Paychex, Inc. $PAYX Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lowered its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 2.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 266,383 shares of the business services provider’s stock after selling 7,316 shares during the quarter. New York State Teachers Retirement System owned 0.07% of Paychex worth $24,539,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Prevatt Capital Ltd acquired a new position in shares of Paychex in the 1st quarter worth approximately $22,569,000. Private Advisor Group LLC lifted its stake in Paychex by 5.2% during the first quarter. Private Advisor Group LLC now owns 31,917 shares of the business services provider’s stock valued at $2,940,000 after purchasing an additional 1,581 shares during the last quarter. Optas LLC lifted its stake in Paychex by 81.8% during the first quarter. Optas LLC now owns 4,490 shares of the business services provider’s stock valued at $414,000 after purchasing an additional 2,020 shares during the last quarter. Leonteq Securities AG boosted its holdings in Paychex by 2,669.2% during the first quarter. Leonteq Securities AG now owns 360 shares of the business services provider’s stock worth $33,000 after buying an additional 347 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in Paychex by 65.7% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 140,945 shares of the business services provider’s stock worth $12,984,000 after buying an additional 55,900 shares in the last quarter. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Stock Performance

NASDAQ PAYX opened at $106.35 on Friday. Paychex, Inc. has a twelve month low of $85.45 and a twelve month high of $148.11. 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 has a market cap of $38.10 billion, a price-to-earnings ratio of 21.75 and a beta of 0.84. The firm’s 50 day moving average price is $96.60 and its two-hundred day moving average price is $98.76.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.01. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Equities analysts anticipate that Paychex, Inc. will post 5.97 EPS for the current year.

Paychex Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were paid a $1.19 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $4.76 annualized dividend and a yield of 4.5%. This is an increase from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio (DPR) is currently 97.34%.

Analyst Ratings Changes

Several research firms have issued reports on PAYX. Stifel Nicolaus upped their price target on Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, June 17th. Citigroup raised Paychex from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $99.00 to $140.00 in a research note on Monday, June 15th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Paychex in a research report on Friday, April 24th. Stephens cut their target price on Paychex from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 26th. Finally, UBS Group reduced their target price on Paychex from $100.00 to $98.00 and set a “neutral” rating for the company in a report on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $105.80.

Insider Transactions at Paychex

In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total transaction of $383,862.75. Following the completion of the sale, the director directly owned 67,364 shares in the company, valued at approximately $6,618,513. This trade represents a 5.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.80% of the company’s stock.

About Paychex

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.