Tompkins Financial Corp raised its position in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 3.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,858 shares of the business services provider’s stock after acquiring an additional 213 shares during the quarter. Tompkins Financial Corp’s holdings in Paychex were worth $655,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Moneta Group Investment Advisors LLC raised its position in Paychex by 102,768.9% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,537,548 shares of the business services provider’s stock valued at $524,359,000 after purchasing an additional 4,533,137 shares in the last quarter. Bank of America Corp DE raised its holdings in Paychex by 27.4% in the first quarter. Bank of America Corp DE now owns 11,757,155 shares of the business services provider’s stock valued at $1,347,252,000 after acquiring an additional 2,528,158 shares in the last quarter. FMR LLC lifted its stake in Paychex by 56.8% in the first quarter. FMR LLC now owns 4,380,489 shares of the business services provider’s stock worth $501,960,000 after acquiring an additional 1,587,495 shares during the last quarter. Marshall Wace LLP grew its holdings in Paychex by 94.8% during the 4th quarter. Marshall Wace LLP now owns 1,437,729 shares of the business services provider’s stock worth $166,144,000 after acquiring an additional 699,825 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Paychex by 10.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,673,275 shares of the business services provider’s stock valued at $771,164,000 after purchasing an additional 651,753 shares during the last quarter. 72.18% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of analysts have weighed in on PAYX shares. Morgan Stanley restated an “equal weight” rating and issued a $125.00 price target on shares of Paychex in a research note on Friday, June 30th. TD Cowen boosted their target price on Paychex from $123.00 to $130.00 and gave the stock an “outperform” rating in a research note on Thursday, August 17th. VNET Group reiterated a “maintains” rating on shares of Paychex in a research note on Friday, June 30th. StockNews.com downgraded shares of Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, September 13th. Finally, Bank of America dropped their target price on shares of Paychex from $105.00 to $103.00 in a research report on Friday, June 30th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $123.12.
Paychex Stock Performance
Shares of NASDAQ PAYX traded down $0.50 during mid-day trading on Tuesday, hitting $115.81. 349,347 shares of the company were exchanged, compared to its average volume of 1,925,920. The stock has a 50 day simple moving average of $122.26 and a 200-day simple moving average of $114.19. Paychex, Inc. has a 1-year low of $104.09 and a 1-year high of $129.70. 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 has a market cap of $41.81 billion, a price-to-earnings ratio of 27.05, a price-to-earnings-growth ratio of 3.30 and a beta of 0.98.
Paychex (NASDAQ:PAYX – Get Free Report) last released its earnings results on Thursday, June 29th. The business services provider reported $0.97 EPS for the quarter, hitting the consensus estimate of $0.97. Paychex had a net margin of 31.10% and a return on equity of 46.79%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the business earned $0.81 EPS. The business’s revenue was up 6.7% on a year-over-year basis. On average, sell-side analysts forecast that Paychex, Inc. will post 4.68 EPS for the current fiscal year.
Paychex Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th were issued a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Wednesday, August 9th. Paychex’s dividend payout ratio is presently 82.79%.
Insiders Place Their Bets
In related news, VP Michael E. Gioja sold 45,810 shares of Paychex stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $124.96, for a total value of $5,724,417.60. Following the sale, the vice president now directly owns 19,800 shares in the company, valued at $2,474,208. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Paychex news, VP Michael E. Gioja sold 45,810 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $124.96, for a total value of $5,724,417.60. Following the completion of the sale, the vice president now owns 19,800 shares of the company’s stock, valued at $2,474,208. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Joseph M. Tucci sold 12,156 shares of the company’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $113.02, for a total transaction of $1,373,871.12. Following the transaction, the director now directly owns 53,460 shares in the company, valued at $6,042,049.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 221,916 shares of company stock worth $26,789,753. Company insiders own 11.50% of the company’s stock.
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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