814,857 Shares in Paychex, Inc. $PAYX Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC purchased a new stake in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 814,857 shares of the business services provider’s stock, valued at approximately $80,083,000. Hsbc Holdings PLC owned 0.23% of Paychex at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its stake in Paychex by 26.3% in the 4th quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock valued at $801,000 after buying an additional 1,190 shares during the last quarter. Bison Wealth LLC lifted its position in Paychex by 3.0% during the fourth quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider’s stock worth $566,000 after acquiring an additional 117 shares during the last quarter. Woodline Partners LP bought a new stake in shares of Paychex during the first quarter worth approximately $3,333,000. NewEdge Advisors LLC grew its position in shares of Paychex by 3.2% in the second quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider’s stock valued at $5,976,000 after purchasing an additional 1,290 shares during the last quarter. Finally, Sei Investments Co. grew its position in shares of Paychex by 47.1% in the second quarter. Sei Investments Co. now owns 156,680 shares of the business services provider’s stock valued at $22,790,000 after purchasing an additional 50,169 shares during the last quarter. 83.47% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Joseph M. Tucci sold 3,907 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were 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 approximately $6,618,513. This trade represents a 5.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Robert L. Schrader sold 2,600 shares of Paychex 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 sale, the chief financial officer directly owned 18,547 shares in the company, valued at $2,134,574.23. This trade represents a 12.29% 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 insiders.

Paychex Stock Down 0.1%

NASDAQ PAYX opened at $124.88 on Thursday. The business has a fifty day moving average price of $112.62 and a two-hundred day moving average price of $100.57. The stock has a market capitalization of $44.42 billion, a PE ratio of 25.54 and a beta of 0.81. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $139.53. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.01. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter in the previous year, the firm earned $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. Equities analysts expect that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be given a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Tuesday, July 28th. Paychex’s payout ratio is currently 97.34%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PAYX. Cantor Fitzgerald reissued an “underweight” rating and set a $107.00 price target on shares of Paychex in a report on Monday, July 20th. Morgan Stanley upped their price objective on Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Jefferies Financial Group increased their price objective on Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, August 12th. Stifel Nicolaus lifted their target price on Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, June 17th. Finally, TD Cowen upped 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 research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $109.20.

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.