EP Wealth Advisors LLC Makes New $1.33 Million Investment in Paychex, Inc. $PAYX

EP Wealth Advisors LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) in the second quarter, HoldingsChannel.com reports. The fund acquired 13,553 shares of the business services provider’s stock, valued at approximately $1,333,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Hilton Head Capital Partners LLC purchased a new stake in Paychex during the fourth quarter worth about $31,000. Cornerstone Planning Group LLC increased its position in Paychex by 957.1% during the fourth 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 in the last quarter. Kingdom Financial Group LLC. purchased a new stake in shares of Paychex in the fourth quarter valued at $33,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Paychex during the fourth quarter valued at $34,000. Finally, Wealth Watch Advisors INC acquired a new stake in shares of Paychex during the third quarter valued at $42,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insider Activity

In related news, Director Joseph M. Tucci sold 3,907 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $98.25, for a total value of $383,862.75. Following the sale, the director directly owned 67,364 shares of the company’s stock, valued at approximately $6,618,513. This trade represents a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert L. Schrader sold 2,600 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $115.09, for a total transaction of $299,234.00. Following the completion of the sale, the chief financial officer directly owned 18,547 shares in the company, valued at $2,134,574.23. This represents a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PAYX shares. JPMorgan Chase & Co. boosted their target price 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. Citigroup raised their price target on shares of Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. UBS Group lifted their price target on shares of Paychex from $105.00 to $115.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Jefferies Financial Group upped their price objective on shares of Paychex from $105.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, August 12th. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of Paychex in a research note on Thursday, May 28th. 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 issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $109.20.

Paychex Stock Performance

Paychex stock opened at $124.47 on Monday. The firm has a market capitalization of $44.27 billion, a P/E ratio of 25.45 and a beta of 0.81. The stock has a fifty day moving average price of $111.08 and a 200 day moving average price of $99.99. Paychex, Inc. has a 52 week low of $85.45 and a 52 week high of $141.19. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22.

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

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be issued a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio is presently 97.34%.

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.