Rockefeller Capital Management L.P. Sells 33,342 Shares of Paychex, Inc. $PAYX

Rockefeller Capital Management L.P. lowered its position in Paychex, Inc. (NASDAQ:PAYX) by 38.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 52,619 shares of the business services provider’s stock after selling 33,342 shares during the period. Rockefeller Capital Management L.P.’s holdings in Paychex were worth $5,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Vermillion & White Wealth Management Group LLC purchased a new position in Paychex during the 3rd quarter valued at $27,000. Cornerstone Planning Group LLC increased its stake in 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 purchasing an additional 268 shares during the period. Stance Capital LLC purchased a new stake in Paychex in the third quarter worth $31,000. Hilton Head Capital Partners LLC bought a new stake in shares of Paychex during the fourth quarter worth $31,000. Finally, Kingdom Financial Group LLC. bought a new stake in shares of Paychex during the fourth quarter worth $33,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Stock Performance

Shares of Paychex stock opened at $99.90 on Friday. The firm has a market cap of $35.79 billion, a P/E ratio of 20.43 and a beta of 0.84. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $148.76. The stock’s fifty day moving average price is $95.62 and its 200-day moving average price is $99.14.

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. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the previous year, the company posted $1.19 earnings per share. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, equities research analysts expect that Paychex, Inc. will post 5.97 earnings per share for the current fiscal year.

Paychex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were issued a $1.19 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $4.76 annualized dividend and a dividend yield of 4.8%. This is an increase from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio (DPR) is presently 104.85%.

Wall Street Analysts Forecast Growth

PAYX has been the topic of a number of research analyst reports. Jefferies Financial Group cut their price target on shares of Paychex from $110.00 to $105.00 and set a “hold” rating on the stock in a report on Thursday, March 26th. 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. Citigroup raised shares of Paychex from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $99.00 to $140.00 in a research report on Monday, June 15th. BMO Capital Markets upped their target price on shares of Paychex to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, March 26th. Finally, Argus raised shares of Paychex to a “strong-buy” rating in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $105.67.

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.