OMERS ADMINISTRATION Corp Invests $1.87 Million in Paychex, Inc. $PAYX

OMERS ADMINISTRATION Corp bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the 2nd quarter, Holdings Channel reports. The fund bought 19,051 shares of the business services provider’s stock, valued at approximately $1,873,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Osmosis Investment Management UK Ltd purchased a new stake in Paychex in the second quarter worth $1,764,000. Sanctuary Advisors LLC bought a new position in Paychex in the 2nd quarter worth $8,591,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Paychex in the 2nd quarter worth about $28,934,000. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Paychex in the 2nd quarter worth about $825,000. Finally, Haverford Trust Co bought a new stake in shares of Paychex during the 2nd quarter valued at about $246,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Stock Down 0.1%

Shares of NASDAQ:PAYX opened at $124.88 on Thursday. The stock has a fifty day simple moving average of $112.62 and a two-hundred day simple moving average of $100.57. The stock has a market capitalization of $44.42 billion, a price-to-earnings ratio of 25.54 and a beta of 0.81. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $139.53. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22.

Paychex (NASDAQ:PAYX) last released its earnings results 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 business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the previous year, the company posted $1.19 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, research analysts anticipate that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be paid a $1.19 dividend. The ex-dividend date 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%.

Insider Activity

In other news, Director Joseph M. Tucci sold 3,907 shares of the company’s stock in a transaction that occurred 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 transaction, the director 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 filing with the SEC, which is accessible through this link. Also, CFO Robert L. Schrader sold 2,600 shares of the stock in a transaction that occurred 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 owned 18,547 shares in the company, valued at approximately $2,134,574.23. The trade was a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.80% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Weiss Ratings upgraded shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 20th. Cantor Fitzgerald restated an “underweight” rating and set a $107.00 price target on shares of Paychex in a research report on Monday, July 20th. Morgan Stanley upped their price target on Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 30th. UBS Group raised their price objective on Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. One research 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price 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.