StoneRidge PMG Advisors LLC Purchases New Holdings in Paychex, Inc. $PAYX

StoneRidge PMG Advisors LLC purchased a new position in shares of Paychex, Inc. (NASDAQ:PAYX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,370 shares of the business services provider’s stock, valued at approximately $430,000.

Other large investors also recently bought and sold shares of the company. Parkside Financial Bank & Trust boosted its holdings in shares of Paychex by 6.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,519 shares of the business services provider’s stock valued at $149,000 after purchasing an additional 90 shares during the last quarter. United Community Bank grew its stake in shares of Paychex by 3.1% during the 2nd quarter. United Community Bank now owns 3,635 shares of the business services provider’s stock valued at $357,000 after buying an additional 110 shares during the period. Bryn Mawr Trust Advisors LLC grew its stake in shares of Paychex by 4.3% during the 1st quarter. Bryn Mawr Trust Advisors LLC now owns 2,678 shares of the business services provider’s stock valued at $247,000 after buying an additional 111 shares during the period. Elevation Wealth Partners LLC increased its holdings in shares of Paychex by 45.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 400 shares of the business services provider’s stock worth $39,000 after buying an additional 125 shares during the last quarter. Finally, Mountain Pacific Investment Advisers LLC increased its holdings in shares of Paychex by 3.6% during the 3rd quarter. Mountain Pacific Investment Advisers LLC now owns 3,551 shares of the business services provider’s stock worth $350,000 after buying an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling at Paychex

In related news, Director Joseph Velli sold 7,839 shares of Paychex stock in a transaction on Wednesday, October 14th. The shares were sold at an average price of $107.68, for a total transaction of $844,103.52. Following the transaction, the director owned 81,725 shares in the company, valued at approximately $8,800,148. The trade was a 8.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on PAYX shares. Jefferies Financial Group cut their target price on Paychex from $120.00 to $110.00 and set a “hold” rating on the stock in a research report on Thursday, September 24th. Wells Fargo & Company boosted their price target on Paychex from $95.00 to $111.00 and gave the company an “underweight” rating in a research report on Wednesday, September 9th. UBS Group reissued a “neutral” rating and set a $120.00 price target on shares of Paychex in a research report on Thursday, October 29th. Weiss Ratings restated a “hold (c)” rating on shares of Paychex in a research note on Friday, October 16th. Finally, TD Cowen cut their price objective on Paychex from $117.00 to $105.00 and set a “hold” rating on the stock in a report on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $115.93.

Paychex Stock Performance

NASDAQ PAYX opened at $117.06 on Monday. The firm has a market capitalization of $41.67 billion, a price-to-earnings ratio of 23.23, a PEG ratio of 2.45 and a beta of 0.81. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.28 and a current ratio of 1.28. Paychex, Inc. has a one year low of $85.45 and a one year high of $127.98. The company’s 50 day moving average price is $112.00 and its 200 day moving average price is $103.78.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, September 23rd. The business services provider reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.02. Paychex had a net margin of 27.35% and a return on equity of 52.78%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the firm earned $1.22 earnings per share. Paychex’s revenue for the quarter was up 5.9% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.896-6.006 EPS. On average, sell-side analysts predict that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Monday, October 26th will be paid a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, October 26th. Paychex’s dividend payout ratio (DPR) is currently 94.44%.

Paychex Profile

Paychex, Inc provides payroll, human resources and employee benefits solutions to businesses of varying sizes. Its services include payroll processing, tax administration, time and attendance tools, HR support, employee benefits, retirement services and business insurance.

The company also offers professional employer organization services, which let businesses outsource certain employment responsibilities, as well as technology for workforce management, recruiting and compliance. Paychex primarily serves employers in the United States and supports businesses with international workforce needs.

Founded in Rochester, New York, in 1971 by B.