Paychex, Inc. $PAYX Shares Sold by Susquehanna Fundamental Investments LLC

Susquehanna Fundamental Investments LLC lessened its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 24.3% in the second quarter, Holdings Channel.com reports. The fund owned 140,759 shares of the business services provider’s stock after selling 45,264 shares during the quarter. Susquehanna Fundamental Investments LLC’s holdings in Paychex were worth $13,841,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. EFG International AG purchased a new position in Paychex during the 2nd quarter valued at about $1,494,000. Danske Bank A S boosted its holdings in shares of Paychex by 14.0% during the fourth quarter. Danske Bank A S now owns 205,341 shares of the business services provider’s stock worth $23,035,000 after purchasing an additional 25,184 shares during the period. Truist Financial Corp grew its position in Paychex by 33.3% during the fourth quarter. Truist Financial Corp now owns 208,150 shares of the business services provider’s stock valued at $23,350,000 after purchasing an additional 51,982 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in Paychex during the second quarter valued at approximately $7,296,000. Finally, Western Wealth Management LLC acquired a new position in Paychex in the 1st quarter valued at approximately $1,174,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Performance

Shares of NASDAQ:PAYX opened at $127.04 on Monday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. The stock’s 50-day moving average is $113.76 and its 200-day moving average is $100.97. The company has a market cap of $45.19 billion, a P/E ratio of 25.98 and a beta of 0.81. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $139.53.

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

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th were given a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 3.7%. The ex-dividend date was Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is currently 97.34%.

Insider Activity

In related news, CFO Robert L. Schrader sold 2,600 shares of the stock in a transaction dated Monday, July 20th. The shares were 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 owned 18,547 shares in the company, valued at approximately $2,134,574.23. This trade represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 sale, the director directly owned 67,364 shares in the company, valued at approximately $6,618,513. This trade represents a 5.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PAYX. Stifel Nicolaus lifted their target price on shares of Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, June 17th. Cantor Fitzgerald reaffirmed an “underweight” rating and issued a $107.00 price target on shares of Paychex in a research note on Monday, July 20th. UBS Group increased their price objective on Paychex from $105.00 to $115.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. JPMorgan Chase & Co. lifted their price objective on Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research report on Thursday, June 25th. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Paychex in a research note on Thursday, May 28th. One investment 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus 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.