Paychex, Inc. $PAYX Stock Holdings Boosted by Mattern Capital Management LLC

Mattern Capital Management LLC grew its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 45.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 107,298 shares of the business services provider’s stock after purchasing an additional 33,710 shares during the quarter. Mattern Capital Management LLC’s holdings in Paychex were worth $9,884,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vermillion & White Wealth Management Group LLC bought a new position in Paychex during the third quarter valued at about $27,000. Cornerstone Planning Group LLC raised its position in Paychex by 957.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after acquiring an additional 268 shares in the last quarter. Stance Capital LLC bought a new stake in Paychex in the third quarter worth about $31,000. Hilton Head Capital Partners LLC acquired a new stake in Paychex in the 4th quarter valued at about $31,000. Finally, Kingdom Financial Group LLC. acquired a new stake in Paychex in the 4th quarter valued at about $33,000. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Up 3.0%

Shares of NASDAQ:PAYX opened at $110.75 on Tuesday. The firm has a 50 day simple moving average of $98.53 and a 200 day simple moving average of $98.34. Paychex, Inc. has a 52 week low of $85.45 and a 52 week high of $148.11. 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 has a market cap of $39.68 billion, a PE ratio of 22.65 and a beta of 0.84.

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

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were issued a dividend of $1.19 per share. This is a positive change from Paychex’s previous quarterly dividend of $1.08. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Wednesday, May 13th. Paychex’s dividend payout ratio is presently 97.34%.

Insider Buying and Selling at Paychex

In related news, 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 transaction of $383,862.75. Following the transaction, the director directly owned 67,364 shares of the company’s stock, valued at approximately $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PAYX shares. JPMorgan Chase & Co. lifted their price objective on shares of Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a research note on Thursday, June 25th. Wells Fargo & Company cut their target price on shares of Paychex from $116.00 to $95.00 and set an “underweight” rating for the company in a research note on Thursday, March 26th. Argus upgraded shares of Paychex to a “strong-buy” rating in a report on Friday, March 27th. Guggenheim began coverage on shares of Paychex in a research report on Thursday, March 19th. They issued a “neutral” rating on the stock. Finally, Stifel Nicolaus upped their price target on Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, June 17th. 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $105.80.

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.