Glenmede Trust Co. NA Lowers Holdings in Paychex, Inc. $PAYX

Glenmede Trust Co. NA decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 3.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 224,532 shares of the business services provider’s stock after selling 7,488 shares during the quarter. Glenmede Trust Co. NA’s holdings in Paychex were worth $20,684,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PAYX. Capital International Investors raised its holdings in shares of Paychex by 59.1% in 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 acquiring an additional 11,243,295 shares in the last quarter. Vanguard Group Inc. increased 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 period. 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 purchasing an additional 2,352,423 shares during the period. Norges Bank bought a new stake in shares of Paychex in the 4th quarter valued at about $257,699,000. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Paychex in the 3rd quarter worth approximately $117,809,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling at Paychex

In related news, Director Joseph M. Tucci sold 3,907 shares of the company’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total transaction 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 represents a 5.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Robert L. Schrader sold 2,600 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $115.09, for a total value of $299,234.00. Following the completion of the sale, the chief financial officer owned 18,547 shares of the company’s stock, valued at approximately $2,134,574.23. This trade represents a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.80% of the company’s stock.

Paychex Stock Up 0.4%

NASDAQ:PAYX opened at $116.84 on Friday. The company’s 50-day simple moving average is $104.42 and its 200-day simple moving average is $98.61. 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 fifty-two week low of $85.45 and a fifty-two week high of $146.83. The stock has a market capitalization of $41.56 billion, a P/E ratio of 23.89 and a beta of 0.84.

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

Paychex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be issued a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio is currently 97.34%.

Wall Street Analysts Forecast Growth

PAYX has been the topic of a number of recent research reports. Stifel Nicolaus increased their price objective on shares of Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, June 17th. Citigroup boosted their price objective on shares of Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday. TD Cowen upped 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. UBS Group increased their target price on Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. lifted their price target on Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $108.20.

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.