Pictet Asset Management Holding SA Sells 13,772 Shares of Paychex, Inc. $PAYX

Pictet Asset Management Holding SA trimmed its position in Paychex, Inc. (NASDAQ:PAYX) by 7.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 177,800 shares of the business services provider’s stock after selling 13,772 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Paychex were worth $16,379,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Paychex by 26.3% in the fourth quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock worth $801,000 after purchasing an additional 1,190 shares in the last quarter. Bison Wealth LLC lifted its stake in shares of Paychex by 3.0% during the 4th quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider’s stock valued at $566,000 after buying an additional 117 shares in the last quarter. Woodline Partners LP bought a new position in Paychex in the 1st quarter worth $3,333,000. NewEdge Advisors LLC boosted its holdings in Paychex by 3.2% in the 2nd quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider’s stock worth $5,976,000 after buying an additional 1,290 shares during the period. Finally, Sei Investments Co. increased its stake in Paychex by 47.1% in the 2nd quarter. Sei Investments Co. now owns 156,680 shares of the business services provider’s stock worth $22,790,000 after buying an additional 50,169 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Stock Up 3.5%

Shares of NASDAQ PAYX opened at $106.35 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. The firm has a market capitalization of $38.10 billion, a price-to-earnings ratio of 21.75 and a beta of 0.84. The stock has a 50 day moving average price of $96.34 and a 200 day moving average price of $98.71. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $148.11.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, topping the consensus estimate of $1.31 by $0.01. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same period last year, the business posted $1.19 EPS. Paychex’s quarterly revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Sell-side analysts expect that Paychex, Inc. will post 5.97 earnings per share for the current year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were given a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend was Wednesday, May 13th. This is a boost from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio is currently 97.34%.

Analyst Ratings Changes

PAYX has been the topic of several research analyst reports. Morgan Stanley boosted their price objective on Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a research report on Tuesday. Wells Fargo & Company cut their target price on Paychex from $116.00 to $95.00 and set an “underweight” rating for the company in a research report on Thursday, March 26th. UBS Group lowered their price target on Paychex from $100.00 to $98.00 and set a “neutral” rating on the stock in a report on Thursday, June 25th. Robert W. Baird dropped their price target on Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a research note on Thursday, March 26th. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of Paychex in a research note on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Paychex has an average rating of “Hold” and an average target price of $105.80.

Insider Activity

In other news, Director Joseph M. Tucci sold 3,907 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were 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 in the company, valued at approximately $6,618,513. This trade represents a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate 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.