Uniting Wealth Partners LLC Purchases Shares of 5,296 Paychex, Inc. $PAYX

Uniting Wealth Partners LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,296 shares of the business services provider’s stock, valued at approximately $521,000.

Several other institutional investors have also recently modified their holdings of PAYX. 44 Wealth Management LLC lifted its holdings in shares of Paychex by 2.7% during the second quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider’s stock worth $479,000 after purchasing an additional 86 shares during the period. Smartleaf Asset Management LLC increased its holdings in Paychex by 3.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider’s stock worth $381,000 after buying an additional 89 shares during the period. Prosperity Consulting Group LLC increased its holdings in Paychex by 1.4% in the 3rd quarter. Prosperity Consulting Group LLC now owns 7,270 shares of the business services provider’s stock worth $922,000 after buying an additional 100 shares during the period. SBI Securities Co. Ltd. raised its position in Paychex by 14.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 798 shares of the business services provider’s stock worth $90,000 after buying an additional 101 shares during the last quarter. Finally, Zacks Investment Management raised its position in Paychex by 5.1% during the 3rd quarter. Zacks Investment Management now owns 2,094 shares of the business services provider’s stock worth $265,000 after buying an additional 101 shares during the last quarter. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PAYX has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed an “underweight” rating and issued a $107.00 price objective on shares of Paychex in a report on Monday, July 20th. TD Cowen raised their target price on shares of Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a report on Monday, June 8th. Royal Bank Of Canada restated a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. Jefferies Financial Group upped their price target on shares of Paychex from $105.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday. Finally, Citigroup increased their price target on Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $109.20.

Insiders Place Their Bets

In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of Paychex 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 approximately $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of $115.09, for a total transaction of $299,234.00. Following the completion of the transaction, the chief financial officer owned 18,547 shares of the company’s stock, valued at approximately $2,134,574.23. This trade represents a 12.29% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.80% of the stock is currently owned by insiders.

Paychex Stock Performance

Paychex stock opened at $122.02 on Monday. The firm has a market cap of $43.40 billion, a PE ratio of 24.95 and a beta of 0.81. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $141.19. The stock’s 50 day simple moving average is $108.92 and its two-hundred day simple moving average is $99.34. 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 posted 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 firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period in the previous year, the firm earned $1.19 EPS. The business’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. Analysts anticipate that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Announces Dividend

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 given a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 3.9%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is currently 97.34%.

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.