Plato Investment Management Ltd Acquires Shares of 17,159 Paychex, Inc. $PAYX

Plato Investment Management Ltd acquired a new position in Paychex, Inc. (NASDAQ:PAYX) in the 2nd quarter, Holdings Channel reports. The firm acquired 17,159 shares of the business services provider’s stock, valued at approximately $1,677,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. AMG National Trust Bank purchased a new position in shares of Paychex during the second quarter valued at about $1,397,000. Roman Butler Fullerton & Co. bought a new position in Paychex in the second quarter worth about $349,000. Simplicity Wealth LLC purchased a new stake in Paychex in the second quarter worth about $441,000. Baxter Bros Inc. bought a new stake in Paychex during the 2nd quarter valued at approximately $8,576,000. Finally, Uniting Wealth Partners LLC bought a new stake in Paychex during the 2nd quarter valued at approximately $521,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Paychex Stock Performance

Shares of PAYX opened at $118.54 on Tuesday. 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 $42.16 billion, a P/E ratio of 24.24 and a beta of 0.81. The business’s 50 day moving average price is $109.31 and its 200-day moving average price is $99.43. Paychex, Inc. has a 52 week low of $85.45 and a 52 week high of $141.19.

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, beating analysts’ consensus estimates of $1.31 by $0.01. The company 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 firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the company earned $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Equities research analysts anticipate that Paychex, Inc. will post 5.96 earnings per share 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 paid a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex’s dividend payout ratio is currently 97.34%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PAYX. Morgan Stanley increased their target price on Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. TD Cowen lifted their price target on Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a research report on Monday, June 8th. JPMorgan Chase & Co. upped their price target on Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a research note on Thursday, June 25th. Citigroup increased their price objective on Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Stifel Nicolaus raised their price objective on Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday, June 17th. One research 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $109.20.

Insider Buying and Selling at Paychex

In other news, Director Joseph M. Tucci sold 3,907 shares of the firm’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 completion of the transaction, the director directly owned 67,364 shares in the company, valued at $6,618,513. This trade represents a 5.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert L. Schrader sold 2,600 shares of Paychex 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 completion of the transaction, the chief financial officer directly owned 18,547 shares of the company’s stock, valued at approximately $2,134,574.23. This represents a 12.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is owned by company insiders.

Paychex Company 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.