Clearstead Advisors LLC Has $495,000 Stake in Paychex, Inc. (NASDAQ:PAYX)

Posted by Defense World Staff on Mar 15th, 2023

Clearstead Advisors LLC trimmed its position in shares of Paychex, Inc. (NASDAQ:PAYX – Get Rating) by 5.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,412 shares of the business services provider’s stock after selling 272 shares during the period. Clearstead Advisors LLC’s holdings in Paychex were worth $495,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in Paychex by 2.1% during the third quarter. BlackRock Inc. now owns 30,982,920 shares of the business services provider’s stock worth $3,476,595,000 after buying an additional 642,649 shares during the last quarter. Vanguard Group Inc. increased its holdings in Paychex by 1.4% during the third quarter. Vanguard Group Inc. now owns 30,275,266 shares of the business services provider’s stock worth $3,397,188,000 after buying an additional 411,556 shares during the last quarter. State Street Corp increased its holdings in Paychex by 0.8% during the third quarter. State Street Corp now owns 13,277,354 shares of the business services provider’s stock worth $1,489,852,000 after buying an additional 107,263 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Paychex by 8.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 5,144,822 shares of the business services provider’s stock worth $702,115,000 after buying an additional 379,291 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in Paychex by 8.7% during the second quarter. Legal & General Group Plc now owns 2,977,840 shares of the business services provider’s stock worth $339,087,000 after buying an additional 238,513 shares during the last quarter. 71.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Paychex

In related news, VP Michael E. Gioja sold 13,744 shares of the business’s stock in a transaction dated Wednesday, December 28th. The stock was sold at an average price of $115.30, for a total value of $1,584,683.20. Following the completion of the transaction, the vice president now owns 33,268 shares of the company’s stock, valued at $3,835,800.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 11.50% of the stock is owned by insiders.

Paychex Trading Down 0.1 %

Shares of Paychex stock opened at $108.24 on Wednesday. The stock has a market cap of $39.02 billion, a PE ratio of 26.73, a PEG ratio of 3.38 and a beta of 0.98. The firm has a 50-day moving average of $114.87 and a 200-day moving average of $116.88. Paychex, Inc. has a 52-week low of $105.66 and a 52-week high of $141.92. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.30 and a current ratio of 1.30.

Paychex (NASDAQ:PAYX – Get Rating) last posted its quarterly earnings results on Thursday, December 22nd. The business services provider reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.04. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.18 billion. Paychex had a return on equity of 45.50% and a net margin of 30.45%. Paychex’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 earnings per share. As a group, sell-side analysts forecast that Paychex, Inc. will post 4.25 EPS for the current year.

Paychex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 23rd. Investors of record on Thursday, February 9th were paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date was Wednesday, February 8th. Paychex’s dividend payout ratio (DPR) is presently 78.02%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Moffett Nathanson boosted their target price on shares of Paychex to $130.00 in a report on Friday, December 2nd. Barclays reduced their price objective on shares of Paychex from $110.00 to $105.00 and set an “underweight” rating for the company in a research report on Monday. Evercore ISI reduced their price objective on shares of Paychex from $117.00 to $114.00 in a research report on Tuesday, December 27th. JPMorgan Chase & Co. reduced their price objective on shares of Paychex from $121.00 to $119.00 and set an “underweight” rating for the company in a research report on Friday, December 23rd. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Paychex from $123.00 to $116.00 in a research report on Tuesday, January 3rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $123.69.

Paychex Profile

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Paychex, Inc engages in the provision of human capital management solutions for payroll, human resources, insurance and retirement for small and medium-sized businesses. Its solutions include payroll services, hiring services, business insurance, time and attendance, employee benefits, finance and payments, human resources services and startup services.