Western Wealth Management LLC Takes Position in Paychex, Inc. $PAYX

Western Wealth Management LLC purchased a new stake in Paychex, Inc. (NASDAQ:PAYX) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 12,340 shares of the business services provider’s stock, valued at approximately $1,213,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PAYX. Hilton Head Capital Partners LLC purchased a new stake in Paychex in the 4th quarter worth about $31,000. Cornerstone Planning Group LLC grew its holdings in Paychex by 957.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock valued at $30,000 after purchasing an additional 268 shares during the last quarter. Kingdom Financial Group LLC. bought a new position in shares of Paychex in the fourth quarter valued at approximately $33,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Paychex in the fourth quarter worth $34,000. Finally, Wealth Watch Advisors INC acquired a new stake in shares of Paychex in the third quarter worth $42,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Wall Street Analyst Weigh In

PAYX has been the topic of a number of research analyst reports. Morgan Stanley raised their target price on shares of Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 30th. 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. Weiss Ratings upgraded shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 20th. JPMorgan Chase & Co. raised their price target on Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research report on Thursday, June 25th. Finally, Stifel Nicolaus lifted their price objective on Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Paychex presently has an average rating of “Hold” and an average target price of $109.20.

Insider Activity at Paychex

In other news, CFO Robert L. Schrader sold 2,600 shares of the business’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 approximately $2,134,574.23. The trade was a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 owned 67,364 shares of the company’s stock, valued at $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.80% of the stock is currently owned by company insiders.

Paychex Stock Performance

NASDAQ PAYX opened at $124.99 on Wednesday. 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 firm has a market capitalization of $44.46 billion, a price-to-earnings ratio of 25.56 and a beta of 0.81. The company’s fifty day moving average is $112.08 and its two-hundred day moving average is $100.38. Paychex, Inc. has a 52-week low of $85.45 and a 52-week 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 the consensus estimate of $1.31 by $0.01. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter last year, the company earned $1.19 earnings per share. The firm’s revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Equities research analysts forecast that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be issued a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is presently 97.34%.

Paychex Company 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.