Chase Investment Counsel Corp Invests $512,000 in Paychex, Inc. $PAYX

Chase Investment Counsel Corp purchased a new position in Paychex, Inc. (NASDAQ:PAYX) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 5,215 shares of the business services provider’s stock, valued at approximately $512,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cornerstone Planning Group LLC lifted its holdings in Paychex by 957.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after buying an additional 268 shares during the last quarter. Hilton Head Capital Partners LLC acquired a new position in shares of Paychex in the 4th quarter worth approximately $31,000. Kingdom Financial Group LLC. bought a new stake in shares of Paychex in the 4th quarter valued at approximately $33,000. Leonteq Securities AG increased its holdings in shares of Paychex by 2,669.2% in the 1st quarter. Leonteq Securities AG now owns 360 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 347 shares during the last quarter. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of Paychex during the 4th quarter valued at approximately $34,000. 83.47% of the stock is owned by institutional investors.

Paychex Price Performance

Shares of PAYX opened at $122.02 on Monday. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $141.19. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26. The stock has a fifty day moving average price of $108.92 and a 200 day moving average price of $99.34. The company has a market cap of $43.40 billion, a P/E ratio of 24.95 and a beta of 0.81.

Paychex (NASDAQ:PAYX) last posted its 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. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same period last year, the business posted $1.19 earnings per share. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, research analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Announces Dividend

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. The ex-dividend date is Tuesday, July 28th. This represents a $4.76 annualized dividend and a yield of 3.9%. Paychex’s dividend payout ratio (DPR) is currently 97.34%.

Wall Street Analyst Weigh In

Several research firms have weighed in on PAYX. Jefferies Financial Group boosted their target price on shares of Paychex from $105.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday. Weiss Ratings upgraded shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 20th. Cantor Fitzgerald reaffirmed an “underweight” rating and issued a $107.00 price target on shares of Paychex in a report on Monday, July 20th. Citigroup boosted their price objective on shares of Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, 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 note on Wednesday, June 17th. 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 assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $109.20.

Insider Activity

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the business’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $115.09, for a total transaction of $299,234.00. Following the completion of the transaction, the chief financial officer directly owned 18,547 shares of the company’s stock, valued at $2,134,574.23. The trade was a 12.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph M. Tucci sold 3,907 shares of the company’s stock in a transaction dated 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 transaction, the director owned 67,364 shares of the company’s stock, valued at approximately $6,618,513. This trade represents a 5.48% decrease in their position. The SEC filing for this sale provides additional information. 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.