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

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

Several other hedge funds and other institutional investors have also modified their holdings of PAYX. Brighton Jones LLC lifted its holdings in Paychex by 26.3% in the fourth quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock worth $801,000 after acquiring an additional 1,190 shares during the last quarter. Bison Wealth LLC grew its position in Paychex by 3.0% in the 4th quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider’s stock valued at $566,000 after buying an additional 117 shares in the last quarter. Woodline Partners LP bought a new position in Paychex during the first quarter valued at about $3,333,000. NewEdge Advisors LLC raised its holdings in shares of Paychex by 3.2% in the 2nd quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider’s stock worth $5,976,000 after purchasing an additional 1,290 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Paychex by 47.1% during the 2nd quarter. Sei Investments Co. now owns 156,680 shares of the business services provider’s stock worth $22,790,000 after acquiring an additional 50,169 shares in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on PAYX shares. BMO Capital Markets upped their target price on Paychex to $52.00 and gave the company an “outperform” rating in a report on Thursday, March 26th. Argus upgraded shares of Paychex to a “strong-buy” rating in a research report on Friday, March 27th. UBS Group decreased their target price on shares of Paychex from $100.00 to $98.00 and set a “neutral” rating for the company in a research note on Thursday, June 25th. Stifel Nicolaus upped their price target on shares of Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, June 17th. Finally, Guggenheim began coverage on Paychex in a report on Thursday, March 19th. They set a “neutral” rating for the company. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $105.80.

Insider Buying and Selling at Paychex

In other news, Director Joseph M. Tucci sold 3,907 shares of the stock in a transaction that occurred on 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 approximately $6,618,513. This represents a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.80% of the company’s stock.

Paychex Trading Up 3.0%

Shares of NASDAQ:PAYX opened at $110.75 on Tuesday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. The stock’s 50-day moving average is $98.53 and its 200-day moving average is $98.34. The company has a market cap of $39.68 billion, a P/E ratio of 22.65 and a beta of 0.84. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $148.11.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.01. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter in the previous year, the firm earned $1.19 EPS. The firm’s revenue was up 12.5% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Equities research analysts predict that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were issued a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.3%. This is a boost from Paychex’s previous quarterly dividend of $1.08. The ex-dividend date was Wednesday, May 13th. Paychex’s dividend payout ratio is presently 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.