Dickmeyer Boyce Financial Management Inc. Invests $737,000 in Paychex, Inc. $PAYX

Dickmeyer Boyce Financial Management Inc. purchased a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 7,997 shares of the business services provider’s stock, valued at approximately $737,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Paychex by 12.1% during the 4th quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock valued at $4,750,669,000 after purchasing an additional 4,583,157 shares during the last quarter. Capital International Investors grew its holdings in shares of Paychex by 59.1% during 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 buying an additional 11,243,295 shares during the last quarter. State Street Corp increased its position in shares of Paychex by 1.6% during the fourth quarter. State Street Corp now owns 13,988,393 shares of the business services provider’s stock valued at $1,569,218,000 after acquiring an additional 216,045 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of 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 valued at $1,295,698,000 after acquiring an additional 263,152 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Paychex by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 9,705,424 shares of the business services provider’s stock worth $1,093,958,000 after acquiring an additional 78,760 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling

In other news, Director Joseph M. Tucci sold 3,907 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was 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 in the company, valued at $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.80% of the stock is currently owned by corporate insiders.

Paychex Stock Down 0.1%

PAYX stock opened at $110.66 on Friday. The business’s 50-day moving average price is $101.69 and its 200-day moving average price is $98.30. The stock has a market cap of $39.36 billion, a P/E ratio of 22.63 and a beta of 0.84. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.22. Paychex, Inc. has a twelve month low of $85.45 and a twelve month high of $148.11.

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

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be issued a $1.19 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $4.76 annualized dividend and a yield of 4.3%. Paychex’s dividend payout ratio is currently 97.34%.

Analyst Ratings Changes

Several analysts have commented on PAYX shares. Wells Fargo & Company cut their target price on Paychex from $116.00 to $95.00 and set an “underweight” rating on the stock in a research note on Thursday, March 26th. TD Cowen upped their target price 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. Cantor Fitzgerald restated an “underweight” rating and issued a $107.00 target price on shares of Paychex in a report on Monday. BMO Capital Markets raised their price target on Paychex to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, March 26th. Finally, Robert W. Baird dropped their target price on Paychex from $148.00 to $125.00 and set a “neutral” rating on the stock in a research report on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $107.53.

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.