Evolve Private Wealth LLC Purchases Shares of 4,633 Paychex, Inc. $PAYX

Evolve Private Wealth LLC acquired a new stake in Paychex, Inc. (NASDAQ:PAYX) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 4,633 shares of the business services provider’s stock, valued at approximately $456,000.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in Paychex by 26.3% in the 4th quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock valued at $801,000 after acquiring an additional 1,190 shares during the period. Bison Wealth LLC boosted its holdings in shares of Paychex by 3.0% during the fourth quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider’s stock worth $566,000 after acquiring an additional 117 shares during the period. Woodline Partners LP acquired a new position in shares of Paychex in the first quarter valued at approximately $3,333,000. NewEdge Advisors LLC grew its position in shares of Paychex by 3.2% in the second quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider’s stock valued at $5,976,000 after purchasing an additional 1,290 shares during the last quarter. Finally, Sei Investments Co. increased its stake in shares of Paychex by 47.1% during the second quarter. Sei Investments Co. now owns 156,680 shares of the business services provider’s stock worth $22,790,000 after purchasing an additional 50,169 shares during the period. 83.47% of the stock is owned by institutional investors.

Paychex Stock Performance

NASDAQ:PAYX opened at $124.99 on Wednesday. The company has a market cap of $44.46 billion, a price-to-earnings ratio of 25.56 and a beta of 0.81. Paychex, Inc. has a fifty-two week low of $85.45 and a fifty-two week high of $139.53. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a fifty day moving average price of $112.08 and a 200-day moving average price of $100.38.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results 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 company had revenue of $1.61 billion for 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 revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the business earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, equities analysts anticipate that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Dividend Announcement

The company 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. This represents a $4.76 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is currently 97.34%.

Insider Activity at Paychex

In related news, Director Joseph M. Tucci sold 3,907 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $98.25, for a total transaction of $383,862.75. Following the sale, the director owned 67,364 shares in the company, valued at approximately $6,618,513. This trade represents a 5.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Robert L. Schrader sold 2,600 shares of Paychex stock in a transaction that occurred on Monday, July 20th. The shares were 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 directly owned 18,547 shares in the company, valued at $2,134,574.23. This trade represents a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PAYX has been the subject of several research reports. Jefferies Financial Group lifted their price target on Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. Weiss Ratings raised Paychex from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, July 20th. TD Cowen increased their price objective on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a research report on Monday, June 8th. Citigroup lifted their target price on Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, 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. 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 stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price 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.