7,997 Shares in Paychex, Inc. $PAYX Purchased by Dickmeyer Boyce Financial Management Inc.

Dickmeyer Boyce Financial Management Inc. acquired a new position in Paychex, Inc. (NASDAQ:PAYX) during the first quarter, HoldingsChannel reports. The institutional investor acquired 7,997 shares of the business services provider’s stock, valued at approximately $737,000.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC increased its holdings in shares of Paychex by 26.3% in the 4th quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock worth $801,000 after buying an additional 1,190 shares during the last quarter. Bison Wealth LLC boosted its holdings in shares of Paychex by 3.0% in the 4th quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider’s stock worth $566,000 after purchasing an additional 117 shares during the period. Woodline Partners LP bought a new position in shares of Paychex during the 1st quarter valued at approximately $3,333,000. NewEdge Advisors LLC increased its position in shares of Paychex by 3.2% during the 2nd quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider’s stock valued at $5,976,000 after purchasing an additional 1,290 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in Paychex by 47.1% during the 2nd quarter. Sei Investments Co. now owns 156,680 shares of the business services provider’s stock valued at $22,790,000 after buying an additional 50,169 shares during the period. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on PAYX shares. Stifel Nicolaus raised their price target on Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, June 17th. Weiss Ratings raised shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday. JPMorgan Chase & Co. boosted their target price on Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research report on Thursday, June 25th. Stephens cut their target price on Paychex from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 26th. Finally, Argus raised Paychex to a “strong-buy” rating in a research note on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $107.53.

Insider Transactions at Paychex

In related news, Director Joseph M. Tucci sold 3,907 shares of the business’s stock in a transaction that occurred on 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 transaction, the director owned 67,364 shares of the company’s stock, valued at $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.80% of the stock is currently owned by insiders.

Paychex Stock Down 0.1%

Shares of NASDAQ:PAYX opened at $110.66 on Friday. 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 business’s 50 day moving average is $101.69 and its 200 day moving average is $98.30. The stock has a market cap of $39.36 billion, a P/E ratio of 22.63 and a beta of 0.84. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $148.11.

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 the consensus estimate of $1.31 by $0.01. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the prior year, the business earned $1.19 EPS. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Sell-side analysts predict that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Announces Dividend

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 issued a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is presently 97.34%.

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.