22,917 Shares in Paychex, Inc. (NASDAQ:PAYX) Acquired by Zions Bancorporation National Association UT

Key Points

• Zions Bancorporation National Association UT purchased a new stake in Paychex, acquiring 22,917 shares valued at approximately $3.54 million during the first quarter.
• Paychex recently reported earnings of $1.19 EPS for the quarter, meeting analysts' expectations, with a total revenue of $1.43 billion, surpassing the $1.38 billion estimate.
• The company declared a quarterly dividend of $1.08 per share, which translates to an annualized payout of $4.32 and a yield of 3.1%.

Zions Bancorporation National Association UT acquired a new stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 22,917 shares of the business services provider's stock, valued at approximately $3,536,000.

Several other large investors have also modified their holdings of PAYX. Summit Wealth Partners LLC increased its stake in shares of Paychex by 2.4% in the first quarter. Summit Wealth Partners LLC now owns 3,027 shares of the business services provider's stock worth $467,000 after acquiring an additional 70 shares during the period. Golden State Equity Partners increased its stake in shares of Paychex by 0.9% in the first quarter. Golden State Equity Partners now owns 7,623 shares of the business services provider's stock worth $1,176,000 after acquiring an additional 71 shares during the period. Palumbo Wealth Management LLC lifted its holdings in Paychex by 2.4% in the first quarter. Palumbo Wealth Management LLC now owns 3,192 shares of the business services provider's stock valued at $492,000 after acquiring an additional 74 shares during the period. King Wealth Management Group lifted its holdings in Paychex by 4.7% in the first quarter. King Wealth Management Group now owns 1,669 shares of the business services provider's stock valued at $257,000 after acquiring an additional 75 shares during the period. Finally, Asset Dedication LLC lifted its holdings in Paychex by 12.1% in the first quarter. Asset Dedication LLC now owns 711 shares of the business services provider's stock valued at $110,000 after acquiring an additional 77 shares during the period. Institutional investors own 83.47% of the company's stock.

Paychex Price Performance

Shares of NASDAQ:PAYX traded down $2.59 during midday trading on Monday, hitting $138.60. The company's stock had a trading volume of 2,521,930 shares, compared to its average volume of 2,001,430. The business's 50 day simple moving average is $147.42 and its 200 day simple moving average is $148.45. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.28 and a current ratio of 1.28. The company has a market cap of $49.93 billion, a P/E ratio of 30.33, a price-to-earnings-growth ratio of 3.23 and a beta of 0.91. Paychex, Inc. has a 12-month low of $123.13 and a 12-month high of $161.24.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share for the quarter, hitting the consensus estimate of $1.19. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.38 billion. Paychex had a net margin of 29.75% and a return on equity of 45.01%. During the same period last year, the firm posted $1.12 earnings per share. On average, analysts forecast that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, July 21st will be given a dividend of $1.08 per share. The ex-dividend date is Monday, July 21st. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.1%. Paychex's dividend payout ratio (DPR) is currently 94.53%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PAYX. JPMorgan Chase & Co. boosted their price target on Paychex from $140.00 to $148.00 and gave the company an "underweight" rating in a report on Wednesday, June 18th. Morgan Stanley dropped their price target on shares of Paychex from $150.00 to $148.00 and set an "equal weight" rating on the stock in a research report on Friday, June 27th. Royal Bank Of Canada set a $165.00 price target on shares of Paychex and gave the company a "sector perform" rating in a research report on Tuesday, June 24th. UBS Group dropped their price target on shares of Paychex from $155.00 to $145.00 and set a "neutral" rating on the stock in a research report on Thursday, June 26th. Finally, BMO Capital Markets started coverage on shares of Paychex in a research report on Thursday, July 10th. They set a "market perform" rating and a $160.00 price target on the stock. One analyst has rated the stock with a sell rating and ten have given a hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $150.20.

Insider Transactions at Paychex

In related news, CEO John B. Gibson sold 12,370 shares of Paychex stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $141.92, for a total value of $1,755,550.40. Following the completion of the transaction, the chief executive officer owned 81,755 shares in the company, valued at approximately $11,602,669.60. The trade was a 13.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Martin Mucci sold 97,526 shares of Paychex stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $145.17, for a total transaction of $14,157,849.42. Following the completion of the transaction, the chairman owned 446,917 shares of the company's stock, valued at $64,878,940.89. This trade represents a 17.91% decrease in their position. The disclosure for this sale can be found here. 11.40% of the stock is owned by company insiders.

Paychex Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.