Uniting Wealth Partners LLC Takes Position in Paychex, Inc. $PAYX

Uniting Wealth Partners LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,296 shares of the business services provider’s stock, valued at approximately $521,000.

Other hedge funds also recently added to or reduced their stakes in the company. Longfellow Investment Management Co. LLC bought a new position in Paychex during the 2nd quarter worth about $1,297,000. Chase Investment Counsel Corp purchased a new position in Paychex during the 2nd quarter valued at about $512,000. RW Investment Management LLC bought a new stake in shares of Paychex in the 2nd quarter valued at about $288,000. HBK Sorce Advisory LLC bought a new stake in shares of Paychex in the 2nd quarter valued at about $1,270,000. Finally, J.Safra Asset Management Corp purchased a new stake in shares of Paychex in the 2nd quarter worth approximately $275,000. 83.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PAYX. JPMorgan Chase & Co. increased their price objective on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research note on Thursday, June 25th. Morgan Stanley boosted their price objective on shares of Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 30th. Cantor Fitzgerald restated an “underweight” rating and set a $107.00 target price on shares of Paychex in a report on Monday, July 20th. UBS Group increased their target price on Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings upgraded Paychex from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $109.20.

Paychex Price Performance

NASDAQ:PAYX opened at $122.02 on Monday. The company’s 50-day simple moving average is $108.92 and its 200-day simple moving average is $99.34. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $141.19. The stock has a market capitalization of $43.40 billion, a P/E ratio of 24.95 and a beta of 0.81.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data 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 analyst estimates of $1.60 billion. During the same quarter in the previous year, the business posted $1.19 EPS. Paychex’s revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, equities analysts anticipate that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be issued a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is currently 97.34%.

Insider Buying and Selling

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $115.09, for a total transaction of $299,234.00. Following the transaction, the chief financial officer owned 18,547 shares in the company, valued at approximately $2,134,574.23. This represents a 12.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph M. Tucci sold 3,907 shares of the firm’s stock in a transaction on 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 transaction, the director directly owned 67,364 shares of the company’s stock, valued at approximately $6,618,513. This represents a 5.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.80% of the stock is owned by company insiders.

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.