Lazard Asset Management LLC Makes New Investment in Paychex, Inc. $PAYX

Lazard Asset Management LLC acquired a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 465,374 shares of the business services provider’s stock, valued at approximately $42,870,000. Lazard Asset Management LLC owned 0.13% of Paychex as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PAYX. Gateway Wealth Partners LLC acquired a new stake in shares of Paychex during the 1st quarter worth $282,000. Weiss Asset Management LP acquired a new position in Paychex in the first quarter valued at $5,886,000. Delta Global Management LP acquired a new position in Paychex in the first quarter valued at $376,000. OMERS ADMINISTRATION Corp grew its position in Paychex by 26.6% during the first quarter. OMERS ADMINISTRATION Corp now owns 17,123 shares of the business services provider’s stock valued at $1,577,000 after acquiring an additional 3,599 shares during the period. Finally, 44 Wealth Management LLC increased its stake in Paychex by 18.5% during the first quarter. 44 Wealth Management LLC now owns 3,455 shares of the business services provider’s stock worth $318,000 after acquiring an additional 540 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Trading Up 2.9%

Shares of PAYX opened at $118.87 on Wednesday. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $148.00. The stock’s 50-day moving average is $103.04 and its two-hundred day moving average is $98.41. 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 has a market cap of $42.28 billion, a PE ratio of 24.31 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.01. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Equities analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be given 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 4.0%. Paychex’s dividend payout ratio (DPR) is 97.34%.

Wall Street Analysts Forecast Growth

PAYX has been the topic of a number of research reports. Royal Bank Of Canada restated a “sector perform” rating on shares of Paychex in a report on Thursday, May 28th. TD Cowen boosted 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. Cantor Fitzgerald reissued an “underweight” rating and set a $107.00 target price on shares of Paychex in a research report on Monday, July 20th. Morgan Stanley raised their price target on shares of Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research report on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, Paychex presently has an average rating of “Hold” and an average target price of $107.53.

Insider Buying and Selling

In other news, Director Joseph M. Tucci sold 3,907 shares of the company’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $98.25, for a total value of $383,862.75. Following the completion of the transaction, the director directly owned 67,364 shares in the company, valued at approximately $6,618,513. This represents a 5.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert L. Schrader sold 2,600 shares of the firm’s stock in a transaction 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 sale, the chief financial officer directly owned 18,547 shares of the company’s stock, valued at approximately $2,134,574.23. The trade was a 12.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.80% of the company’s stock.

About Paychex

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.