Linscomb Wealth Inc. Sells 191 Shares of Paychex, Inc. (NASDAQ:PAYX)

16 Nov 2024, 14:26 by Danessa Lincoln · The Markets Daily

Linscomb Wealth Inc. lessened its holdings in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 3.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,288 shares of the business services provider’s stock after selling 191 shares during the quarter. Linscomb Wealth Inc.’s holdings in Paychex were worth $710,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. CVA Family Office LLC grew its position in shares of Paychex by 5.6% in the 3rd quarter. CVA Family Office LLC now owns 1,388 shares of the business services provider’s stock valued at $186,000 after buying an additional 74 shares during the last quarter. Fortitude Family Office LLC boosted its holdings in Paychex by 42.0% in the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 74 shares during the last quarter. Kanawha Capital Management LLC increased its position in Paychex by 1.8% during the 3rd quarter. Kanawha Capital Management LLC now owns 4,283 shares of the business services provider’s stock valued at $575,000 after purchasing an additional 75 shares during the period. Daymark Wealth Partners LLC lifted its position in shares of Paychex by 0.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,847 shares of the business services provider’s stock worth $1,167,000 after purchasing an additional 82 shares during the period. Finally, Commerzbank Aktiengesellschaft FI lifted its position in shares of Paychex by 1.2% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 7,362 shares of the business services provider’s stock worth $873,000 after purchasing an additional 85 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PAYX shares. TD Cowen lifted their target price on shares of Paychex from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada boosted their price objective on Paychex from $130.00 to $148.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. raised their target price on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Barclays lifted their target price on Paychex from $118.00 to $132.00 and gave the stock an “equal weight” rating in a report on Monday, September 23rd. Finally, Jefferies Financial Group raised their price objective 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. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $130.77.

Get Our Latest Research Report on PAYX

Insider Transactions at Paychex

In related news, CFO Robert L. Schrader sold 13,015 shares of the business’s stock in a transaction dated 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the completion of the transaction, the vice president now directly owns 14,515 shares of the company’s stock, valued at $2,018,020.45. This represents a 64.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,174 shares of company stock worth $7,577,231. Insiders own 11.40% of the company’s stock.

Paychex Stock Down 2.0 %

Shares of NASDAQ PAYX opened at $142.96 on Friday. The business has a 50-day moving average of $139.30 and a 200-day moving average of $129.12. The firm has a market capitalization of $51.45 billion, a price-to-earnings ratio of 30.48, a PEG ratio of 4.03 and a beta of 0.99. 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, Inc. has a 12 month low of $114.72 and a 12 month high of $150.71.

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

Paychex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 7th will be paid a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Thursday, November 7th. Paychex’s dividend payout ratio (DPR) is presently 83.58%.

Paychex Company Profile

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