Kingsview Wealth Management LLC Acquires New Position in Paychex, Inc. $PAYX

Kingsview Wealth Management LLC bought a new position in shares of Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 29,426 shares of the business services provider’s stock, valued at approximately $2,893,000.

Several other institutional investors and hedge funds also recently bought and sold shares of PAYX. Beacon Pointe Advisors LLC purchased a new stake in shares of Paychex in the 2nd quarter valued at approximately $1,205,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Paychex during the 2nd quarter valued at approximately $180,000. Rakuten Investment Management Inc. purchased a new stake in shares of Paychex during the 2nd quarter valued at approximately $8,031,000. Glenview Trust Co purchased a new stake in shares of Paychex during the 2nd quarter valued at approximately $1,997,000. Finally, Empowered Funds LLC acquired a new position in Paychex in the second quarter valued at approximately $16,788,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Up 0.4%

Shares of NASDAQ:PAYX opened at $127.04 on Friday. The firm’s 50 day moving average price is $113.76 and its 200 day moving average price is $100.95. The stock has a market cap of $45.19 billion, a price-to-earnings ratio of 25.98 and a beta of 0.81. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $139.53. 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 (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) 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 company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the previous year, the firm earned $1.19 earnings per share. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, equities research analysts predict that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, July 28th were issued a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, July 28th. Paychex’s dividend payout ratio is 97.34%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Cantor Fitzgerald reiterated an “underweight” rating and issued a $107.00 price objective on shares of Paychex in a research report on Monday, July 20th. JPMorgan Chase & Co. upped their price target on Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research note on Thursday, June 25th. Jefferies Financial Group increased their price target on Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. Finally, Morgan Stanley boosted their price objective on shares of Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. One 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $109.20.

Insider Buying and Selling at Paychex

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the firm’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $115.09, for a total value of $299,234.00. Following the sale, the chief financial officer directly owned 18,547 shares in the company, valued at $2,134,574.23. This trade represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph M. Tucci sold 3,907 shares of Paychex 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 directly owned 67,364 shares of the company’s stock, valued at $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. Corporate 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.