Chase Investment Counsel Corp Acquires New Holdings in Paychex, Inc. $PAYX

Chase Investment Counsel Corp acquired a new position in Paychex, Inc. (NASDAQ:PAYX) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,215 shares of the business services provider’s stock, valued at approximately $512,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Paychex by 12.1% in the 4th quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock worth $4,750,669,000 after acquiring an additional 4,583,157 shares during the period. Capital International Investors boosted its holdings in shares of Paychex by 59.1% in the fourth quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock valued at $3,395,583,000 after acquiring an additional 11,243,295 shares in the last quarter. State Street Corp increased its stake in shares of Paychex by 1.6% during the fourth quarter. State Street Corp now owns 13,988,393 shares of the business services provider’s stock valued at $1,569,218,000 after acquiring an additional 216,045 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Paychex by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,550,173 shares of the business services provider’s stock worth $1,295,698,000 after purchasing an additional 263,152 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Paychex by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 9,705,424 shares of the business services provider’s stock worth $1,093,958,000 after purchasing an additional 78,760 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Robert L. Schrader sold 2,600 shares of the 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 completion of the transaction, the chief financial officer owned 18,547 shares in the company, valued at $2,134,574.23. This trade represents a 12.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph M. Tucci sold 3,907 shares of Paychex stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total value of $383,862.75. Following the completion of the transaction, 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. Company insiders own 0.80% of the company’s stock.

Paychex Stock Performance

Paychex stock opened at $122.02 on Monday. The firm has a market cap of $43.40 billion, a price-to-earnings ratio of 24.95 and a beta of 0.81. Paychex, Inc. has a 1 year low of $85.45 and a 1 year high of $141.19. The firm’s 50 day moving average price is $108.92 and its two-hundred day moving average price is $99.34. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26.

Paychex (NASDAQ:PAYX) last released 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. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The company’s revenue was up 12.5% compared to the same quarter last year. During the same period last year, the company posted $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, research analysts predict that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Dividend Announcement

The business also recently announced 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 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex’s dividend payout ratio is currently 97.34%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PAYX. Jefferies Financial Group increased their price target on Paychex from $105.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday. Citigroup boosted their price objective on Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Weiss Ratings upgraded Paychex from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 20th. JPMorgan Chase & Co. raised their target price on Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research note on Thursday, June 25th. Finally, Cantor Fitzgerald reaffirmed an “underweight” rating and set a $107.00 target price on shares of Paychex in a report on Monday, July 20th. One 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 given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $109.20.

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.