Lazard Asset Management LLC Acquires Shares of 465,374 Paychex, Inc. $PAYX

Lazard Asset Management LLC acquired a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the 1st quarter, Holdings Channel reports. The firm acquired 465,374 shares of the business services provider’s stock, valued at approximately $42,870,000.

A number of other institutional investors also recently made changes to their positions in the business. Capital International Investors grew its position in shares of Paychex by 59.1% during the fourth quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock worth $3,395,583,000 after buying an additional 11,243,295 shares in the last quarter. Vanguard Group Inc. raised its holdings in Paychex by 12.1% in the fourth quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock valued at $4,750,669,000 after acquiring an additional 4,583,157 shares in the last quarter. Federated Hermes Inc. raised its holdings in Paychex by 4,141.2% in the fourth quarter. Federated Hermes Inc. now owns 2,409,229 shares of the business services provider’s stock valued at $270,267,000 after acquiring an additional 2,352,423 shares in the last quarter. Norges Bank acquired a new stake in Paychex in the fourth quarter valued at $257,699,000. Finally, Voloridge Investment Management LLC bought a new position in Paychex during the 3rd quarter valued at $117,809,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Paychex

In other news, Director Joseph M. Tucci sold 3,907 shares of the stock in a transaction that occurred 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 sale, the director directly owned 67,364 shares in the company, valued at approximately $6,618,513. This represents a 5.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert L. Schrader sold 2,600 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer directly owned 18,547 shares in the company, valued at approximately $2,134,574.23. This trade represents a 12.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.80% of the company’s stock.

Paychex Stock Performance

Paychex stock opened at $118.87 on Wednesday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $148.00. The company has a fifty day moving average price of $103.04 and a two-hundred day moving average price of $98.41. The company has a market cap of $42.28 billion, a PE ratio of 24.31 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.01. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the prior year, the company earned $1.19 earnings per share. The firm’s 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. Research analysts expect that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be paid a dividend of $1.19 per share. The ex-dividend date is Tuesday, July 28th. This represents a $4.76 annualized dividend and a yield of 4.0%. Paychex’s dividend payout ratio is 97.34%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Weiss Ratings raised shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 20th. UBS Group upped their target price on shares of Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Morgan Stanley increased their price target on shares of Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. Stifel Nicolaus lifted their price target on Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, June 17th. Finally, Cantor Fitzgerald reissued an “underweight” rating and issued a $107.00 price objective on shares of Paychex in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $107.53.

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.