Burke & Herbert Bank & Trust Co. Sells 160 Shares of Paychex, Inc. (NASDAQ:PAYX)

Posted by admin on Mar 19th, 2023

Burke & Herbert Bank & Trust Co. lowered its stake in shares of Paychex, Inc. (NASDAQ:PAYX – Get Rating) by 3.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,852 shares of the business services provider’s stock after selling 160 shares during the quarter. Burke & Herbert Bank & Trust Co.’s holdings in Paychex were worth $561,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in PAYX. Karp Capital Management Corp bought a new stake in Paychex during the third quarter valued at about $25,000. Legend Financial Advisors Inc. bought a new stake in Paychex during the third quarter valued at about $26,000. SRS Capital Advisors Inc. boosted its position in Paychex by 52.1% during the second quarter. SRS Capital Advisors Inc. now owns 292 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 100 shares in the last quarter. Old North State Trust LLC bought a new stake in Paychex during the third quarter valued at about $34,000. Finally, Wagner Wealth Management LLC bought a new stake in Paychex during the second quarter valued at about $42,000. Institutional investors own 71.14% of the company’s stock.

Paychex Trading Down 1.0 %

Shares of NASDAQ:PAYX opened at $107.53 on Friday. Paychex, Inc. has a 52-week low of $105.66 and a 52-week high of $141.92. The stock has a market cap of $38.76 billion, a price-to-earnings ratio of 26.55, a PEG ratio of 3.41 and a beta of 0.98. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average price of $114.36 and a 200-day moving average price of $116.57.

Paychex (NASDAQ:PAYX – Get Rating) last announced its quarterly earnings data on Thursday, December 22nd. The business services provider reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.04. Paychex had a return on equity of 45.50% and a net margin of 30.45%. The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the business posted $0.91 earnings per share. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. Equities analysts predict 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 given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.94%. The ex-dividend date was Wednesday, February 8th. Paychex’s dividend payout ratio is currently 78.02%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Barclays lowered their price target on Paychex from $110.00 to $105.00 and set an “underweight” rating for the company in a report on Monday, March 13th. Jefferies Financial Group lowered their price target on Paychex from $130.00 to $120.00 and set a “hold” rating for the company in a report on Thursday, December 22nd. Deutsche Bank Aktiengesellschaft lowered their price target on Paychex from $123.00 to $116.00 in a report on Tuesday, January 3rd. Moffett Nathanson raised their price target on Paychex to $130.00 in a report on Friday, December 2nd. Finally, Citigroup lowered their price target on Paychex from $131.00 to $119.00 in a report on Friday, December 23rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $123.69.

Insider Activity at Paychex

In related news, VP Michael E. Gioja sold 13,744 shares of Paychex stock in a transaction that occurred on Wednesday, December 28th. The stock was sold at an average price of $115.30, for a total transaction of $1,584,683.20. Following the completion of the transaction, the vice president now directly owns 33,268 shares in the company, valued at $3,835,800.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 11.50% of the stock is owned by company insiders.

About Paychex

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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.