Epoch Investment Partners Inc. Boosts Stake in Paychex, Inc. $PAYX

Epoch Investment Partners Inc. grew its holdings in Paychex, Inc. (NASDAQ:PAYX) by 33.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 516,948 shares of the business services provider’s stock after purchasing an additional 130,269 shares during the period. Epoch Investment Partners Inc.’s holdings in Paychex were worth $47,621,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of PAYX. Hilton Head Capital Partners LLC purchased a new stake in Paychex in the 4th quarter valued at about $31,000. Cornerstone Planning Group LLC lifted its position in Paychex by 957.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock valued at $30,000 after buying an additional 268 shares during the last quarter. Kingdom Financial Group LLC. purchased a new position in Paychex during the fourth quarter worth about $33,000. Acumen Wealth Advisors LLC purchased a new position in Paychex during the fourth quarter worth about $34,000. Finally, Wealth Watch Advisors INC acquired a new stake in shares of Paychex during the third quarter valued at about $42,000. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Stock Up 2.6%

Shares of PAYX opened at $113.55 on Friday. The company’s 50-day simple moving average is $102.13 and its 200-day simple moving average is $98.40. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. Paychex, Inc. has a 1 year low of $85.45 and a 1 year high of $148.11. The stock has a market capitalization of $40.39 billion, a PE ratio of 23.22 and a beta of 0.84.

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

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be given a dividend of $1.19 per share. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.2%. Paychex’s dividend payout ratio is currently 97.34%.

Insider Buying and Selling at Paychex

In other news, Director Joseph M. Tucci sold 3,907 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $98.25, for a total value of $383,862.75. Following the sale, the director directly owned 67,364 shares in the company, valued at approximately $6,618,513. This trade represents a 5.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PAYX shares. JPMorgan Chase & Co. boosted their price target on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research note on Thursday, June 25th. Morgan Stanley lifted their target price on shares of Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. Stifel Nicolaus upped their price target on Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, June 17th. Finally, Citigroup upgraded Paychex from a “neutral” rating to a “buy” rating and raised their price target for the stock from $99.00 to $140.00 in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $107.53.

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.