Paychex Insider Sells $49,373 in Stock (PAYX)
Paychex (NASDAQ:PAYX) Insider Stephanie L. Schaeffer sold 1,184 shares of the stock on the open market in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $41.70, for a total value of $49,372.80. Following the transaction, the insider now directly owns 33,626 shares in the company, valued at approximately $1,402,204. The transaction was disclosed in a document filed with the SEC, which is available at this link.
A number of research firms have recently commented on PAYX. Analysts at Goldman Sachs initiated coverage on shares of Paychex in a research note on Tuesday, July 8th. 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 assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $41.00.
Paychex (NASDAQ:PAYX) opened at 42.21 on Monday. 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 $41.29 and its 200-day moving average is $41.89. The company has a market cap of $15.322 billion and a P/E ratio of 24.51.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, July 1st. The company reported $0.40 earnings per share for the quarter, meeting the analysts’ 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 last year, the company posted $0.38 earnings per share. Paychex’s revenue was up 9.2% compared to the same quarter last year. 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. Shareholders 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 a positive change from Paychex’s previous quarterly dividend of $0.35.
Paychex, Inc is a provider of payroll, human resource, and benefits outsourcing solutions for small to medium-sized businesses.
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