Corient Private Wealth LP Buys Shares of 748,039 Paychex, Inc. $PAYX

Corient Private Wealth LP purchased a new stake in Paychex, Inc. (NASDAQ:PAYX) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 748,039 shares of the business services provider’s stock, valued at approximately $73,555,000.

A number of other institutional investors also recently modified their holdings of the business. XXEC Inc. bought a new stake in shares of Paychex during the 2nd quarter worth $1,123,016,000. Capital International Investors grew its position in Paychex by 59.1% in the fourth quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock valued at $3,395,583,000 after acquiring an additional 11,243,295 shares during the last quarter. BlackRock Inc. bought a new position in Paychex in the second quarter valued at about $2,728,970,000. State Street Corp raised its stake in Paychex by 1.6% during the fourth quarter. State Street Corp now owns 13,988,393 shares of the business services provider’s stock worth $1,569,218,000 after acquiring an additional 216,045 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Paychex by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,550,173 shares of the business services provider’s stock worth $1,295,698,000 after acquiring an additional 263,152 shares in the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insider Activity at Paychex

In related news, Director Joseph M. Tucci sold 3,907 shares of the business’s stock in a transaction 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 sale, 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 document filed with the SEC, which is available through the SEC website. Also, CFO Robert L. Schrader sold 2,600 shares of the business’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $115.09, for a total transaction 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 represents a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PAYX. TD Cowen raised their price target on shares of Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a research note on Monday, June 8th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. JPMorgan Chase & Co. increased their price objective on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research note on Thursday, June 25th. Morgan Stanley raised their target price on shares of Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 30th. Finally, UBS Group boosted their target price on shares of Paychex from $105.00 to $115.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $109.20.

Paychex Stock Performance

Shares of PAYX stock opened at $124.88 on Thursday. The firm has a market capitalization of $44.42 billion, a price-to-earnings ratio of 25.54 and a beta of 0.81. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22. The business’s 50-day moving average price is $112.62 and its 200-day moving average price is $100.57. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $139.53.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.01. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The firm’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Equities research analysts forecast that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be given a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 3.8%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio is 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.