Paychex, Inc. $PAYX Shares Sold by GRIMES & Co WEALTH MANAGEMENT LLC

GRIMES & Co WEALTH MANAGEMENT LLC cut its holdings in Paychex, Inc. (NASDAQ:PAYX) by 76.9% in the third quarter, Holdings Channel reports. The fund owned 10,270 shares of the business services provider’s stock after selling 34,201 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Paychex were worth $1,012,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Field & Main Bank purchased a new position in Paychex in the second quarter valued at about $33,000. Leonteq Securities AG grew its holdings in shares of Paychex by 2,669.2% during the first quarter. Leonteq Securities AG now owns 360 shares of the business services provider’s stock valued at $33,000 after buying an additional 347 shares during the last quarter. Castleark Management LLC purchased a new stake in Paychex in the second quarter valued at approximately $35,000. Elevation Wealth Partners LLC lifted its stake in Paychex by 45.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 400 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 125 shares during the period. Finally, Latitude Advisors LLC purchased a new stake in shares of Paychex in the 3rd quarter valued at $41,000. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

NASDAQ PAYX opened at $118.71 on Thursday. The stock has a market capitalization of $42.26 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 2.43 and a beta of 0.81. The stock has a 50-day moving average of $112.29 and a 200 day moving average of $103.69. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 1.23. Paychex, Inc. has a twelve month low of $85.45 and a twelve month high of $127.98.

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

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Investors of record on Monday, October 26th will be paid a $1.19 dividend. The ex-dividend date of this dividend is Monday, October 26th. This represents a $4.76 dividend on an annualized basis and a yield of 4.0%. Paychex’s dividend payout ratio (DPR) is currently 94.44%.

Wall Street Analyst Weigh In

PAYX has been the subject of a number of research reports. Robert W. Baird decreased their target price on shares of Paychex from $125.00 to $110.00 and set a “neutral” rating for the company in a research report on Monday, September 28th. Stifel Nicolaus cut their price target on Paychex from $130.00 to $112.00 and set a “hold” rating on the stock in a research report on Thursday, September 24th. BMO Capital Markets reduced their price objective on Paychex from $118.00 to $113.00 and set a “market perform” rating for the company in a research note on Thursday, September 24th. TD Cowen decreased their price objective on Paychex from $117.00 to $105.00 and set a “hold” rating for the company in a report on Friday, September 25th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a research note on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $127.88.

Insider Transactions at Paychex

In related news, Director Joseph Velli sold 7,839 shares of the business’s stock in a transaction on Wednesday, October 14th. The shares were sold at an average price of $107.68, for a total value of $844,103.52. Following the completion of the sale, the director owned 81,725 shares of the company’s stock, valued at approximately $8,800,148. The trade was 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. Corporate insiders own 0.60% of the company’s stock.

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.