Swedbank AB Sells 419 Shares of Paychex, Inc. (NASDAQ:PAYX)

26 Nov 2024, 05:20 by Teresa Graham · The Cerbat Gem

Swedbank AB decreased its position in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 0.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 152,328 shares of the business services provider’s stock after selling 419 shares during the period. Swedbank AB’s holdings in Paychex were worth $20,441,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. International Assets Investment Management LLC grew its holdings in Paychex by 38,655.2% in the 3rd quarter. International Assets Investment Management LLC now owns 799,907 shares of the business services provider’s stock valued at $107,340,000 after buying an additional 797,843 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Paychex by 19.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,356,262 shares of the business services provider’s stock valued at $279,351,000 after acquiring an additional 384,184 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Paychex by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 9,524,870 shares of the business services provider’s stock worth $1,278,142,000 after acquiring an additional 345,682 shares during the period. Raymond James & Associates raised its stake in Paychex by 27.4% in the 3rd quarter. Raymond James & Associates now owns 988,417 shares of the business services provider’s stock worth $132,636,000 after purchasing an additional 212,700 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Paychex by 175.7% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 331,115 shares of the business services provider’s stock valued at $39,257,000 after purchasing an additional 211,010 shares during the period. Institutional investors own 83.47% of the company’s stock.

Insider Buying and Selling at Paychex

In related news, VP Michael E. Gioja sold 26,428 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total value of $3,674,284.84. Following the sale, the vice president now owns 14,515 shares of the company’s stock, valued at $2,018,020.45. The trade was a 64.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $142.35, for a total value 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. The trade was a 42.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,174 shares of company stock worth $7,577,231. 11.40% of the stock is currently owned by insiders.

Paychex Trading Up 0.6 %

Shares of Paychex stock opened at $145.26 on Tuesday. The firm’s 50 day moving average is $140.38 and its 200 day moving average is $130.21. The firm has a market capitalization of $52.28 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 3.97 and a beta of 0.99. Paychex, Inc. has a 1 year low of $114.72 and a 1 year high of $150.71. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

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

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 7th will be issued a $0.98 dividend. The ex-dividend date is Thursday, November 7th. This represents a $3.92 dividend on an annualized basis and a yield of 2.70%. Paychex’s payout ratio is presently 83.58%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PAYX. Morgan Stanley lifted their price target on shares of Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Barclays upped their target price on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research report on Monday, September 23rd. Royal Bank of Canada raised their price target on Paychex from $130.00 to $148.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus upped their price objective on shares of Paychex from $130.00 to $141.00 and gave the stock a “hold” rating in a research report on Wednesday, October 2nd. Finally, TD Cowen raised their target price on shares of Paychex from $126.00 to $131.00 and gave the company a “hold” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $131.62.

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