StoneRidge PMG Advisors LLC Purchases 4,370 Shares of Paychex, Inc. $PAYX

StoneRidge PMG Advisors LLC purchased a new position in Paychex, Inc. (NASDAQ:PAYX) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 4,370 shares of the business services provider’s stock, valued at approximately $430,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. XXEC Inc. acquired a new stake in shares of Paychex during the second quarter valued at $1,123,016,000. BlackRock Inc. purchased a new stake in Paychex during the 2nd quarter worth about $2,728,970,000. State Street Corp increased its position in Paychex by 2.6% during the 2nd quarter. State Street Corp now owns 14,411,341 shares of the business services provider’s stock worth $1,417,067,000 after purchasing an additional 361,713 shares in the last quarter. Bank of America Corp DE purchased a new stake in Paychex during the 2nd quarter worth about $434,061,000. Finally, First Trust Advisors LP raised its stake in Paychex by 13.5% in the 1st quarter. First Trust Advisors LP now owns 2,344,056 shares of the business services provider’s stock valued at $215,934,000 after purchasing an additional 278,507 shares during the last quarter. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Paychex

In other Paychex news, Director Joseph Velli sold 7,839 shares of the firm’s stock in a transaction dated Wednesday, October 14th. The stock was sold at an average price of $107.68, for a total value of $844,103.52. Following the sale, the director directly owned 81,725 shares of the company’s stock, valued at approximately $8,800,148. This trade represents a 8.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.60% of the company’s stock.

Paychex Price Performance

PAYX stock opened at $117.06 on Monday. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $127.98. The stock’s fifty day simple moving average is $112.00 and its 200-day simple moving average is $103.78. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $41.67 billion, a price-to-earnings ratio of 23.23, a price-to-earnings-growth ratio of 2.45 and a beta of 0.81.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, September 23rd. The business services provider reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.02. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Paychex had a return on equity of 52.78% and a net margin of 27.35%. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 earnings per share. Paychex has set its FY 2027 guidance at 5.896-6.006 EPS. Equities research analysts expect that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 25th. Investors of record on Monday, October 26th will be given a dividend of $1.19 per share. The ex-dividend date is Monday, October 26th. This represents a $4.76 annualized dividend and a yield of 4.1%. Paychex’s dividend payout ratio is 94.44%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PAYX. Stephens reduced their target price on shares of Paychex from $132.00 to $113.00 and set an “equal weight” rating on the stock in a report on Thursday, September 24th. Wells Fargo & Company raised their price target on shares of Paychex from $95.00 to $111.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 9th. Jefferies Financial Group lowered their price target on shares of Paychex from $120.00 to $110.00 and set a “hold” rating for the company in a report on Thursday, September 24th. Citigroup boosted their price objective on shares of Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, TD Cowen cut their price objective on shares of Paychex from $117.00 to $105.00 and set a “hold” rating for the company in a research report on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Paychex has an average rating of “Hold” and a consensus price target of $115.93.

About Paychex

Paychex, Inc provides payroll, human resources and employee benefits solutions to businesses of varying sizes. Its services include payroll processing, tax administration, time and attendance tools, HR support, employee benefits, retirement services and business insurance.

The company also offers professional employer organization services, which let businesses outsource certain employment responsibilities, as well as technology for workforce management, recruiting and compliance. Paychex primarily serves employers in the United States and supports businesses with international workforce needs.

Founded in Rochester, New York, in 1971 by B.