CORDA Investment Management LLC. Purchases New Position in Paychex, Inc. $PAYX

CORDA Investment Management LLC. purchased a new stake in Paychex, Inc. (NASDAQ:PAYX) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 177,460 shares of the business services provider’s stock, valued at approximately $17,450,000.

Several other hedge funds also recently added to or reduced their stakes in PAYX. Vanguard Group Inc. raised its stake 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 in the last quarter. Capital International Investors lifted its position in Paychex by 59.1% in the fourth quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock valued at $3,395,583,000 after acquiring an additional 11,243,295 shares during the last quarter. State Street Corp boosted its stake in Paychex by 1.6% in the fourth quarter. State Street Corp now owns 13,988,393 shares of the business services provider’s stock valued at $1,569,218,000 after acquiring an additional 216,045 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Paychex by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,550,173 shares of the business services provider’s stock worth $1,295,698,000 after purchasing an additional 263,152 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Paychex by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 9,705,424 shares of the business services provider’s stock worth $1,093,958,000 after purchasing an additional 78,760 shares during the last quarter. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Stock Down 2.7%

PAYX opened at $122.02 on Friday. Paychex, Inc. has a 52 week low of $85.45 and a 52 week high of $141.19. The business has a 50 day moving average price of $108.92 and a two-hundred day moving average price of $99.38. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.22. The company has a market cap of $43.40 billion, a PE ratio of 24.95 and a beta of 0.81.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.01. The company had revenue of $1.61 billion for 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 revenue was up 12.5% on a year-over-year basis. During the same period last year, the business posted $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, research analysts anticipate that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be given a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is 97.34%.

Wall Street Analysts Forecast Growth

PAYX has been the topic of a number of research analyst reports. Weiss Ratings upgraded Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 20th. Morgan Stanley upped their target price on Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 30th. Cantor Fitzgerald restated an “underweight” rating and set a $107.00 price target on shares of Paychex in a research note on Monday, July 20th. Citigroup lifted their price target on Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Finally, Stifel Nicolaus boosted their price objective on Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $109.20.

Insiders Place Their Bets

In other news, CFO Robert L. Schrader sold 2,600 shares of the firm’s stock in a transaction on Monday, July 20th. The shares were 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 in the company, valued at approximately $2,134,574.23. This trade represents a 12.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph M. Tucci sold 3,907 shares of the firm’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 completion of the sale, the director owned 67,364 shares of the company’s stock, valued at $6,618,513. This trade represents a 5.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.80% of the company’s stock.

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.