Insider Selling: Paychex, Inc. (PAYX) CEO Sells 30,000 Shares of Stock
Paychex, Inc. (NASDAQ:PAYX) CEO Martin Mucci sold 30,000 shares of Paychex stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the sale, the chief executive officer now directly owns 237,754 shares of the company’s stock, valued at approximately $13,561,488.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Martin Mucci also recently made the following trade(s):
- On Sunday, July 9th, Martin Mucci sold 33,294 shares of Paychex stock. The shares were sold at an average price of $57.40, for a total transaction of $1,911,075.60.
Paychex, Inc. (NASDAQ PAYX) traded down 0.17% during midday trading on Friday, reaching $57.10. 1,382,741 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $58.87 and its 200 day moving average is $59.90. The firm has a market capitalization of $20.52 billion, a P/E ratio of 25.38 and a beta of 0.96. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.03.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business had revenue of $799 million for the quarter, compared to analysts’ expectations of $797.70 million. During the same period in the previous year, the company posted $0.49 earnings per share. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, analysts expect that Paychex, Inc. will post $2.37 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Tuesday, August 1st will be given a dividend of $0.50 per share. This is a boost from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date is Friday, July 28th.
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PAYX has been the subject of several research analyst reports. BidaskClub downgraded shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Jefferies Group LLC reissued a “sell” rating and set a $50.00 price objective on shares of Paychex in a report on Tuesday, March 21st. Robert W. Baird cut their price objective on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, June 30th. Wedbush reissued a “neutral” rating and set a $61.25 price objective (down from $65.00) on shares of Paychex in a report on Tuesday, June 6th. Finally, Morgan Stanley cut their price objective on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a report on Friday, June 30th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. Paychex presently has a consensus rating of “Hold” and an average price target of $59.16.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Parkside Financial Bank & Trust boosted its stake in Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after buying an additional 564 shares in the last quarter. Kernodle & Katon Asset Management Group LLC boosted its stake in Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after buying an additional 867 shares in the last quarter. Koshinski Asset Management Inc. bought a new stake in Paychex during the second quarter valued at about $201,000. Denver Investment Advisors LLC boosted its stake in Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock valued at $223,000 after buying an additional 271 shares in the last quarter. Finally, King Wealth Management Group LLC boosted its stake in Paychex by 0.8% in the first quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock valued at $223,000 after buying an additional 30 shares in the last quarter. 68.46% of the stock is currently owned by institutional investors and hedge funds.
Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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