Paychex, Inc. $PAYX Holdings Decreased by Edgestream Partners L.P.

Edgestream Partners L.P. reduced its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 30.5% during the 1st quarter, HoldingsChannel.com reports. The fund owned 69,763 shares of the business services provider’s stock after selling 30,594 shares during the quarter. Edgestream Partners L.P.’s holdings in Paychex were worth $6,427,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in PAYX. Kentucky Retirement Systems boosted its holdings in Paychex by 32.5% in the first quarter. Kentucky Retirement Systems now owns 26,835 shares of the business services provider’s stock worth $2,472,000 after purchasing an additional 6,576 shares during the period. Bull Harbor Capital LLC bought a new stake in Paychex during the first quarter valued at $644,000. Strategic Investment Advisors MI acquired a new stake in shares of Paychex during the first quarter worth $1,205,000. Arkadios Wealth Advisors raised its holdings in shares of Paychex by 6.7% during the first quarter. Arkadios Wealth Advisors now owns 72,584 shares of the business services provider’s stock worth $6,686,000 after purchasing an additional 4,586 shares during the period. Finally, South Dakota Investment Council lifted its position in shares of Paychex by 119.7% in the 1st quarter. South Dakota Investment Council now owns 16,517 shares of the business services provider’s stock worth $1,522,000 after buying an additional 9,000 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Joseph M. Tucci sold 3,907 shares of the firm’s 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 sale, the director directly owned 67,364 shares in the company, valued at $6,618,513. This trade represents a 5.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robert L. Schrader sold 2,600 shares of Paychex stock in a transaction on Monday, July 20th. The shares were 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. The trade was a 12.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.80% of the company’s stock.

Paychex Stock Down 4.7%

PAYX stock opened at $116.33 on Friday. The stock has a market cap of $41.38 billion, a PE ratio of 23.79 and a beta of 0.84. The firm’s 50-day simple moving average is $104.03 and its 200 day simple moving average is $98.48. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $146.83. 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 posted its earnings results on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, topping the consensus estimate of $1.31 by $0.01. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter in the prior year, the firm earned $1.19 EPS. Paychex’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, sell-side analysts predict that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors 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 yield of 4.1%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex’s dividend payout ratio is 97.34%.

Analyst Ratings Changes

PAYX has been the subject of several research reports. Cantor Fitzgerald reaffirmed an “underweight” rating and issued a $107.00 price target on shares of Paychex in a report on Monday, July 20th. JPMorgan Chase & Co. raised their target price on shares of Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a report on Thursday, June 25th. Citigroup lifted their target price on Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Paychex in a report on Thursday, May 28th. Finally, Weiss Ratings upgraded Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 20th. One equities research 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 given a Sell rating to the stock. According to MarketBeat, Paychex currently has a consensus rating of “Hold” and a consensus target price of $108.20.

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.