Paychex, Inc. (NASDAQ:PAYX) Shares Bought by GYL Financial Synergies LLC

GYL Financial Synergies LLC lifted its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 8.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 14,511 shares of the business services provider’s stock after buying an additional 1,130 shares during the period. GYL Financial Synergies LLC’s holdings in Paychex were worth $1,720,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. abrdn plc increased its stake in Paychex by 51.5% in the 4th quarter. abrdn plc now owns 142,591 shares of the business services provider’s stock valued at $16,984,000 after buying an additional 48,444 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Paychex by 1.5% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 29,967 shares of the business services provider’s stock valued at $3,569,000 after purchasing an additional 446 shares during the period. Handelsbanken Fonder AB boosted its holdings in Paychex by 22.3% in the 4th quarter. Handelsbanken Fonder AB now owns 63,899 shares of the business services provider’s stock valued at $7,611,000 after purchasing an additional 11,669 shares in the last quarter. GUNN & Co INVESTMENT MANAGEMENT INC. increased its position in Paychex by 29.7% during the 4th quarter. GUNN & Co INVESTMENT MANAGEMENT INC. now owns 2,994 shares of the business services provider’s stock worth $357,000 after purchasing an additional 686 shares during the period. Finally, Sage Mountain Advisors LLC lifted its holdings in shares of Paychex by 15.1% in the 4th quarter. Sage Mountain Advisors LLC now owns 3,027 shares of the business services provider’s stock valued at $361,000 after buying an additional 396 shares during the period. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Stock Up 0.3 %

Shares of NASDAQ:PAYX opened at $128.27 on Friday. Paychex, Inc. has a 12-month low of $106.27 and a 12-month high of $129.92. The stock’s 50-day moving average price is $123.11 and its two-hundred day moving average price is $122.45. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21. The firm has a market cap of $46.19 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 3.31 and a beta of 1.00.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 26th. The business services provider reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.02. The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.29 billion. Paychex had a net margin of 32.03% and a return on equity of 46.63%. Paychex’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.97 earnings per share. On average, research analysts forecast that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 8th will be paid a dividend of $0.98 per share. The ex-dividend date is Thursday, August 8th. This represents a $3.92 annualized dividend and a yield of 3.06%. Paychex’s dividend payout ratio is presently 83.94%.

Insider Transactions at Paychex

In related news, VP Mark Anthony Bottini sold 8,954 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the completion of the sale, the vice president now owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP Mark Anthony Bottini sold 8,954 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the completion of the sale, the vice president now directly owns 79,232 shares of the company’s stock, valued at approximately $9,793,075.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David J. S. Flaschen sold 14,434 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $125.21, for a total value of $1,807,281.14. Following the completion of the transaction, the director now directly owns 5,383 shares in the company, valued at $674,005.43. The disclosure for this sale can be found here. Insiders have sold a total of 147,163 shares of company stock worth $17,537,817 in the last three months. 11.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on PAYX. Robert W. Baird reduced their target price on Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Barclays lowered their price target on Paychex from $120.00 to $118.00 and set an “equal weight” rating on the stock in a report on Monday, July 1st. JPMorgan Chase & Co. raised their price target on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a research report on Tuesday. Morgan Stanley lowered their price objective on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 27th. Finally, Bank of America lifted their target price on shares of Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat.com, Paychex currently has a consensus rating of “Hold” and an average price target of $122.62.

Paychex Company Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.