Insider Selling: Paychex, Inc. (PAYX) VP Sells 15,000 Shares of Stock
Paychex, Inc. (NASDAQ:PAYX) VP Laurie L. Zaucha sold 15,000 shares of the stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $62.00, for a total value of $930,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Paychex, Inc. (NASDAQ PAYX) traded up 1.00% on Wednesday, reaching $62.61. The company’s stock had a trading volume of 3,108,272 shares. The firm has a market capitalization of $22.50 billion, a PE ratio of 27.83 and a beta of 0.98. The stock’s 50 day moving average is $57.62 and its 200-day moving average is $58.16. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $63.06.
Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The business had revenue of $816.80 million for the quarter, compared to the consensus estimate of $816.34 million. During the same period last year, the business earned $0.60 earnings per share. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. Analysts predict that Paychex, Inc. will post $2.38 EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Intl Fcstone Inc. acquired a new stake in Paychex during the second quarter worth about $1,335,000. Navellier & Associates Inc grew its position in Paychex by 3.1% during the second quarter. Navellier & Associates Inc now owns 24,636 shares of the business services provider’s stock worth $1,403,000 after buying an additional 743 shares in the last quarter. Toronto Dominion Bank grew its position in Paychex by 31.2% during the second quarter. Toronto Dominion Bank now owns 117,056 shares of the business services provider’s stock worth $6,664,000 after buying an additional 27,820 shares in the last quarter. Oak Associates Ltd. OH grew its position in Paychex by 15.0% during the second quarter. Oak Associates Ltd. OH now owns 169,185 shares of the business services provider’s stock worth $9,633,000 after buying an additional 22,100 shares in the last quarter. Finally, Cetera Investment Advisers acquired a new stake in Paychex during the second quarter worth about $872,000. 67.31% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on PAYX shares. BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Robert W. Baird reiterated a “hold” rating and issued a $64.00 target price on shares of Paychex in a research note on Wednesday. Wedbush reiterated a “neutral” rating and issued a $61.25 target price (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Morgan Stanley upgraded Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price for the company in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $61.00 target price on shares of Paychex in a research note on Friday, August 18th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $60.07.
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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