management LLC increased its position in Paychex by 3.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider's stock valued at $381,000 after acquiring an additional 89 shares during the period. Greenleaf Trust increased its position in Paychex by 1.7% in the 4th quarter. Greenleaf Trust now owns 5,834 shares of the business services provider's stock valued at $654,000 after acquiring an additional 95 shares during the period. Prosperity Consulting Group LLC raised its stake in Paychex by 1.4% during the 3rd quarter. Prosperity Consulting Group LLC now owns 7,270 shares of the business services provider's stock valued at $922,000 after acquiring an additional 100 shares during the last quarter. Finally, SBI Securities Co. Ltd. raised its stake in Paychex by 14.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 798 shares of the business services provider's stock valued at $90,000 after acquiring an additional 101 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Weiss Ratings raised Paychex from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, July 20th. TD Cowen upped their price target on Paychex from $94.00 to $98.00 and gave the stock a "hold" rating in a research note on Monday, June 8th. JPMorgan Chase & Co. increased their price target on Paychex from $100.00 to $105.00 and gave the stock an "underweight" rating in a report on Thursday, June 25th. Morgan Stanley lifted their price objective on shares of Paychex from $107.00 to $109.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 30th. Finally, UBS Group boosted their price objective on shares of Paychex from $105.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 22nd. 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 given a Sell rating to the company's stock. According to data from MarketBeat.com, Paychex currently has a consensus rating of "Hold" and an average target price of $108.20.

Insiders Place Their Bets

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the business's stock in a transaction 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 sale, the chief financial officer directly owned 18,547 shares in the company, valued at approximately $2,134,574.23. The trade was a 12.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph M. Tucci sold 3,907 shares of the business's stock in a transaction 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 sale, the director owned 67,364 shares in the company, valued at $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.80% of the company's stock.

Paychex Price Performance

Shares of PAYX opened at $116.84 on Friday. Paychex, Inc. has a twelve month low of $85.45 and a twelve month high of $146.83. The stock's 50 day moving average is $104.42 and its two-hundred day moving average is $98.61. The firm has a market capitalization of $41.56 billion, a PE ratio of 23.89 and a beta of 0.84. 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 (NASDAQ:PAYX - Get Free Report) last released its earnings results 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. The company had revenue of $1.61 billion for the quarter, compared to analysts' expectations 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 in the previous year, the firm posted $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Research analysts anticipate that Paychex, Inc. will post 5.96 earnings per share 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. This represents a $4.76 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex's dividend payout ratio is currently 97.34%.

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.

Want to see what other hedge funds are holding PAYX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paychex, Inc. (NASDAQ:PAYX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.