10,527 Shares in Paychex, Inc. $PAYX Bought by Diversify Advisory Services LLC

Diversify Advisory Services LLC bought a new stake in Paychex, Inc. (NASDAQ:PAYX) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 10,527 shares of the business services provider’s stock, valued at approximately $1,216,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Paychex by 12.1% during the 4th quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock worth $4,750,669,000 after acquiring an additional 4,583,157 shares during the period. Danske Bank A S lifted its stake in shares of Paychex by 14.0% in the 4th quarter. Danske Bank A S now owns 205,341 shares of the business services provider’s stock valued at $23,035,000 after purchasing an additional 25,184 shares during the period. Comerica Bank boosted its position in shares of Paychex by 10.4% during the 4th quarter. Comerica Bank now owns 121,705 shares of the business services provider’s stock valued at $13,653,000 after purchasing an additional 11,497 shares in the last quarter. Truist Financial Corp grew its stake in Paychex by 33.3% during the fourth quarter. Truist Financial Corp now owns 208,150 shares of the business services provider’s stock worth $23,350,000 after purchasing an additional 51,982 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new stake in Paychex in the second quarter worth approximately $7,296,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Trading Up 2.1%

PAYX opened at $122.50 on Thursday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $141.19. The firm has a market capitalization of $43.57 billion, a PE ratio of 25.05 and a beta of 0.81. The company’s 50-day moving average is $110.13 and its 200 day moving average is $99.70.

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

Paychex Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $4.76 annualized dividend and a dividend yield of 3.9%. Paychex’s payout ratio is presently 97.34%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PAYX. Morgan Stanley increased their price target on Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 30th. UBS Group boosted their target price on shares of Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Weiss Ratings raised shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 20th. Stifel Nicolaus lifted their price target on shares of Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, June 17th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research note on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, Paychex has a consensus rating of “Hold” and an average price target of $109.20.

Insider Buying and Selling at Paychex

In related news, CFO Robert L. Schrader sold 2,600 shares of the stock in a transaction on 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 directly owned 18,547 shares of the company’s stock, valued at approximately $2,134,574.23. This represents a 12.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 transaction 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 represents a 5.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.80% of the company’s stock.

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.