Proficio Capital Partners LLC Buys New Shares in Paychex, Inc. $PAYX

Proficio Capital Partners LLC bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,317 shares of the business services provider’s stock, valued at approximately $424,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hilton Head Capital Partners LLC acquired a new stake in shares of Paychex during the 4th quarter worth approximately $31,000. Cornerstone Planning Group LLC increased its position in shares of Paychex by 957.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock valued at $30,000 after purchasing an additional 268 shares during the period. Kingdom Financial Group LLC. acquired a new position in shares of Paychex in the fourth quarter valued at $33,000. Acumen Wealth Advisors LLC acquired a new position in shares of Paychex in the fourth quarter valued at $34,000. Finally, Wealth Watch Advisors INC bought a new position in Paychex in the third quarter worth $42,000. 83.47% of the stock is currently owned by institutional investors.

Paychex Stock Performance

NASDAQ PAYX opened at $126.48 on Friday. 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 50 day moving average of $113.19 and a 200-day moving average of $100.77. 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, Inc. has a 1-year low of $85.45 and a 1-year high of $139.53.

Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.01. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. Paychex’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, equities analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PAYX shares. Stifel Nicolaus lifted their price target on shares of Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, June 17th. JPMorgan Chase & Co. increased 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. Jefferies Financial Group raised their price objective on shares of Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. TD Cowen lifted their target price on shares of Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a research report on Monday, June 8th. Finally, UBS Group increased their price target 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. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $109.20.

Insider Buying and Selling at Paychex

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the business’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $115.09, for a total value of $299,234.00. Following the transaction, the chief financial officer owned 18,547 shares of the company’s stock, valued at approximately $2,134,574.23. The trade was a 12.29% decrease in their ownership of the stock. The transaction 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 stock in a transaction on Friday, June 26th. The stock was sold at an average price of $98.25, for a total value of $383,862.75. Following the sale, the director owned 67,364 shares in the company, valued at $6,618,513. The trade was a 5.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.80% of the company’s stock.

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.