28,711 Shares in Paychex, Inc. $PAYX Acquired by CenterBook Partners LP

CenterBook Partners LP bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 28,711 shares of the business services provider’s stock, valued at approximately $2,828,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. EFG International AG acquired a new stake in shares of Paychex in the 2nd quarter worth approximately $1,494,000. Western Wealth Management LLC bought a new position in shares of Paychex in the first quarter valued at approximately $1,174,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Paychex during the second quarter valued at approximately $7,296,000. Callan Family Office LLC acquired a new position in shares of Paychex during the second quarter valued at approximately $2,928,000. Finally, Hourglass Capital LLC acquired a new position in shares of Paychex during the third quarter valued at approximately $5,776,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Wells Fargo & Company upped their target price on Paychex from $95.00 to $111.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 9th. BMO Capital Markets lowered their price target on Paychex from $118.00 to $113.00 and set a “market perform” rating on the stock in a research report on Thursday, September 24th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $130.00 price objective on shares of Paychex in a research note on Thursday, September 24th. Stephens dropped their price objective on Paychex from $132.00 to $113.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 24th. Finally, Jefferies Financial Group cut their price objective on Paychex from $120.00 to $110.00 and set a “hold” rating for the company in a report on Thursday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $115.93.

Insider Activity

In related news, Director Joseph Velli sold 7,839 shares of Paychex stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $107.68, for a total value of $844,103.52. Following the transaction, the director directly owned 81,725 shares in the company, valued at $8,800,148. The trade was a 8.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.60% of the stock is owned by insiders.

Paychex Stock Down 2.0%

PAYX stock opened at $117.06 on Friday. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $127.98. The firm has a market cap of $41.67 billion, a PE ratio of 23.23, a P/E/G ratio of 2.45 and a beta of 0.81. The firm has a 50 day simple moving average of $112.00 and a 200 day simple moving average of $103.78. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.28 and a quick ratio of 1.28.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, September 23rd. The business services provider reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.02. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Paychex had a net margin of 27.35% and a return on equity of 52.78%. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.22 earnings per share. Paychex has set its FY 2027 guidance at 5.896-6.006 EPS. Equities research analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Monday, October 26th will be paid a dividend of $1.19 per share. The ex-dividend date of this dividend is Monday, October 26th. This represents a $4.76 annualized dividend and a dividend yield of 4.1%. Paychex’s dividend payout ratio (DPR) is currently 94.44%.

Paychex Company Profile

Paychex, Inc provides payroll, human resources and employee benefits solutions to businesses of varying sizes. Its services include payroll processing, tax administration, time and attendance tools, HR support, employee benefits, retirement services and business insurance.

The company also offers professional employer organization services, which let businesses outsource certain employment responsibilities, as well as technology for workforce management, recruiting and compliance. Paychex primarily serves employers in the United States and supports businesses with international workforce needs.

Founded in Rochester, New York, in 1971 by B.