Fjarde AP Fonden Fourth Swedish National Pension Fund Boosts Stake in Paychex, Inc. $PAYX

Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in Paychex, Inc. (NASDAQ:PAYX) by 65.7% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 140,945 shares of the business services provider’s stock after purchasing an additional 55,900 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Paychex were worth $12,984,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Elevation Point Wealth Partners LLC acquired a new stake in shares of Paychex in the first quarter worth $360,000. Jamison Private Wealth Management Inc. lifted its position in Paychex by 2.9% during the first quarter. Jamison Private Wealth Management Inc. now owns 52,375 shares of the business services provider’s stock valued at $4,825,000 after purchasing an additional 1,489 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in Paychex in the first quarter valued at $1,945,000. Root Financial Partners LLC boosted its holdings in Paychex by 97.6% in the first quarter. Root Financial Partners LLC now owns 895 shares of the business services provider’s stock valued at $82,000 after purchasing an additional 442 shares during the last quarter. Finally, CHICAGO TRUST Co NA grew its position in Paychex by 170.7% during the 1st quarter. CHICAGO TRUST Co NA now owns 11,963 shares of the business services provider’s stock worth $1,102,000 after purchasing an additional 7,544 shares during the period. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Stock Performance

PAYX stock opened at $106.35 on Friday. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $148.11. The business’s 50-day moving average is $96.60 and its 200 day moving average is $98.76. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22. The stock has a market cap of $38.10 billion, a price-to-earnings ratio of 21.75 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.01. The business 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 revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, sell-side analysts anticipate that Paychex, Inc. will post 5.97 EPS for the current fiscal year.

Paychex Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th were issued a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date was Wednesday, May 13th. This is an increase from Paychex’s previous quarterly dividend of $1.08. Paychex’s payout ratio is 97.34%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PAYX shares. TD Cowen lifted their price objective on Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a research note on Monday, June 8th. Robert W. Baird dropped their target price on Paychex from $148.00 to $125.00 and set a “neutral” rating on the stock in a report on Thursday, March 26th. Jefferies Financial Group reduced their price target on Paychex from $110.00 to $105.00 and set a “hold” rating for the company in a research report on Thursday, March 26th. Morgan Stanley raised their price objective on shares of Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 30th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $105.80.

Insider Transactions at Paychex

In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of Paychex stock in a transaction on Friday, June 26th. The shares were 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 $6,618,513. The trade was a 5.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.80% of the stock is currently owned by company insiders.

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.