Paychex, Inc. $PAYX Stock Holdings Lowered by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC lessened its stake in Paychex, Inc. (NASDAQ:PAYX) by 10.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 46,104 shares of the business services provider’s stock after selling 5,410 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Paychex were worth $4,541,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in PAYX. Field & Main Bank bought a new stake in shares of Paychex during the second quarter valued at approximately $33,000. Leonteq Securities AG boosted its holdings in shares of Paychex by 2,669.2% in the first quarter. Leonteq Securities AG now owns 360 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 347 shares during the period. Castleark Management LLC bought a new position in Paychex in the second quarter worth approximately $35,000. Elevation Wealth Partners LLC grew its stake in Paychex by 45.5% in the second quarter. Elevation Wealth Partners LLC now owns 400 shares of the business services provider’s stock worth $39,000 after purchasing an additional 125 shares in the last quarter. Finally, Cornerstone Planning Group LLC grew its stake in Paychex by 62.5% in the first quarter. Cornerstone Planning Group LLC now owns 481 shares of the business services provider’s stock worth $45,000 after purchasing an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Trading Down 2.0%

NASDAQ:PAYX opened at $115.70 on Tuesday. The firm has a 50-day simple moving average of $113.83 and a 200-day simple moving average of $103.64. Paychex, Inc. has a one year low of $85.45 and a one year high of $127.98. The firm has a market cap of $41.19 billion, a P/E ratio of 22.96, a P/E/G ratio of 2.48 and a beta of 0.86. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.28 and a current ratio of 1.28.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, September 23rd. The business services provider reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.02. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Paychex had a net margin of 27.35% and a return on equity of 52.78%. The company’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the firm earned $1.22 earnings per share. Paychex has set its FY 2027 guidance at 5.896-6.006 EPS. Equities analysts anticipate that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Monday, October 26th will be issued a dividend of $1.19 per share. The ex-dividend date is Monday, October 26th. This represents a $4.76 dividend on an annualized basis and a yield of 4.1%. Paychex’s dividend payout ratio is currently 94.44%.

Analyst Ratings Changes

Several research firms have commented on PAYX. Wells Fargo & Company raised their price objective on Paychex from $95.00 to $111.00 and gave the stock an “underweight” rating in a report on Wednesday, September 9th. Robert W. Baird lowered their target price on Paychex from $125.00 to $110.00 and set a “neutral” rating for the company in a report on Monday, September 28th. Wolfe Research raised Paychex from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, September 16th. Cantor Fitzgerald dropped their price target on Paychex from $112.00 to $96.00 and set an “underweight” rating on the stock in a research report on Monday, September 28th. Finally, Stephens cut their price target on Paychex from $132.00 to $113.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $127.59.

Insiders Place Their Bets

In other Paychex news, Director Joseph Velli sold 7,839 shares of the stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $107.68, for a total transaction of $844,103.52. Following the sale, the director owned 81,725 shares of the company’s stock, valued at approximately $8,800,148. This trade represents a 8.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.60% of the stock is currently owned by corporate insiders.

Paychex Profile

Paychex, Inc provides payroll, human resources and employee-benefits solutions to small and medium-sized businesses. Its offerings include payroll processing, tax administration, time and attendance management, recruiting, onboarding, human resources administration, compliance support and employee benefits services.

The company also provides retirement-plan services, insurance solutions and professional employer organization services. Through its software and outsourced services, Paychex helps employers manage workforce administration, employee data and regulatory requirements.

Paychex was founded in 1971 by B.