Maridea Wealth Management LLC Takes Position in Paychex, Inc. $PAYX

Maridea Wealth Management LLC bought a new position in Paychex, Inc. (NASDAQ:PAYX) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 5,543 shares of the business services provider’s stock, valued at approximately $545,000.

Several other large investors have also recently modified their holdings of the stock. 44 Wealth Management LLC boosted its stake in 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% during the second 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 last quarter. Prosperity Consulting Group LLC raised its stake in shares of Paychex by 1.4% in the third 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 period. SBI Securities Co. Ltd. raised its stake in shares of Paychex by 14.5% in the fourth 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 period. Finally, Zacks Investment Management lifted its holdings in shares of Paychex by 5.1% in the 3rd quarter. Zacks Investment Management now owns 2,094 shares of the business services provider’s stock worth $265,000 after acquiring an additional 101 shares during the last quarter. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Down 2.7%

Shares of NASDAQ:PAYX opened at $122.02 on Friday. The business’s 50 day moving average is $108.92 and its 200 day moving average is $99.38. The stock has a market cap of $43.40 billion, a P/E ratio of 24.95 and a beta of 0.81. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $141.19. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.22.

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

Paychex Dividend Announcement

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 paid a $1.19 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $4.76 dividend on an annualized basis and a yield of 3.9%. Paychex’s dividend payout ratio is 97.34%.

Analysts Set New Price Targets

PAYX has been the topic of a number of recent analyst reports. Stifel Nicolaus increased their price objective on shares of Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, June 17th. TD Cowen boosted their target price on Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a research report on Monday, June 8th. UBS Group upped their target price on Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paychex in a report on Thursday, May 28th. Finally, Jefferies Financial Group raised their price target on Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday. One 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $109.20.

Insider Transactions at Paychex

In other news, Director Joseph M. Tucci sold 3,907 shares of the business’s stock in a transaction dated 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 sale, the director owned 67,364 shares in the company, valued at approximately $6,618,513. The trade was a 5.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Robert L. Schrader sold 2,600 shares of the stock in a transaction that occurred 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 transaction, 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 disclosure for this sale is available in the SEC filing. 0.80% of the stock is owned by corporate insiders.

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.