Insider Selling: Paychex, Inc. (PAYX) VP Sells 6,000 Shares of Stock
Paychex, Inc. (NASDAQ:PAYX) VP John B. Gibson sold 6,000 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total transaction of $382,200.00. Following the completion of the sale, the vice president now owns 21,758 shares of the company’s stock, valued at approximately $1,385,984.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The business had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The company’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.60 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date is Tuesday, October 31st. Paychex’s dividend payout ratio is presently 87.34%.
Large investors have recently bought and sold shares of the company. Salem Investment Counselors Inc. raised its position 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 valued at $102,000 after buying an additional 11 shares during the last quarter. Dupont Capital Management Corp acquired a new position in Paychex during the second quarter worth approximately $129,000. Sun Life Financial INC increased its position in Paychex by 23,260.0% during the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after purchasing an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA acquired a new position in Paychex during the second quarter worth approximately $145,000. Finally, Kernodle & Katon Asset Management Group LLC increased its position in Paychex by 37.7% during 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 purchasing an additional 867 shares during the last quarter. 67.13% of the stock is owned by institutional investors and hedge funds.
A number of analysts have commented on PAYX shares. Bank of America Corporation increased their price objective on shares of Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Royal Bank Of Canada reiterated an “underperform” rating and issued a $57.00 price objective (up previously from $54.00) on shares of Paychex in a report on Wednesday, October 4th. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. William Blair downgraded shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $59.00 price objective (up previously from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $60.07.
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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