Proficio Capital Partners LLC Purchases New Stake in Paychex, Inc. $PAYX

Proficio Capital Partners LLC acquired a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,317 shares of the business services provider’s stock, valued at approximately $424,000.

Several other large investors have also recently bought and sold shares of PAYX. NorthLanding Financial Partners LLC boosted its position in shares of Paychex by 44.5% during the 2nd quarter. NorthLanding Financial Partners LLC now owns 4,073 shares of the business services provider’s stock worth $401,000 after purchasing an additional 1,254 shares in the last quarter. Clifford Swan Investment Counsel LLC increased its holdings in shares of Paychex by 40.4% in the 2nd quarter. Clifford Swan Investment Counsel LLC now owns 13,529 shares of the business services provider’s stock valued at $1,330,000 after purchasing an additional 3,890 shares in the last quarter. Benjamin Edwards Inc. lifted its stake in shares of Paychex by 1.5% in the second quarter. Benjamin Edwards Inc. now owns 131,369 shares of the business services provider’s stock valued at $12,919,000 after purchasing an additional 1,927 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Paychex by 1.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 46,506 shares of the business services provider’s stock valued at $4,573,000 after purchasing an additional 545 shares during the period. Finally, Capital Advisors Inc. OK boosted its holdings in Paychex by 2.0% during the second quarter. Capital Advisors Inc. OK now owns 302,296 shares of the business services provider’s stock worth $29,725,000 after buying an additional 5,954 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Stock Up 0.9%

Shares of NASDAQ PAYX opened at $125.08 on Friday. The firm’s 50-day moving average is $116.07 and its two-hundred day moving average is $101.83. The company has a market capitalization of $44.49 billion, a PE ratio of 25.58, a price-to-earnings-growth ratio of 2.60 and a beta of 0.82. Paychex, Inc. has a 12-month low of $85.45 and a 12-month high of $138.19. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.01. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same period last year, the company posted $1.19 EPS. The company’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. Equities analysts anticipate that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th were given a dividend of $1.19 per share. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $4.76 annualized dividend and a yield of 3.8%. Paychex’s dividend payout ratio (DPR) is presently 97.34%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. 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. JPMorgan Chase & Co. boosted their price target on Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a research note on Thursday, June 25th. Citigroup raised their price objective on Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Morgan Stanley lifted their price objective on Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 30th. Finally, TD Cowen boosted 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. One equities research 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 presently has an average rating of “Hold” and a consensus target price of $109.20.

Insiders Place Their Bets

In related news, CFO Robert L. Schrader sold 2,600 shares of Paychex 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 sale, the chief financial officer owned 18,547 shares in the company, valued at approximately $2,134,574.23. This trade represents a 12.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph M. Tucci sold 3,907 shares of the company’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $98.25, for a total transaction of $383,862.75. Following the completion of the transaction, the director owned 67,364 shares in the company, valued at approximately $6,618,513. This trade represents a 5.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.