Adero Partners LLC Purchases 82 Shares of Paychex, Inc. (NASDAQ:PAYX)

17 Nov 2024, 10:24 by Amy Steele · The Cerbat Gem

Adero Partners LLC lifted its position in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 3.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,316 shares of the business services provider’s stock after acquiring an additional 82 shares during the quarter. Adero Partners LLC’s holdings in Paychex were worth $311,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. grew its position in Paychex by 286.0% during the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock valued at $26,000 after buying an additional 163 shares during the period. ORG Partners LLC grew its position in Paychex by 227.6% during the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after buying an additional 173 shares during the period. Strategic Financial Concepts LLC bought a new position in Paychex during the second quarter valued at about $30,000. American National Bank grew its position in Paychex by 166.7% during the second quarter. American National Bank now owns 288 shares of the business services provider’s stock valued at $34,000 after buying an additional 180 shares during the period. Finally, Fortitude Family Office LLC boosted its position in Paychex by 42.0% during the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock worth $34,000 after purchasing an additional 74 shares during the period. Institutional investors own 83.47% of the company’s stock.

Paychex Trading Down 2.0 %

Shares of PAYX opened at $142.96 on Friday. The firm’s 50 day simple moving average is $139.30 and its 200 day simple moving average is $129.19. The company has a market capitalization of $51.45 billion, a P/E ratio of 30.48, a P/E/G ratio of 3.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. Paychex, Inc. has a 1-year low of $114.72 and a 1-year high of $150.71.

Paychex (NASDAQ:PAYX – Get Free Report) last announced its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a net margin of 31.98% and a return on equity of 45.97%. Paychex’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period last year, the firm posted $1.14 earnings per share. Sell-side analysts forecast that Paychex, Inc. will post 4.98 earnings per share for the current fiscal year.

Paychex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Thursday, November 7th will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend is Thursday, November 7th. Paychex’s dividend payout ratio is currently 83.58%.

Insider Activity at Paychex

In other Paychex news, CFO Robert L. Schrader sold 13,015 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the transaction, the chief financial officer now directly owns 17,362 shares in the company, valued at $2,471,480.70. This trade represents a 42.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael E. Gioja sold 14,731 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $139.18, for a total transaction of $2,050,260.58. Following the completion of the transaction, the vice president now owns 14,515 shares in the company, valued at $2,020,197.70. This represents a 50.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,174 shares of company stock valued at $7,577,231 over the last three months. 11.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PAYX. Jefferies Financial Group increased their target price on shares of Paychex from $120.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley increased their target price on shares of Paychex from $122.00 to $133.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. TD Cowen increased their target price on shares of Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. UBS Group increased their target price on shares of Paychex from $125.00 to $142.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Citigroup increased their price target on shares of Paychex from $125.00 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat, Paychex presently has a consensus rating of “Hold” and an average target price of $130.77.

View Our Latest Report on Paychex

About Paychex

(Free Report)

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.