Diversify Wealth Management LLC Invests $895,000 in Paychex, Inc. $PAYX

Diversify Wealth Management LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 9,512 shares of the business services provider’s stock, valued at approximately $895,000.

Several other large investors also recently modified their holdings of the company. Carnegie Investment Counsel increased its position in shares of Paychex by 60.9% during the first quarter. Carnegie Investment Counsel now owns 22,765 shares of the business services provider’s stock worth $2,097,000 after buying an additional 8,620 shares during the period. Citizens Financial Group Inc. RI lifted its holdings in Paychex by 26.3% in the first quarter. Citizens Financial Group Inc. RI now owns 9,797 shares of the business services provider’s stock valued at $903,000 after buying an additional 2,037 shares during the period. Fifth Third Bancorp lifted its holdings in Paychex by 361.3% in the first quarter. Fifth Third Bancorp now owns 162,792 shares of the business services provider’s stock valued at $14,996,000 after buying an additional 127,503 shares during the period. Van Cleef Asset Management Inc boosted its position in Paychex by 10.3% during the first quarter. Van Cleef Asset Management Inc now owns 227,971 shares of the business services provider’s stock valued at $21,001,000 after acquiring an additional 21,330 shares during the last quarter. Finally, Simplicity Wealth LLC boosted its position in Paychex by 76.1% during the first quarter. Simplicity Wealth LLC now owns 4,118 shares of the business services provider’s stock valued at $379,000 after acquiring an additional 1,780 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Joseph M. Tucci sold 3,907 shares of the business’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 of the company’s stock, valued at $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have weighed in on PAYX shares. TD Cowen increased their price target on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a report on Monday, June 8th. Weiss Ratings reissued a “hold (c-)” rating on shares of Paychex in a research note on Friday, April 24th. Robert W. Baird cut their target price on Paychex from $148.00 to $125.00 and set a “neutral” rating on the stock in a research report on Thursday, March 26th. Stephens decreased their target price on Paychex from $125.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, March 26th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paychex in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $105.80.

Paychex Price Performance

Shares of PAYX opened at $114.70 on Friday. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $148.11. The business’s fifty day moving average is $99.64 and its 200 day moving average is $98.28. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.22. The stock has a market cap of $41.10 billion, a P/E ratio of 23.46 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (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 the consensus estimate of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. Paychex’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Sell-side analysts anticipate 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. Stockholders of record on Tuesday, July 28th will be issued a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is currently 97.34%.

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.