Cypress Capital Group Sells 4,567 Shares of Paychex, Inc. $PAYX

Cypress Capital Group lessened its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 12.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,392 shares of the business services provider’s stock after selling 4,567 shares during the quarter. Cypress Capital Group’s holdings in Paychex were worth $3,076,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Capital International Investors boosted its stake in shares of Paychex by 59.1% during the fourth quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock valued at $3,395,583,000 after purchasing an additional 11,243,295 shares during the period. Vanguard Group Inc. grew its holdings in Paychex by 12.1% in the fourth quarter. Vanguard Group Inc. now owns 42,348,625 shares of the business services provider’s stock worth $4,750,669,000 after purchasing an additional 4,583,157 shares during the period. Federated Hermes Inc. grew its position in Paychex by 4,141.2% during the 4th quarter. Federated Hermes Inc. now owns 2,409,229 shares of the business services provider’s stock valued at $270,267,000 after purchasing an additional 2,352,423 shares during the last quarter. Norges Bank purchased a new stake in Paychex during the 4th quarter valued at $257,699,000. Finally, Voloridge Investment Management LLC purchased a new position in shares of Paychex in the third quarter worth $117,809,000. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

Shares of NASDAQ PAYX opened at $113.55 on Friday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $148.11. The company has a 50 day simple moving average of $102.13 and a two-hundred day simple moving average of $98.40. The stock has a market cap of $40.39 billion, a price-to-earnings ratio of 23.22 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.01. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, analysts predict that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be paid a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Tuesday, July 28th. Paychex’s payout ratio is currently 97.34%.

Insider Activity

In other 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 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 at the SEC website. 0.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PAYX shares. TD Cowen boosted their target price on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a research report on Monday, June 8th. JPMorgan Chase & Co. upped their price objective on Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a report on Thursday, June 25th. Morgan Stanley raised their target price 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. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. Finally, Stifel Nicolaus boosted their price objective on Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Paychex has a consensus rating of “Hold” and an average target price of $107.53.

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.