Toroso Investments LLC lifted its position in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 29.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,640 shares of the business services provider’s stock after buying an additional 1,982 shares during the period. Toroso Investments LLC’s holdings in Paychex were worth $990,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Heritage Wealth Management LLC grew its stake in shares of Paychex by 260.0% in the fourth quarter. Heritage Wealth Management LLC now owns 234 shares of the business services provider’s stock worth $27,000 after acquiring an additional 169 shares during the period. Atlantic Private Wealth LLC purchased a new stake in Paychex during the 1st quarter valued at $36,000. Cambridge Trust Co. lifted its holdings in shares of Paychex by 254.4% during the 1st quarter. Cambridge Trust Co. now owns 319 shares of the business services provider’s stock valued at $37,000 after buying an additional 229 shares during the period. Avalon Trust Co purchased a new position in shares of Paychex in the 1st quarter worth $40,000. Finally, Ahrens Investment Partners LLC bought a new stake in shares of Paychex in the first quarter worth $46,000. Institutional investors own 72.18% of the company’s stock.
Wall Street Analyst Weigh In
PAYX has been the topic of several research reports. StockNews.com cut Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, September 13th. VNET Group restated a “maintains” rating on shares of Paychex in a research report on Friday, June 30th. SpectralCast reiterated a “reiterates” rating on shares of Paychex in a research report on Friday, June 30th. Robert W. Baird cut their price objective on shares of Paychex from $134.00 to $126.00 in a research report on Monday, July 3rd. Finally, 3M reaffirmed an “initiates” rating on shares of Paychex in a report on Friday, June 2nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $123.12.
Insider Buying and Selling at Paychex
In other Paychex news, Director Joseph M. Tucci sold 10,850 shares of the stock in a transaction on Monday, July 10th. The shares were sold at an average price of $115.99, for a total transaction of $1,258,491.50. Following the transaction, the director now directly owns 53,460 shares of the company’s stock, valued at $6,200,825.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Joseph M. Tucci sold 10,850 shares of the stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $115.99, for a total value of $1,258,491.50. Following the completion of the transaction, the director now directly owns 53,460 shares in the company, valued at $6,200,825.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph M. Tucci sold 12,156 shares of Paychex stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $113.02, for a total transaction of $1,373,871.12. Following the completion of the sale, the director now owns 53,460 shares of the company’s stock, valued at approximately $6,042,049.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 221,916 shares of company stock worth $26,789,753. Company insiders own 11.50% of the company’s stock.
Paychex Stock Performance
PAYX opened at $116.31 on Tuesday. The company has a market cap of $41.99 billion, a P/E ratio of 27.05, a price-to-earnings-growth ratio of 3.39 and a beta of 0.98. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.23. The firm’s 50-day moving average price is $122.26 and its 200-day moving average price is $114.19. Paychex, Inc. has a 52-week low of $104.09 and a 52-week high of $129.70.
Paychex (NASDAQ:PAYX – Get Free Report) last posted its quarterly earnings results on Thursday, June 29th. The business services provider reported $0.97 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.97. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Paychex had a net margin of 31.10% and a return on equity of 46.79%. The business’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter last year, the company posted $0.81 earnings per share. As a group, equities analysts anticipate that Paychex, Inc. will post 4.68 EPS for the current fiscal year.
Paychex Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Thursday, August 10th were issued a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend was Wednesday, August 9th. Paychex’s dividend payout ratio (DPR) is 82.79%.
Paychex Company Profile
Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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