Paychex, Inc. $PAYX Shares Acquired by Riverbridge Partners LLC

Riverbridge Partners LLC increased its stake in Paychex, Inc. (NASDAQ:PAYX) by 37.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,766 shares of the business services provider’s stock after acquiring an additional 5,692 shares during the period. Riverbridge Partners LLC’s holdings in Paychex were worth $2,045,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. AMG National Trust Bank raised its position in Paychex by 18.3% in the 3rd quarter. AMG National Trust Bank now owns 16,802 shares of the business services provider’s stock valued at $1,655,000 after purchasing an additional 2,596 shares in the last quarter. Woodley Farra Manion Portfolio Management Inc. lifted its stake in Paychex by 7.6% during the third quarter. Woodley Farra Manion Portfolio Management Inc. now owns 23,924 shares of the business services provider’s stock worth $2,357,000 after purchasing an additional 1,695 shares during the last quarter. Keybank National Association OH lifted its position in shares of Paychex by 3.0% during the 3rd quarter. Keybank National Association OH now owns 33,972 shares of the business services provider’s stock worth $3,346,000 after buying an additional 988 shares during the last quarter. Csenge Advisory Group lifted its position in Paychex by 77.4% in the third quarter. Csenge Advisory Group now owns 15,398 shares of the business services provider’s stock valued at $1,517,000 after acquiring an additional 6,719 shares during the last quarter. Finally, D Orazio & Associates Inc. purchased a new stake in shares of Paychex in the 3rd quarter valued at about $293,000. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Stock Down 0.7%

Shares of NASDAQ PAYX opened at $115.37 on Thursday. The firm has a market cap of $41.07 billion, a P/E ratio of 22.89, a price-to-earnings-growth ratio of 2.44 and a beta of 0.81. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.28 and a current ratio of 1.28. Paychex, Inc. has a 1 year low of $85.45 and a 1 year high of $127.98. The firm’s 50 day moving average price is $111.32 and its 200 day moving average price is $103.91.

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

Paychex Announces Dividend

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

Insider Transactions at Paychex

In related news, Director Joseph Velli sold 7,839 shares of the firm’s stock in a transaction that occurred on Wednesday, October 14th. The shares were sold at an average price of $107.68, for a total value of $844,103.52. Following the transaction, the director owned 81,725 shares in the company, valued at approximately $8,800,148. This trade represents a 8.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Stifel Nicolaus lowered their target price on shares of Paychex from $130.00 to $112.00 and set a “hold” rating on the stock in a research report on Thursday, September 24th. UBS Group restated a “neutral” rating and set a $120.00 price objective on shares of Paychex in a research report on Thursday, October 29th. Robert W. Baird cut their target price on Paychex from $125.00 to $110.00 and set a “neutral” rating for the company in a research note on Monday, September 28th. Wells Fargo & Company raised their price objective on shares of Paychex from $95.00 to $111.00 and gave the company an “underweight” rating in a research note on Wednesday, September 9th. Finally, BMO Capital Markets decreased their target price 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. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $115.93.

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.