Paychex, Inc. $PAYX Shares Sold by iSAM Funds UK Ltd

iSAM Funds UK Ltd reduced its stake in Paychex, Inc. (NASDAQ:PAYX) by 62.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 5,600 shares of the business services provider’s stock after selling 9,392 shares during the period. iSAM Funds UK Ltd’s holdings in Paychex were worth $551,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PAYX. 44 Wealth Management LLC boosted its position in shares of Paychex by 2.7% during the 2nd quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider’s stock valued at $479,000 after acquiring an additional 86 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Paychex by 3.5% in the second quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider’s stock valued at $381,000 after purchasing an additional 89 shares during the period. Prosperity Consulting Group LLC increased its position in Paychex by 1.4% during the third quarter. Prosperity Consulting Group LLC now owns 7,270 shares of the business services provider’s stock worth $922,000 after purchasing an additional 100 shares during the last quarter. SBI Securities Co. Ltd. increased its position in Paychex by 14.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 798 shares of the business services provider’s stock worth $90,000 after purchasing an additional 101 shares during the last quarter. Finally, Zacks Investment Management raised its stake in Paychex by 5.1% during the third quarter. Zacks Investment Management now owns 2,094 shares of the business services provider’s stock worth $265,000 after purchasing an additional 101 shares during the period. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Stock Down 1.3%

Shares of PAYX opened at $124.00 on Thursday. The stock has a market capitalization of $44.10 billion, a PE ratio of 25.36, a P/E/G ratio of 2.64 and a beta of 0.82. Paychex, Inc. has a 1 year low of $85.45 and a 1 year high of $138.19. 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 company’s 50-day simple moving average is $115.50 and its 200-day simple moving average is $101.61.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data 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 business had revenue of $1.61 billion during 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 business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th were given a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is currently 97.34%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Weiss Ratings raised shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 20th. JPMorgan Chase & Co. lifted their price target on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research report on Thursday, June 25th. Stifel Nicolaus upped their price objective on Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, June 17th. Cantor Fitzgerald reiterated an “underweight” rating and issued a $107.00 price objective on shares of Paychex in a research report on Monday, July 20th. Finally, TD Cowen raised their target price on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a research note on Monday, June 8th. 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 company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $109.20.

Insider Buying and Selling at Paychex

In other news, CFO Robert L. Schrader sold 2,600 shares of the company’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $115.09, for a total transaction of $299,234.00. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph M. Tucci sold 3,907 shares of the company’s 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 directly owned 67,364 shares in the company, valued at $6,618,513. This represents a 5.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.80% of the company’s stock.

Paychex Company 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.