557,326 Shares of Paychex, Inc. $PAYX Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Paychex, Inc. (NASDAQ:PAYX) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 557,326 shares of the business services provider’s stock, valued at approximately $54,897,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Parkside Financial Bank & Trust boosted its holdings in Paychex by 6.3% in the second quarter. Parkside Financial Bank & Trust now owns 1,519 shares of the business services provider’s stock valued at $149,000 after acquiring an additional 90 shares during the last quarter. Seelaus Asset Management LLC boosted its stake in shares of Paychex by 2.0% in the 1st quarter. Seelaus Asset Management LLC now owns 5,464 shares of the business services provider’s stock valued at $503,000 after purchasing an additional 107 shares during the last quarter. United Community Bank increased its position in shares of Paychex by 3.1% during the second quarter. United Community Bank now owns 3,635 shares of the business services provider’s stock worth $357,000 after buying an additional 110 shares during the period. Bryn Mawr Trust Advisors LLC raised its position in shares of Paychex by 4.3% in the 1st quarter. Bryn Mawr Trust Advisors LLC now owns 2,678 shares of the business services provider’s stock worth $247,000 after acquiring an additional 111 shares in the last quarter. Finally, Elevation Wealth Partners LLC grew its stake in Paychex by 45.5% during 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 during the period. 83.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Paychex

In related news, Director Joseph Velli sold 7,839 shares of Paychex stock in a transaction that occurred 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 directly owned 81,725 shares in the company, valued at $8,800,148. The trade was a 8.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus dropped their price objective on shares of Paychex from $130.00 to $112.00 and set a “hold” rating on the stock in a report on Thursday, September 24th. Cantor Fitzgerald reduced their price objective on shares of Paychex from $112.00 to $96.00 and set an “underweight” rating for the company in a research report on Monday, September 28th. JPMorgan Chase & Co. raised shares of Paychex from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $105.00 to $115.00 in a report on Thursday, September 24th. Robert W. Baird dropped their price target on Paychex from $125.00 to $110.00 and set a “neutral” rating on the stock in a research report on Monday, September 28th. Finally, Stephens cut their price objective on shares of Paychex from $132.00 to $113.00 and set an “equal weight” rating for the company in a report on Thursday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $127.88.

Paychex Stock Performance

NASDAQ:PAYX opened at $112.12 on Monday. The firm has a market cap of $39.91 billion, a PE ratio of 22.25, a price-to-earnings-growth ratio of 2.35 and a beta of 0.81. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $127.98. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.28 and a current ratio of 1.28. The business has a 50 day moving average price of $112.80 and a 200-day moving average price of $103.59.

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 firm had revenue of $1.63 billion during 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.22 earnings per share. Paychex has set its FY 2027 guidance at 5.896-6.006 EPS. Equities research analysts predict that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Monday, October 26th will be paid a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Monday, October 26th. Paychex’s dividend payout ratio (DPR) is presently 94.44%.

Paychex Company 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.