Paychex, Inc. (NASDAQ:PAYX) Shares Purchased by State of Michigan Retirement System (2024)

Posted by Defense World Staff on Aug 28th, 2024

State of Michigan Retirement System boosted its stake in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 0.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 96,177 shares of the business services provider’s stock after purchasing an additional 100 shares during the period. State of Michigan Retirement System’s holdings in Paychex were worth $11,403,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. AMG National Trust Bank acquired a new stake in Paychex in the 2nd quarter valued at approximately $308,000. Access Financial Services Inc. increased its holdings in Paychex by 2.7% in the 2nd quarter. Access Financial Services Inc. now owns 13,033 shares of the business services provider’s stock valued at $1,545,000 after purchasing an additional 342 shares during the last quarter. Optas LLC grew its stake in shares of Paychex by 5.8% in the second quarter. Optas LLC now owns 2,441 shares of the business services provider’s stock worth $289,000 after acquiring an additional 134 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of Paychex in the second quarter worth $570,000. Finally, White Pine Investment CO acquired a new position in shares of Paychex in the second quarter worth $2,282,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

Insider Activity

In other news, Chairman Martin Mucci sold 101,490 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $117.27, for a total value of $11,901,732.30. Following the completion of the sale, the chairman now directly owns 437,345 shares of the company’s stock, valued at $51,287,448.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director David J. S. Flaschen sold 14,434 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the transaction, the director now directly owns 5,383 shares in the company, valued at $674,005.43. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Martin Mucci sold 101,490 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $117.27, for a total transaction of $11,901,732.30. Following the transaction, the chairman now owns 437,345 shares in the company, valued at $51,287,448.15. The disclosure for this sale can be found here. Over the last three months, insiders sold 147,163 shares of company stock valued at $17,537,817. Insiders own 11.50% of the company’s stock.

Paychex Price Performance

Shares of PAYX opened at $130.10 on Wednesday. Paychex, Inc. has a 1-year low of $106.27 and a 1-year high of $131.49. The stock has a market cap of $46.83 billion, a PE ratio of 27.86, a price-to-earnings-growth ratio of 3.31 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a fifty day moving average price of $123.38 and a 200 day moving average price of $122.57.

Paychex (NASDAQ:PAYX – Get Free Report) last announced its quarterly earnings results on Wednesday, June 26th. The business services provider reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.02. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the previous year, the company earned $0.97 earnings per share. Paychex’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 29th. Investors of record on Thursday, August 8th will be given a $0.98 dividend. The ex-dividend date is Thursday, August 8th. This represents a $3.92 dividend on an annualized basis and a yield of 3.01%. Paychex’s dividend payout ratio (DPR) is presently 83.94%.

Wall Street Analyst Weigh In

PAYX has been the subject of several research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research note on Thursday, June 27th. Barclays dropped their price target on shares of Paychex from $120.00 to $118.00 and set an “equal weight” rating for the company in a research note on Monday, July 1st. Morgan Stanley dropped their price target on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating for the company in a research note on Thursday, June 27th. Bank of America boosted their price target on shares of Paychex from $111.00 to $113.00 and gave the stock an “underperform” rating in a research note on Thursday, June 27th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $122.62.

View Our Latest Report on Paychex

Paychex Profile

(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.

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