Corient Private Wealth LP Takes Position in Paychex, Inc. $PAYX

Corient Private Wealth LP bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 748,039 shares of the business services provider’s stock, valued at approximately $73,555,000. Corient Private Wealth LP owned about 0.21% of Paychex at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Danske Bank A S grew its position in shares of Paychex by 14.0% in the fourth quarter. Danske Bank A S now owns 205,341 shares of the business services provider’s stock valued at $23,035,000 after purchasing an additional 25,184 shares during the last quarter. Comerica Bank lifted its holdings in Paychex by 10.4% during the 4th quarter. Comerica Bank now owns 121,705 shares of the business services provider’s stock worth $13,653,000 after purchasing an additional 11,497 shares during the last quarter. Truist Financial Corp lifted its holdings in Paychex by 33.3% during the 4th quarter. Truist Financial Corp now owns 208,150 shares of the business services provider’s stock worth $23,350,000 after purchasing an additional 51,982 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Paychex in the 2nd quarter valued at $7,296,000. Finally, Western Wealth Management LLC bought a new stake in Paychex in the 1st quarter valued at $1,174,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PAYX. Cantor Fitzgerald reiterated an “underweight” rating and set a $107.00 price objective on shares of Paychex in a research report on Monday, July 20th. TD Cowen boosted their target price on shares of Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a research report on Monday, June 8th. Jefferies Financial Group upped their price target on shares of Paychex from $105.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, August 12th. Citigroup raised their price target on shares of Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a research note on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $109.20.

Paychex Price Performance

Paychex stock opened at $124.88 on Thursday. The firm has a market cap of $44.42 billion, a PE ratio of 25.54 and a beta of 0.81. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26. The stock’s fifty day moving average price is $112.62 and its two-hundred day moving average price is $100.57. Paychex, Inc. has a one year low of $85.45 and a one year high of $139.53.

Paychex (NASDAQ:PAYX) last released its earnings results 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. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The company’s revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, research analysts expect that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be paid a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex’s payout ratio is 97.34%.

Insider Activity

In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of the firm’s stock in a transaction dated 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert L. Schrader sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $115.09, for a total transaction of $299,234.00. Following the completion of the transaction, the chief financial officer owned 18,547 shares of the company’s stock, valued at $2,134,574.23. The trade was 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 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.