Empowered Funds LLC Invests $16.79 Million in Paychex, Inc. $PAYX

Empowered Funds LLC bought a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) in the second quarter, Holdings Channel reports. The firm bought 170,728 shares of the business services provider’s stock, valued at approximately $16,788,000.

Several other institutional investors and hedge funds have also modified their holdings of PAYX. Cornerstone Planning Group LLC boosted its position in Paychex by 957.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock valued at $30,000 after purchasing an additional 268 shares during the last quarter. Hilton Head Capital Partners LLC acquired a new position in Paychex in the 4th quarter worth about $31,000. Kingdom Financial Group LLC. purchased a new stake in shares of Paychex during the 4th quarter worth about $33,000. Leonteq Securities AG raised its stake in shares of 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 purchasing an additional 347 shares in the last quarter. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of Paychex during the 4th quarter valued at about $34,000. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Stock Performance

NASDAQ PAYX opened at $127.04 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26. The firm has a market capitalization of $45.19 billion, a price-to-earnings ratio of 25.98 and a beta of 0.81. The company’s fifty day moving average is $113.76 and its two-hundred day moving average is $100.95. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $139.53.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 24th. The business services provider reported $1.32 EPS for the quarter, topping 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 return on equity of 50.90% and a net margin of 27.03%.Paychex’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period last year, the business earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Equities research analysts forecast that Paychex, Inc. will post 5.96 EPS for the current year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th were issued a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, July 28th. Paychex’s payout ratio is presently 97.34%.

Insider Buying and Selling

In other Paychex news, CFO Robert L. Schrader sold 2,600 shares of Paychex stock in a transaction on Monday, July 20th. The stock was sold at an average price of $115.09, for a total value of $299,234.00. Following the completion of the transaction, the chief financial officer owned 18,547 shares in the company, valued at approximately $2,134,574.23. The trade was a 12.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph M. Tucci sold 3,907 shares of Paychex stock in a transaction dated 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 directly owned 67,364 shares of the company’s stock, valued at $6,618,513. This represents a 5.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on PAYX. Jefferies Financial Group upped their price objective on shares of Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. Morgan Stanley boosted their price target on Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. Cantor Fitzgerald reiterated an “underweight” rating and set a $107.00 price target on shares of Paychex in a research note on Monday, July 20th. Weiss Ratings raised Paychex from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 20th. Finally, Stifel Nicolaus boosted their target price on Paychex from $105.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, June 17th. One 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $109.20.

About Paychex

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.