Glenview Trust Co Acquires New Holdings in Paychex, Inc. $PAYX

Glenview Trust Co bought a new position in Paychex, Inc. (NASDAQ:PAYX) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 20,305 shares of the business services provider’s stock, valued at approximately $1,997,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Empowered Funds LLC bought a new stake in shares of Paychex in the 2nd quarter valued at $16,788,000. United Capital Financial Advisors LLC acquired a new stake in shares of Paychex during the second quarter worth about $5,543,000. Dearborn Partners LLC bought a new position in shares of Paychex during the 2nd quarter valued at about $672,000. Bank OZK acquired a new position in shares of Paychex in the 2nd quarter valued at approximately $220,000. Finally, Equitable Holdings Inc. acquired a new stake in Paychex during the 2nd quarter worth approximately $1,297,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insider Buying and Selling at Paychex

In other 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 transaction, the chief financial officer directly owned 18,547 shares in the company, 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 Securities & Exchange Commission, which is available at this link. Also, Director Joseph M. Tucci sold 3,907 shares of the company’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $98.25, for a total transaction of $383,862.75. Following the completion of the sale, the director directly owned 67,364 shares in the company, valued at approximately $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, June 25th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Paychex in a research note on Thursday, May 28th. Morgan Stanley increased their target price on Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 30th. Jefferies Financial Group boosted their price target on Paychex from $105.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, August 12th. Finally, Citigroup increased their price objective on Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Paychex has an average rating of “Hold” and an average target price of $109.20.

Paychex Price Performance

NASDAQ:PAYX opened at $127.04 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. The stock’s 50-day simple moving average is $113.76 and its 200 day simple moving average is $100.95. The company has a market cap of $45.19 billion, a P/E ratio of 25.98 and a beta of 0.81. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $139.53.

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

Paychex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, July 28th were paid a $1.19 dividend. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $4.76 annualized dividend and a dividend yield of 3.7%. Paychex’s dividend payout ratio (DPR) is currently 97.34%.

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.