Western Wealth Management LLC Invests $1.17 Million in Paychex, Inc. $PAYX

Western Wealth Management LLC bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 12,749 shares of the business services provider’s stock, valued at approximately $1,174,000.

Several other hedge funds have also modified their holdings of PAYX. Capital International Investors grew its stake in shares of 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 period. Vanguard Group Inc. boosted its holdings in Paychex by 12.1% during the fourth quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock worth $4,750,669,000 after buying an additional 4,583,157 shares in the last quarter. Federated Hermes Inc. grew its position in Paychex by 4,141.2% during the fourth quarter. Federated Hermes Inc. now owns 2,409,229 shares of the business services provider’s stock worth $270,267,000 after buying an additional 2,352,423 shares during the period. Norges Bank purchased a new position in Paychex in the fourth quarter valued at about $257,699,000. Finally, Pacer Advisors Inc. lifted its position in shares of Paychex by 773.0% during the 1st quarter. Pacer Advisors Inc. now owns 1,321,663 shares of the business services provider’s stock valued at $121,752,000 after acquiring an additional 1,170,277 shares during the period. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Stock Down 0.8%

Shares of NASDAQ PAYX opened at $120.37 on Thursday. The firm has a market cap of $42.81 billion, a P/E ratio of 24.62 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 1 year low of $85.45 and a 1 year high of $141.19. The firm’s 50 day moving average price is $107.97 and its 200 day moving average price is $99.09.

Paychex (NASDAQ:PAYX) last issued its quarterly 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 return on equity of 50.90% and a net margin of 27.03%.The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the previous year, the firm posted $1.19 EPS. Paychex’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. As a group, sell-side analysts anticipate that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be paid a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is presently 97.34%.

Analyst Ratings Changes

Several equities analysts recently weighed in on PAYX shares. UBS Group raised their price objective on Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada reissued a “sector perform” rating on shares of Paychex in a report on Thursday, May 28th. Morgan Stanley raised their price target on Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 30th. Jefferies Financial Group reiterated a “hold” rating on shares of Paychex in a research report on Wednesday. Finally, Cantor Fitzgerald restated an “underweight” rating and set a $107.00 target price on shares of Paychex in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, Paychex presently has an average rating of “Hold” and a consensus price target of $108.20.

Insider Transactions at Paychex

In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of Paychex stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total value of $383,862.75. Following the completion of the sale, the director owned 67,364 shares in the company, valued at $6,618,513. The trade was a 5.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert L. Schrader sold 2,600 shares of the company’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $115.09, for a total transaction of $299,234.00. Following the transaction, the chief financial officer directly owned 18,547 shares of the company’s stock, valued at approximately $2,134,574.23. This represents a 12.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is currently owned by company insiders.

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.