Pictet Asset Management Holding SA Sells 13,772 Shares of Paychex, Inc. $PAYX

Pictet Asset Management Holding SA lessened its holdings in Paychex, Inc. (NASDAQ:PAYX) by 7.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 177,800 shares of the business services provider’s stock after selling 13,772 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Paychex were worth $16,379,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital International Investors boosted its position in shares of Paychex by 59.1% in the 4th quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock worth $3,395,583,000 after purchasing an additional 11,243,295 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Paychex by 12.1% in the 4th quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock worth $4,750,669,000 after buying an additional 4,583,157 shares during the last quarter. Federated Hermes Inc. increased its position in Paychex by 4,141.2% during the 4th quarter. Federated Hermes Inc. now owns 2,409,229 shares of the business services provider’s stock valued at $270,267,000 after buying an additional 2,352,423 shares in the last quarter. Norges Bank bought a new position in Paychex during the 4th quarter valued at approximately $257,699,000. Finally, Voloridge Investment Management LLC purchased a new position in Paychex during the third quarter valued at $117,809,000. Institutional investors own 83.47% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PAYX shares. TD Cowen boosted their target price on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a report on Monday, June 8th. Robert W. Baird reduced their price target on Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a report on Thursday, March 26th. Argus raised Paychex to a “strong-buy” rating in a research report on Friday, March 27th. Stephens lowered their price objective on Paychex from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 26th. Finally, Morgan Stanley raised their price target on shares of Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a report on Tuesday. One equities 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $105.80.

Paychex Price Performance

NASDAQ PAYX opened at $106.35 on Friday. The company has a 50-day moving average price of $96.34 and a 200-day moving average price of $98.71. Paychex, Inc. has a 52 week low of $85.45 and a 52 week high of $148.11. 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 firm has a market capitalization of $38.10 billion, a P/E ratio of 21.75 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.01. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last 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 anticipate that Paychex, Inc. will post 5.97 earnings per share for the current year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were paid a dividend of $1.19 per share. The ex-dividend date was Wednesday, May 13th. This represents a $4.76 annualized dividend and a dividend yield of 4.5%. This is a boost from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio is 97.34%.

Insider Buying and Selling at Paychex

In other 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 transaction of $383,862.75. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.80% of the stock is owned by corporate insiders.

Paychex 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.