Cibc World Market Inc. Takes $3.15 Million Position in Paychex, Inc. $PAYX

Cibc World Market Inc. purchased a new stake in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, Holdings Channel reports. The institutional investor purchased 32,019 shares of the business services provider’s stock, valued at approximately $3,148,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. OMERS ADMINISTRATION Corp acquired a new stake in shares of Paychex in the second quarter valued at about $1,873,000. Osmosis Investment Management UK Ltd acquired a new position in shares of Paychex during the 2nd quarter worth about $1,764,000. Sanctuary Advisors LLC purchased a new position in Paychex in the 2nd quarter valued at about $8,591,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Paychex in the 2nd quarter valued at about $28,934,000. Finally, Meiji Yasuda Asset Management Co Ltd. acquired a new stake in Paychex in the 2nd quarter worth about $825,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling at Paychex

In related news, CFO Robert L. Schrader sold 2,600 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,134,574.23. This represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Joseph M. Tucci sold 3,907 shares of the firm’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 sale, the director owned 67,364 shares of the company’s stock, valued at approximately $6,618,513. The trade was a 5.48% 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 insiders.

Paychex Trading Down 0.1%

Shares of Paychex stock opened at $124.88 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. The stock’s 50 day simple moving average is $112.62 and its 200-day simple moving average is $100.57. The stock has a market cap of $44.42 billion, a P/E ratio of 25.54 and a beta of 0.81. Paychex, Inc. has a 1-year low of $85.45 and a 1-year high of $139.53.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter last year, the firm earned $1.19 earnings per share. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Analysts predict that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders 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 dividend yield of 3.8%. Paychex’s dividend payout ratio (DPR) is 97.34%.

Analyst Upgrades and Downgrades

PAYX has been the subject of several research reports. Weiss Ratings upgraded Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 20th. TD Cowen raised 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. Cantor Fitzgerald reiterated an “underweight” rating and set a $107.00 price target on shares of Paychex in a research report on Monday, July 20th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Paychex in a research note on Thursday, May 28th. Finally, JPMorgan Chase & Co. raised their price objective on Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Paychex presently has a consensus rating of “Hold” and a consensus price target of $109.20.

About Paychex

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.