Paychex, Inc. (NASDAQ:PAYX) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its position in Paychex, Inc. (NASDAQ:PAYX) by 6.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 122,311 shares of the business services provider’s stock after selling 8,112 shares during the quarter. Corebridge Financial Inc.’s holdings in Paychex were worth $17,150,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Thrivent Financial for Lutherans raised its stake in shares of Paychex by 0.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 30,548 shares of the business services provider’s stock valued at $4,099,000 after acquiring an additional 285 shares during the period. Quest Partners LLC acquired a new stake in shares of Paychex in the third quarter valued at about $36,000. Larson Financial Group LLC raised its holdings in shares of Paychex by 23.6% during the 3rd quarter. Larson Financial Group LLC now owns 613 shares of the business services provider’s stock valued at $82,000 after buying an additional 117 shares during the period. Summit Trail Advisors LLC lifted its position in Paychex by 52.1% during the 3rd quarter. Summit Trail Advisors LLC now owns 8,505 shares of the business services provider’s stock worth $1,141,000 after acquiring an additional 2,914 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in Paychex by 10.5% in the 3rd quarter. Daiwa Securities Group Inc. now owns 76,916 shares of the business services provider’s stock worth $10,321,000 after acquiring an additional 7,334 shares during the period. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Trading Up 1.3 %

Shares of NASDAQ:PAYX opened at $144.83 on Tuesday. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.20. The company’s 50-day moving average price is $147.86 and its 200 day moving average price is $142.89. The company has a market cap of $52.15 billion, a PE ratio of 30.49, a P/E/G ratio of 4.10 and a beta of 0.98. Paychex, Inc. has a fifty-two week low of $114.72 and a fifty-two week high of $158.37.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 27th. Shareholders of record on Friday, February 7th were paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 2.71%. The ex-dividend date was Friday, February 7th. Paychex’s payout ratio is currently 82.53%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Barclays raised their price target on shares of Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, December 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $148.00 target price on shares of Paychex in a research note on Friday, December 20th. Finally, UBS Group boosted their price target on Paychex from $152.00 to $155.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat, Paychex currently has an average rating of “Hold” and an average price target of $133.23.

About Paychex

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.