NBH Bank Takes $593,000 Position in Paychex, Inc. $PAYX

NBH Bank bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 6,034 shares of the business services provider’s stock, valued at approximately $593,000.

A number of other large investors have also bought and sold shares of the stock. XXEC Inc. bought a new stake in Paychex in the 2nd quarter valued at about $1,123,016,000. Capital International Investors boosted its holdings in Paychex by 59.1% in the fourth quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock worth $3,395,583,000 after acquiring an additional 11,243,295 shares in the last quarter. BlackRock Inc. acquired a new stake in Paychex in the second quarter valued at approximately $2,728,970,000. State Street Corp increased its holdings in shares of Paychex by 1.6% during the fourth quarter. State Street Corp now owns 13,988,393 shares of the business services provider’s stock valued at $1,569,218,000 after acquiring an additional 216,045 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Paychex by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,550,173 shares of the business services provider’s stock valued at $1,295,698,000 after acquiring an additional 263,152 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Paychex

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

Paychex Trading Down 2.7%

Shares of Paychex stock opened at $121.71 on Friday. The stock has a fifty day simple moving average of $116.50 and a 200 day simple moving average of $101.96. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $138.19. The company has a market capitalization of $43.29 billion, a P/E ratio of 24.89, a price-to-earnings-growth ratio of 2.55 and a beta of 0.82. 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 quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.01. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.Paychex’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, sell-side analysts anticipate that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, July 28th were given a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is presently 97.34%.

Analyst Ratings Changes

PAYX has been the topic of a number of recent research reports. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paychex in a report on Thursday, May 28th. Weiss Ratings upgraded shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 20th. Cantor Fitzgerald restated an “underweight” rating and set a $107.00 price objective on shares of Paychex in a report on Monday, July 20th. Morgan Stanley raised their price objective 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. Finally, Citigroup lifted their price objective on shares of Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $111.00.

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.