OVERSEA CHINESE BANKING Corp Ltd Purchases Shares of 7,442 Paychex, Inc. $PAYX

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Paychex, Inc. (NASDAQ:PAYX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,442 shares of the business services provider’s stock, valued at approximately $732,000.

A number of other large investors have also modified their holdings of PAYX. Vanguard Group Inc. boosted its stake in Paychex by 12.1% in the 4th quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock worth $4,750,669,000 after purchasing an additional 4,583,157 shares in the last quarter. Capital International Investors grew its position in Paychex by 59.1% during the 4th quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock worth $3,395,583,000 after purchasing an additional 11,243,295 shares during the last quarter. BlackRock Inc. acquired a new position in Paychex during the 2nd quarter valued at approximately $2,728,970,000. State Street Corp increased its stake in Paychex by 1.6% during the 4th quarter. State Street Corp now owns 13,988,393 shares of the business services provider’s stock valued at $1,569,218,000 after purchasing an additional 216,045 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Paychex by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,550,173 shares of the business services provider’s stock worth $1,295,698,000 after buying an additional 263,152 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling

In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $98.25, for a total value of $383,862.75. Following the sale, the director owned 67,364 shares in the company, valued at approximately $6,618,513. This represents a 5.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Robert L. Schrader sold 2,600 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The stock was 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 in the company, valued at $2,134,574.23. The trade was a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.80% of the company’s stock.

Paychex Price Performance

Shares of PAYX opened at $124.47 on Friday. The business’s 50-day moving average is $111.08 and its two-hundred day moving average is $100.01. The company has a market capitalization of $44.27 billion, a P/E ratio of 25.45 and a beta of 0.81. 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 $141.19.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter in the previous year, the firm posted $1.19 EPS. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Research analysts predict that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Announces Dividend

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

Analyst Ratings Changes

Several research firms have recently commented on PAYX. TD Cowen lifted their price objective on shares of Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a research note on Monday, June 8th. Cantor Fitzgerald reissued an “underweight” rating and issued a $107.00 target price on shares of Paychex in a research report on Monday, July 20th. Citigroup raised their target price on Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Jefferies Financial Group boosted their price target on Paychex from $105.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, August 12th. Finally, Stifel Nicolaus increased their price objective on Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $109.20.

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.