Sanctuary Advisors LLC Makes New $8.59 Million Investment in Paychex, Inc. $PAYX

Sanctuary Advisors LLC purchased a new position in shares of Paychex, Inc. (NASDAQ:PAYX) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 87,371 shares of the business services provider’s stock, valued at approximately $8,591,000.

A number of other large investors also recently modified their holdings of the company. Hilton Head Capital Partners LLC bought a new stake in Paychex during the 4th quarter worth $31,000. Cornerstone Planning Group LLC increased its holdings in Paychex by 957.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after purchasing an additional 268 shares in the last quarter. Kingdom Financial Group LLC. bought a new position in Paychex in the fourth quarter valued at about $33,000. Acumen Wealth Advisors LLC bought a new position in Paychex in the fourth quarter valued at about $34,000. Finally, Wealth Watch Advisors INC acquired a new stake in shares of Paychex during the third quarter valued at about $42,000. 83.47% of the stock is currently owned by institutional investors.

Paychex Trading Up 1.2%

Shares of PAYX stock opened at $126.01 on Tuesday. The stock has a market cap of $44.82 billion, a price-to-earnings ratio of 25.77 and a beta of 0.81. The stock has a 50-day moving average of $111.58 and a 200-day moving average of $100.20. 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 1-year low of $85.45 and a 1-year high of $140.56.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.01. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The firm’s revenue was up 12.5% compared to the same quarter last year. During the same period last year, the company earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, equities research analysts forecast 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 Friday, August 28th. Shareholders of record on Tuesday, July 28th will be issued a dividend of $1.19 per share. The ex-dividend date is Tuesday, July 28th. This represents a $4.76 annualized dividend and a yield of 3.8%. Paychex’s dividend payout ratio (DPR) is presently 97.34%.

Insider Activity at Paychex

In other news, CFO Robert L. Schrader sold 2,600 shares of the business’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 value 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. The trade was a 12.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph M. Tucci sold 3,907 shares of the company’s stock in a transaction on Friday, June 26th. The shares were 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 represents a 5.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PAYX. Cantor Fitzgerald reaffirmed an “underweight” rating and issued a $107.00 price objective on shares of Paychex in a research note on Monday, July 20th. Jefferies Financial Group raised their price objective on shares of Paychex from $105.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, August 12th. JPMorgan Chase & Co. lifted their target price on shares of Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a research report on Thursday, June 25th. Citigroup boosted their target price on shares of Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, TD Cowen raised their price target on shares of Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a research note on Monday, June 8th. One 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, Paychex presently has an average rating of “Hold” and a consensus price target of $109.20.

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.