Paychex, Inc. $PAYX Shares Bought by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC grew its holdings in Paychex, Inc. (NASDAQ:PAYX) by 43.9% in the second quarter, Holdings Channel reports. The institutional investor owned 23,586 shares of the business services provider’s stock after acquiring an additional 7,190 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Paychex were worth $2,319,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. California State Teachers Retirement System grew its stake in Paychex by 10,017.6% in the 2nd quarter. California State Teachers Retirement System now owns 56,750,570 shares of the business services provider’s stock valued at $5,580,284,000 after acquiring an additional 56,189,662 shares during the period. Capital International Investors increased its holdings in Paychex by 59.1% in the 4th quarter. Capital International Investors now owns 30,265,174 shares of the business services provider’s stock worth $3,395,583,000 after acquiring an additional 11,243,295 shares in the last quarter. BlackRock Inc. purchased a new stake in Paychex in the 2nd quarter worth $2,728,970,000. XXEC Inc. acquired a new position in Paychex during the second quarter worth $1,123,016,000. Finally, Geode Capital Management LLC raised its position in Paychex by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 9,705,424 shares of the business services provider’s stock worth $1,093,958,000 after acquiring an additional 78,760 shares during the period. 83.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Paychex

In other news, Director Joseph Tucci sold 3,907 shares of Paychex stock in a transaction on Friday, June 26th. The stock was sold at an average price of $98.25, for a total transaction of $383,862.75. Following the transaction, the director owned 67,364 shares in the company, valued at $6,618,513. The trade was a 5.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert Schrader sold 2,600 shares of the business’s stock in a transaction dated 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 owned 18,547 shares in the company, valued at $2,134,574.23. The trade was a 12.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.60% of the stock is owned by insiders.

Paychex Price Performance

Paychex stock opened at $118.51 on Tuesday. The company has a fifty day simple moving average of $118.18 and a 200-day simple moving average of $103.12. The firm has a market capitalization of $42.15 billion, a price-to-earnings ratio of 24.24, a PEG ratio of 2.43 and a beta of 0.82. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.22. Paychex, Inc. has a 52-week low of $85.45 and a 52-week high of $135.78.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $1.60 billion. During the same period in the previous year, the business posted $1.19 earnings per share. Paychex’s quarterly revenue was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, equities analysts anticipate that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, July 28th were issued a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Tuesday, July 28th. Paychex’s dividend payout ratio (DPR) is currently 97.34%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. Morgan Stanley upped their price target on shares of 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 restated an “underweight” rating and set a $107.00 price target on shares of Paychex in a research report on Monday, July 20th. UBS Group raised their price target on shares of Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Finally, Bank of America lowered their price objective on Paychex from $450.00 to $225.00 in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $126.76.

About Paychex

Paychex, Inc is a provider of payroll, human resources, and workforce management solutions for businesses of varying sizes. Its offerings include payroll processing, tax administration, time and attendance tracking, employee benefits administration, retirement services, workers’ compensation and business insurance, recruiting, and compliance support.

The company also provides professional employer organization services, helping businesses manage employment administration and human resources through an integrated platform.