CORDA Investment Management LLC. Takes Position in Paychex, Inc. $PAYX

CORDA Investment Management LLC. bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 177,460 shares of the business services provider’s stock, valued at approximately $17,450,000.

A number of other hedge funds also recently modified their holdings of the business. 44 Wealth Management LLC raised its position in Paychex by 2.7% during the second quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider’s stock valued at $479,000 after buying an additional 86 shares during the period. Smartleaf Asset Management LLC lifted its stake 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 acquiring an additional 89 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in Paychex by 6.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,519 shares of the business services provider’s stock worth $149,000 after acquiring an additional 90 shares during the period. Prosperity Consulting Group LLC boosted its position in Paychex by 1.4% during the 3rd quarter. Prosperity Consulting Group LLC now owns 7,270 shares of the business services provider’s stock worth $922,000 after acquiring an additional 100 shares during the period. Finally, SBI Securities Co. Ltd. grew its stake in Paychex by 14.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 798 shares of the business services provider’s stock valued at $90,000 after acquiring an additional 101 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling at Paychex

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

Paychex Stock Down 3.9%

Shares of PAYX traded down $4.78 during midday trading on Tuesday, reaching $116.93. 3,178,869 shares of the stock were exchanged, compared to its average volume of 3,493,140. The company has a market cap of $41.59 billion, a price-to-earnings ratio of 23.91, a P/E/G ratio of 2.55 and a beta of 0.82. The company has a quick ratio of 1.26, a current 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 $135.97. The firm has a 50 day simple moving average of $117.31 and a 200-day simple moving average of $102.38.

Paychex (NASDAQ:PAYX) last announced its quarterly 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 during the quarter, compared to analysts’ expectations of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Research analysts forecast that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th were given a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Tuesday, July 28th. Paychex’s payout ratio is currently 97.34%.

Analyst Upgrades and Downgrades

PAYX has been the topic of a number of research reports. Citigroup upped their target price on Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, July 30th. UBS Group boosted their price objective on shares of Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. TD Cowen upped their price objective on shares of Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a research note on Monday, June 8th. Jefferies Financial Group increased their target price on shares of Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, August 12th. Finally, Stephens assumed coverage on shares of Paychex in a research note on Friday. They set an “equal weight” rating and a $132.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $111.00.

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.