236,881 Shares in Paychex, Inc. $PAYX Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new position in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 236,881 shares of the business services provider’s stock, valued at approximately $23,293,000.

Other hedge funds have also recently bought and sold shares of the company. XXEC Inc. bought a new stake in Paychex during the 2nd quarter valued at approximately $1,123,016,000. Capital International Investors lifted its position in shares of Paychex by 59.1% in the 4th quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock worth $3,395,583,000 after acquiring an additional 11,243,295 shares during the period. BlackRock Inc. bought a new stake in shares of Paychex in the 2nd quarter worth approximately $2,728,970,000. State Street Corp increased its holdings in Paychex by 1.6% in the 4th quarter. State Street Corp now owns 13,988,393 shares of the business services provider’s stock valued at $1,569,218,000 after buying an additional 216,045 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Paychex by 2.3% in 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 in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Paychex

In other news, CFO Robert L. Schrader sold 2,600 shares of the firm’s 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 directly owned 18,547 shares of the company’s stock, valued at approximately $2,134,574.23. This trade represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 sale, the director directly owned 67,364 shares of the company’s stock, valued at $6,618,513. This 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 Trading Up 1.3%

Shares of NASDAQ:PAYX opened at $126.48 on Friday. The company’s fifty day simple moving average is $113.19 and its 200 day simple moving average is $100.77. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $139.53. The firm has a market cap of $44.99 billion, a price-to-earnings ratio of 25.87 and a beta of 0.81. 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 quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.01. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The company’s revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, research analysts forecast that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. UBS Group increased their target price on shares of Paychex from $105.00 to $115.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Cantor Fitzgerald reiterated an “underweight” rating and set a $107.00 target price on shares of Paychex in a research report on Monday, July 20th. Citigroup raised their price target on shares of Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, July 30th. TD Cowen boosted their price objective on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a report on Monday, June 8th. Finally, JPMorgan Chase & Co. raised their price objective 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. 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 stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $109.20.

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.