Diversify Advisory Services LLC Takes $1.22 Million Position in Paychex, Inc. $PAYX

Diversify Advisory Services LLC purchased a new position in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,527 shares of the business services provider’s stock, valued at approximately $1,216,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC raised its stake in shares of Paychex by 957.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock valued at $30,000 after buying an additional 268 shares during the period. Hilton Head Capital Partners LLC purchased a new position in shares of Paychex during the 4th quarter valued at $31,000. Kingdom Financial Group LLC. bought a new position in shares of Paychex during the 4th quarter worth $33,000. Leonteq Securities AG grew its stake in shares of Paychex by 2,669.2% during the 1st quarter. Leonteq Securities AG now owns 360 shares of the business services provider’s stock worth $33,000 after acquiring an additional 347 shares during the period. Finally, Acumen Wealth Advisors LLC purchased a new stake in Paychex in the 4th quarter worth about $34,000. 83.47% of the stock is owned by institutional investors.

Insider Transactions at Paychex

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the firm’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $115.09, for a total value of $299,234.00. Following the sale, the chief financial officer owned 18,547 shares of the company’s stock, valued at $2,134,574.23. This trade represents a 12.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph M. Tucci sold 3,907 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $98.25, for a total value of $383,862.75. Following the completion of the sale, the director directly owned 67,364 shares in the company, valued at approximately $6,618,513. The trade was a 5.48% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.80% of the stock is owned by corporate insiders.

Paychex Trading Up 2.1%

Shares of Paychex stock opened at $122.50 on Thursday. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $141.19. The company has a market cap of $43.57 billion, a price-to-earnings ratio of 25.05 and a beta of 0.81. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22. The company’s 50-day moving average price is $110.13 and its 200-day moving average price is $99.70.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.01. The firm 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% on a year-over-year basis. During the same period in the previous year, the business earned $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, equities analysts expect that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be given a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 3.9%. The ex-dividend date is Tuesday, July 28th. Paychex’s payout ratio is presently 97.34%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PAYX shares. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Paychex in a report on Thursday, May 28th. Morgan Stanley boosted their price target on shares of Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 30th. TD Cowen upped their price target on shares of Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a research note on Monday, June 8th. 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. Finally, Citigroup lifted their price objective on shares of Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $109.20.

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.