Meeder Advisory Services Inc. Makes New $2.37 Million Investment in Paychex, Inc. $PAYX

Meeder Advisory Services Inc. bought a new stake in Paychex, Inc. (NASDAQ:PAYX) during the second quarter, Holdings Channel.com reports. The firm bought 24,136 shares of the business services provider’s stock, valued at approximately $2,373,000.

Several other institutional investors have also modified their holdings of PAYX. 44 Wealth Management LLC boosted its stake in Paychex by 2.7% during the 2nd quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider’s stock valued at $479,000 after purchasing an additional 86 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Paychex by 3.5% during the second quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider’s stock worth $381,000 after buying an additional 89 shares during the period. Prosperity Consulting Group LLC grew its holdings in Paychex by 1.4% in the 3rd quarter. Prosperity Consulting Group LLC now owns 7,270 shares of the business services provider’s stock worth $922,000 after buying an additional 100 shares in the last quarter. SBI Securities Co. Ltd. raised its stake in Paychex by 14.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 798 shares of the business services provider’s stock valued at $90,000 after acquiring an additional 101 shares in the last quarter. Finally, Zacks Investment Management grew its position in Paychex by 5.1% in the 3rd quarter. Zacks Investment Management now owns 2,094 shares of the business services provider’s stock valued at $265,000 after buying an additional 101 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.

Insiders Place Their Bets

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

Paychex Trading Up 1.2%

NASDAQ:PAYX opened at $119.93 on Wednesday. The stock has a market cap of $42.66 billion, a PE ratio of 24.53 and a beta of 0.81. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $141.19. 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 stock’s 50-day moving average is $109.70 and its two-hundred day moving average is $99.56.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.01. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates 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 company earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, equities research analysts forecast that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th will be issued a $1.19 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $4.76 dividend on an annualized basis and a yield of 4.0%. Paychex’s dividend payout ratio (DPR) is 97.34%.

Analysts Set New Price Targets

A number of research firms recently commented on PAYX. Citigroup raised their price objective on shares of Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. raised their target price on Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research note on Thursday, June 25th. Morgan Stanley upped their price target 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 reiterated a “sector perform” rating on shares of Paychex in a report on Thursday, May 28th. Finally, Jefferies Financial Group raised their target price on shares of Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, Paychex currently has an average rating of “Hold” and an average target price of $109.20.

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.