32,019 Shares in Paychex, Inc. $PAYX Bought by Cibc World Market Inc.

Cibc World Market Inc. purchased a new position in shares of Paychex, Inc. (NASDAQ:PAYX) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 32,019 shares of the business services provider’s stock, valued at approximately $3,148,000.

Several other large investors have also added to or reduced their stakes in the company. Cornerstone Planning Group LLC lifted its holdings in shares of Paychex by 957.1% during 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. Hilton Head Capital Partners LLC acquired a new position in Paychex in the 4th quarter worth approximately $31,000. Kingdom Financial Group LLC. purchased a new position in Paychex during the 4th quarter worth approximately $33,000. Leonteq Securities AG raised 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 worth $33,000 after buying an additional 347 shares during the last quarter. Finally, Acumen Wealth Advisors LLC acquired a new stake in Paychex during the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Wall Street Analysts Forecast Growth

PAYX has been the topic of several recent research reports. Stifel Nicolaus upped their price objective on shares of Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, June 17th. TD Cowen raised their target price on shares of Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a report on Monday, June 8th. Morgan Stanley boosted their target price on shares of Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 30th. JPMorgan Chase & Co. upped their price target on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, June 25th. Finally, Cantor Fitzgerald reaffirmed an “underweight” rating and set a $107.00 price target on shares of Paychex in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Paychex currently has a consensus rating of “Hold” and a consensus price target of $109.20.

Insider Buying and Selling at Paychex

In other Paychex news, Director Joseph M. Tucci sold 3,907 shares of Paychex stock in a transaction on Friday, June 26th. The shares were sold at an average price of $98.25, for a total value of $383,862.75. Following the completion of the transaction, the director owned 67,364 shares of the company’s stock, valued at approximately $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert L. Schrader sold 2,600 shares of the company’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $115.09, for a total transaction of $299,234.00. Following the completion of the transaction, the chief financial officer owned 18,547 shares of the company’s stock, valued at approximately $2,134,574.23. This trade represents a 12.29% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.80% of the stock is currently owned by company insiders.

Paychex Trading Down 0.1%

Paychex stock opened at $124.88 on Thursday. 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 $139.53. The stock’s 50 day simple moving average is $112.62 and its two-hundred day simple moving average is $100.57. The firm has a market cap of $44.42 billion, a PE ratio of 25.54 and a beta of 0.81.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.01. The business had revenue of $1.61 billion for 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 business’s revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the company earned $1.19 EPS. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Analysts anticipate that Paychex, Inc. will post 5.96 earnings per share for the current year.

Paychex Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 3.8%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is currently 97.34%.

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.