Insider Selling: Stephanie L. Schaeffer Sells 1,470 Shares of Paychex Stock (PAYX)
Paychex (NASDAQ:PAYX) Insider Stephanie L. Schaeffer sold 1,470 shares of the company’s stock on the open market in a transaction dated Thursday, July 10th. The shares were sold at an average price of $41.74, for a total value of $61,357.80. Following the completion of the sale, the insider now directly owns 33,626 shares in the company, valued at approximately $1,403,549. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Paychex (NASDAQ:PAYX) traded up 0.01% on Friday, hitting $41.92. 1,428,476 shares of the company’s stock traded hands. Paychex has a 52-week low of $36.80 and a 52-week high of $45.95. The stock’s 50-day moving average is $41.25 and its 200-day moving average is $41.91. The company has a market cap of $15.217 billion and a P/E ratio of 24.51.
Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, July 1st. The company reported $0.40 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.40. The company had revenue of $639.00 million for the quarter, compared to the consensus estimate of $617.35 million. During the same quarter in the prior year, the company posted $0.38 earnings per share. The company’s quarterly revenue was up 9.2% on a year-over-year basis. On average, analysts predict that Paychex will post $1.84 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 15th. Investors of record on Friday, August 1st will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.63%. The ex-dividend date is Wednesday, July 30th. This is an increase from Paychex’s previous quarterly dividend of $0.35.
Several analysts have recently commented on the stock. Analysts at Goldman Sachs initiated coverage on shares of Paychex in a research note on Tuesday. They set a “conviction-buy” rating on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Paychex in a research note on Thursday, July 3rd. They now have a $40.00 price target on the stock, up previously from $38.00. Finally, analysts at Citigroup Inc. reiterated an “in-line” rating on shares of Paychex in a research note on Thursday, July 3rd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $41.00.
Paychex, Inc is a provider of payroll, human resource, and benefits outsourcing solutions for small to medium-sized businesses.
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