Trust Co. of Vermont Invests $2.65 Million in Paychex, Inc. $PAYX

Trust Co. of Vermont purchased a new stake in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 26,937 shares of the business services provider’s stock, valued at approximately $2,649,000.

Other institutional investors also recently bought and sold shares of the company. Cornerstone Planning Group LLC boosted its stake in shares of Paychex by 957.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after acquiring an additional 268 shares during the last quarter. Hilton Head Capital Partners LLC purchased a new position in Paychex in the 4th quarter valued at $31,000. Kingdom Financial Group LLC. acquired a new stake in Paychex during the 4th quarter worth $33,000. Leonteq Securities AG boosted its stake in Paychex by 2,669.2% during the 1st quarter. Leonteq Securities AG now owns 360 shares of the business services provider’s stock worth $33,000 after purchasing an additional 347 shares during the last quarter. Finally, Acumen Wealth Advisors LLC purchased a new stake in shares of Paychex during the fourth quarter worth $34,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on PAYX shares. Weiss Ratings raised shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 20th. TD Cowen raised their target price on shares of Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a research note on Monday, June 8th. Stifel Nicolaus boosted their target price on Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, June 17th. Morgan Stanley increased their price target on Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Finally, Jefferies Financial Group lifted their price objective on Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $109.20.

Paychex Price Performance

Paychex stock opened at $118.54 on Tuesday. The company’s 50 day simple moving average is $109.31 and its 200-day simple moving average is $99.43. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. Paychex, Inc. has a 1 year low of $85.45 and a 1 year high of $141.19. The company has a market capitalization of $42.16 billion, a price-to-earnings ratio of 24.24 and a beta of 0.81.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates 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 previous year, the firm posted $1.19 earnings per share. The company’s revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, equities research analysts expect that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be paid a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 4.0%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio is currently 97.34%.

Insider Activity at Paychex

In related news, Director Joseph M. Tucci sold 3,907 shares of the 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 transaction, the director directly owned 67,364 shares of the company’s stock, valued at $6,618,513. This trade represents a 5.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Robert L. Schrader sold 2,600 shares of the firm’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $115.09, for a total value of $299,234.00. Following the transaction, the chief financial officer directly owned 18,547 shares in the company, valued at approximately $2,134,574.23. The trade was 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.

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.