Paychex, Inc. $PAYX Shares Sold by Parr Mcknight Wealth Management Group LLC

Parr Mcknight Wealth Management Group LLC decreased its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 44.9% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 15,025 shares of the business services provider’s stock after selling 12,254 shares during the period. Parr Mcknight Wealth Management Group LLC’s holdings in Paychex were worth $1,384,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. 44 Wealth Management LLC raised its holdings in Paychex by 2.7% in the 2nd quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider’s stock valued at $479,000 after acquiring an additional 86 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of Paychex by 3.5% during the second quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider’s stock worth $381,000 after purchasing an additional 89 shares during the last quarter. JPL Wealth Management LLC boosted its holdings in shares of Paychex by 0.3% during the third quarter. JPL Wealth Management LLC now owns 27,686 shares of the business services provider’s stock worth $3,509,000 after purchasing an additional 92 shares during the last quarter. Greenleaf Trust grew its position in shares of Paychex by 1.7% in the fourth quarter. Greenleaf Trust now owns 5,834 shares of the business services provider’s stock valued at $654,000 after purchasing an additional 95 shares during the period. Finally, Prosperity Consulting Group LLC grew its position in shares of Paychex by 1.4% in the third quarter. Prosperity Consulting Group LLC now owns 7,270 shares of the business services provider’s stock valued at $922,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 83.47% of the company’s stock.

Paychex Stock Up 3.0%

Shares of NASDAQ PAYX opened at $110.75 on Tuesday. The stock has a fifty day moving average price of $98.53 and a 200 day moving average price of $98.34. 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, Inc. has a 12-month low of $85.45 and a 12-month high of $148.11. The company has a market cap of $39.68 billion, a P/E ratio of 22.65 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, beating the consensus estimate of $1.31 by $0.01. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The company’s revenue was up 12.5% on a year-over-year basis. During the same period last year, the business posted $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Research analysts anticipate that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were issued a $1.19 dividend. This is a boost from Paychex’s previous quarterly dividend of $1.08. This represents a $4.76 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Wednesday, May 13th. Paychex’s dividend payout ratio is currently 97.34%.

Analyst Ratings Changes

Several equities analysts recently weighed in on PAYX shares. TD Cowen increased their target price on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a research report on Monday, June 8th. Morgan Stanley lifted their price target on Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Stephens dropped their price objective on shares of Paychex from $125.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, March 26th. Citigroup upgraded shares of Paychex from a “neutral” rating to a “buy” rating and boosted their target price for the company from $99.00 to $140.00 in a report on Monday, June 15th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, Paychex has an average rating of “Hold” and a consensus price target of $105.80.

Insider Activity

In related news, Director Joseph M. Tucci sold 3,907 shares of the business’s 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 directly owned 67,364 shares of the company’s stock, valued at $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.80% of the company’s stock.

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.