Proficio Capital Partners LLC Takes Position in Paychex, Inc. $PAYX

Proficio Capital Partners LLC purchased a new stake in Paychex, Inc. (NASDAQ:PAYX) in the second quarter, HoldingsChannel reports. The firm purchased 4,317 shares of the business services provider’s stock, valued at approximately $424,000.

Other institutional investors have also recently bought and sold shares of the company. Pure Financial Advisors LLC acquired a new position in Paychex during the 2nd quarter worth $671,000. Transamerica Financial Advisors LLC bought a new position in Paychex in the 2nd quarter valued at $210,000. Corient Private Wealth LP acquired a new stake in shares of Paychex in the 2nd quarter valued at $73,555,000. Perennial Investment Advisors LLC acquired a new stake in shares of Paychex in the 2nd quarter valued at $349,000. Finally, Philadelphia Investment Partners LLC bought a new stake in shares of Paychex during the second quarter worth $286,000. Institutional investors own 83.47% of the company’s stock.

Paychex Price Performance

Paychex stock opened at $126.48 on Friday. The firm has a market capitalization of $44.99 billion, a P/E ratio of 25.87 and a beta of 0.81. Paychex, Inc. has a 1 year low of $85.45 and a 1 year high of $139.53. The business has a 50-day moving average of $113.19 and a 200-day moving average of $100.77. 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 (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 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 analysts’ expectations of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.Paychex’s revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 EPS. 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 EPS for the current year.

Paychex Announces Dividend

The company also recently announced 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. 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 97.34%.

Wall Street Analysts Forecast Growth

PAYX has been the topic of several research reports. UBS Group upped their price target on Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. lifted their price objective on Paychex from $100.00 to $105.00 and gave the stock an “underweight” rating in a research report on Thursday, June 25th. Jefferies Financial Group boosted their price objective on Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. Royal Bank Of Canada restated a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. Finally, TD Cowen raised their target price 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 equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Paychex presently has a consensus rating of “Hold” and a consensus price target of $109.20.

Insider Buying and Selling at Paychex

In other news, CFO Robert L. Schrader sold 2,600 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer owned 18,547 shares of the company’s stock, valued at $2,134,574.23. The trade was a 12.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 owned 67,364 shares of the company’s stock, valued at approximately $6,618,513. This represents a 5.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Company 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.