Meeder Advisory Services Inc. Buys 4,707 Shares of Paychex, Inc. $PAYX

Meeder Advisory Services Inc. raised its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 50.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,067 shares of the business services provider’s stock after buying an additional 4,707 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Paychex were worth $1,296,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Cornerstone Planning Group LLC grew its stake in shares of Paychex by 957.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after acquiring an additional 268 shares during the last quarter. Hilton Head Capital Partners LLC bought a new position in Paychex in the 4th quarter worth about $31,000. Kingdom Financial Group LLC. bought a new position in Paychex in the 4th quarter worth about $33,000. Leonteq Securities AG grew its position in Paychex by 2,669.2% during the 1st 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 last quarter. Finally, Acumen Wealth Advisors LLC purchased a new stake in Paychex during the 4th quarter valued at about $34,000. 83.47% of the stock is owned by institutional investors.

Paychex Price Performance

PAYX opened at $111.96 on Wednesday. The company’s 50-day simple moving average is $100.84 and its two-hundred day simple moving average is $98.29. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a market capitalization of $39.82 billion, a P/E ratio of 22.90 and a beta of 0.84. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $148.11.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.01. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, analysts predict that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, July 28th will be given a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio is 97.34%.

Analyst Ratings Changes

Several research analysts have issued reports on PAYX shares. Weiss Ratings raised shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday. TD Cowen raised their price target on shares of Paychex from $94.00 to $98.00 and gave the company a “hold” rating in a research report on Monday, June 8th. Robert W. Baird decreased their price objective on shares of Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a report on Thursday, March 26th. Argus raised Paychex to a “strong-buy” rating in a research report on Friday, March 27th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paychex in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, Paychex currently has a consensus rating of “Hold” and an average price target of $106.40.

Insider Buying and Selling

In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $98.25, for a total transaction of $383,862.75. Following the completion of the sale, the director directly owned 67,364 shares in the company, valued at $6,618,513. The trade was a 5.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.80% of the company’s stock.

Paychex Company Profile

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.