Assetmark Inc. Raises Stock Holdings in Paychex, Inc. $PAYX

Assetmark Inc. boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 107.1% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 56,885 shares of the business services provider’s stock after acquiring an additional 29,424 shares during the quarter. Assetmark Inc.’s holdings in Paychex were worth $5,240,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Hilton Head Capital Partners LLC purchased a new position in shares of Paychex during the 4th quarter valued at about $31,000. Cornerstone Planning Group LLC boosted its stake in shares of Paychex by 957.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after buying an additional 268 shares during the last quarter. Kingdom Financial Group LLC. acquired a new stake in Paychex during the fourth quarter worth about $33,000. Acumen Wealth Advisors LLC acquired a new stake in Paychex during the fourth quarter worth about $34,000. Finally, Wealth Watch Advisors INC purchased a new position in Paychex during the third quarter valued at approximately $42,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a report on Thursday, June 25th. Robert W. Baird lowered their price target on shares of Paychex from $148.00 to $125.00 and set a “neutral” rating on the stock in a report on Thursday, March 26th. Stifel Nicolaus raised their target price on Paychex from $105.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday, June 17th. Cantor Fitzgerald restated an “underweight” rating and issued a $107.00 price objective on shares of Paychex in a research report on Monday. Finally, Jefferies Financial Group decreased their target price on Paychex from $110.00 to $105.00 and set a “hold” rating on the stock in a research report on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $106.40.

Insider Buying and Selling at Paychex

In related news, Director Joseph M. Tucci sold 3,907 shares of the business’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $98.25, for a total transaction of $383,862.75. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.80% of the company’s stock.

Paychex Price Performance

Shares of Paychex stock opened at $111.96 on Wednesday. The stock has a market capitalization of $39.82 billion, a P/E ratio of 22.90 and a beta of 0.84. The business has a 50 day simple moving average of $100.84 and a two-hundred day simple moving average of $98.29. Paychex, Inc. has a 12 month low of $85.45 and a 12 month high of $148.11. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26.

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 the consensus estimate of $1.31 by $0.01. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the previous year, the business earned $1.19 earnings per share. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, analysts predict that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, July 28th will be given a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Tuesday, July 28th. Paychex’s dividend payout ratio is 97.34%.

Paychex 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.