Insider Selling: Paychex, Inc. (PAYX) CEO Sells 29,786 Shares of Stock
Paychex, Inc. (NASDAQ:PAYX) CEO Martin Mucci sold 29,786 shares of the business’s stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total value of $1,881,581.62. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.
Martin Mucci also recently made the following trade(s):
- On Thursday, July 13th, Martin Mucci sold 30,000 shares of Paychex stock. The shares were sold at an average price of $57.04, for a total value of $1,711,200.00.
Paychex, Inc. (PAYX) traded up 0.09% on Tuesday, hitting $63.71. The stock had a trading volume of 2,561,490 shares. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $64.08. The company has a 50-day moving average of $58.51 and a 200 day moving average of $58.20. The company has a market cap of $22.90 billion, a PE ratio of 28.32 and a beta of 0.98.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share. On average, analysts predict that Paychex, Inc. will post $2.38 EPS for the current fiscal year.
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A number of research analysts recently issued reports on PAYX shares. Bank of America Corporation boosted their price objective on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. Morgan Stanley upgraded Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective for the company in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus reiterated a “hold” rating and set a $61.00 price objective on shares of Paychex in a research note on Friday, August 18th. Robert W. Baird reiterated a “hold” rating and set a $64.00 price objective on shares of Paychex in a research note on Wednesday, October 4th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $60.00 price objective on shares of Paychex in a research note on Thursday, June 29th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $60.07.
Large investors have recently modified their holdings of the company. Salem Investment Counselors Inc. boosted its stake in shares of Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after acquiring an additional 11 shares during the last quarter. Dupont Capital Management Corp acquired a new stake in shares of Paychex in the second quarter worth approximately $129,000. Sun Life Financial INC boosted its stake in shares of Paychex by 23,260.0% in the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after acquiring an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA acquired a new stake in shares of Paychex in the second quarter worth approximately $145,000. Finally, Kernodle & Katon Asset Management Group LLC boosted its stake in shares of 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 worth $186,000 after acquiring an additional 867 shares during the last quarter. 67.31% of the stock is currently owned by hedge funds and other institutional investors.
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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