Cooper Haims Advisors LLC Takes Position in Paychex, Inc. $PAYX

Cooper Haims Advisors LLC bought a new stake in Paychex, Inc. (NASDAQ:PAYX) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 61,616 shares of the business services provider’s stock, valued at approximately $6,059,000. Paychex accounts for 2.6% of Cooper Haims Advisors LLC’s investment portfolio, making the stock its 9th largest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. XXEC Inc. purchased a new stake in shares of Paychex during the second quarter worth approximately $1,123,016,000. BlackRock Inc. purchased a new stake in shares of Paychex in the 2nd quarter valued at approximately $2,728,970,000. Capital International Investors raised its holdings in shares of Paychex by 59.1% in the 4th quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock valued at $3,395,583,000 after purchasing an additional 11,243,295 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Paychex by 12.1% during the 4th quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock worth $4,750,669,000 after purchasing an additional 4,583,157 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of Paychex by 4,141.2% during the fourth quarter. Federated Hermes Inc. now owns 2,409,229 shares of the business services provider’s stock worth $270,267,000 after purchasing an additional 2,352,423 shares in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Stock Down 0.8%

PAYX opened at $124.99 on Wednesday. The business’s 50-day simple moving average is $112.08 and its 200-day simple moving average is $100.38. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. Paychex, Inc. has a one year low of $85.45 and a one year high of $139.53. The stock has a market capitalization of $44.46 billion, a P/E ratio of 25.56 and a beta of 0.81.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.01. The firm 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 business’s revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Analysts anticipate that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be issued a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex’s payout ratio is presently 97.34%.

Wall Street Analyst Weigh In

PAYX has been the subject of a number of recent analyst reports. Morgan Stanley lifted their price target on Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 30th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. TD Cowen boosted their target price on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a research note on Monday, June 8th. JPMorgan Chase & Co. upped their price target on Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, June 25th. Finally, Weiss Ratings upgraded shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $109.20.

Insiders Place Their Bets

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

Paychex Company 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.