Paychex, Inc. $PAYX Shares Acquired by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC grew its stake in Paychex, Inc. (NASDAQ:PAYX) by 43.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,586 shares of the business services provider’s stock after buying an additional 7,190 shares during the period. Integrated Wealth Concepts LLC’s holdings in Paychex were worth $2,319,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. California State Teachers Retirement System raised its stake in Paychex by 10,017.6% in the 2nd quarter. California State Teachers Retirement System now owns 56,750,570 shares of the business services provider’s stock worth $5,580,284,000 after acquiring an additional 56,189,662 shares during the last quarter. Capital International Investors lifted 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 acquiring an additional 11,243,295 shares during the period. BlackRock Inc. purchased a new stake in Paychex during the 2nd quarter valued at about $2,728,970,000. XXEC Inc. purchased a new stake in Paychex during the 2nd quarter valued at about $1,123,016,000. Finally, Geode Capital Management LLC increased its holdings in shares of Paychex by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 9,705,424 shares of the business services provider’s stock valued at $1,093,958,000 after purchasing an additional 78,760 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Up 2.3%

Shares of PAYX opened at $118.51 on Tuesday. Paychex, Inc. has a 52 week low of $85.45 and a 52 week high of $135.78. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.22. The company has a market capitalization of $42.15 billion, a price-to-earnings ratio of 24.24, a PEG ratio of 2.43 and a beta of 0.82. The stock’s 50-day moving average price is $118.18 and its 200-day moving average price is $103.12.

Paychex (NASDAQ:PAYX) last announced 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 analysts’ expectations of $1.60 billion. During the same period last year, the business earned $1.19 earnings per share. Paychex’s quarterly revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, sell-side analysts predict that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th were issued a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Tuesday, July 28th. Paychex’s payout ratio is 97.34%.

Insider Activity at Paychex

In related news, CFO Robert Schrader sold 2,600 shares of the business’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $115.09, for a total value of $299,234.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph Tucci sold 3,907 shares of the 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 sale, the director directly owned 67,364 shares in the company, valued at $6,618,513. This trade represents a 5.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.60% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on PAYX shares. Stifel Nicolaus raised their price objective on Paychex from $110.00 to $130.00 and gave the stock a “hold” rating in a research note on Wednesday, September 9th. Cantor Fitzgerald reiterated an “underweight” rating and issued a $107.00 target price on shares of Paychex in a research report on Monday, July 20th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paychex in a report on Thursday, May 28th. JPMorgan Chase & Co. lifted their price objective on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research note on Thursday, June 25th. Finally, Raymond James Financial raised shares of Paychex from a “market perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Paychex has a consensus rating of “Hold” and an average price target of $126.76.

About Paychex

Paychex, Inc is a provider of payroll, human resources, and workforce management solutions for businesses of varying sizes. Its offerings include payroll processing, tax administration, time and attendance tracking, employee benefits administration, retirement services, workers’ compensation and business insurance, recruiting, and compliance support.

The company also provides professional employer organization services, helping businesses manage employment administration and human resources through an integrated platform.