Insider Selling: Paychex, Inc. (PAYX) Insider Sells 34,311 Shares of Stock

Paychex, Inc. (NASDAQ:PAYX) insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total value of $2,364,371.01. Following the completion of the transaction, the insider now directly owns 63,374 shares in the company, valued at $4,367,102.34. The transaction was disclosed in a filing with the SEC, which is available at this link.

Paychex, Inc. (NASDAQ:PAYX) traded down $0.21 during midday trading on Friday, hitting $68.71. The stock had a trading volume of 1,743,955 shares, compared to its average volume of 1,964,939. The company has a market cap of $24,670.00, a PE ratio of 29.49, a price-to-earnings-growth ratio of 3.71 and a beta of 0.99. Paychex, Inc. has a 12-month low of $54.20 and a 12-month high of $70.39.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, meeting the consensus estimate of $0.59. The firm had revenue of $826.50 million for the quarter, compared to analysts’ expectations of $823.48 million. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The company’s revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.56 EPS. research analysts anticipate that Paychex, Inc. will post 2.38 earnings per share for the current fiscal year.

Several equities analysts recently issued reports on PAYX shares. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a research report on Thursday, December 7th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $68.00 price objective on shares of Paychex in a research report on Friday, December 22nd. Robert W. Baird reaffirmed a “hold” rating and issued a $64.00 price objective on shares of Paychex in a research report on Wednesday, October 4th. Bank of America upped their price objective on Paychex from $68.00 to $73.00 and gave the company a “buy” rating in a research report on Tuesday, December 5th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $62.00 price objective (up from $60.00) on shares of Paychex in a research report on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the stock. Paychex presently has a consensus rating of “Hold” and a consensus target price of $61.87.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PAYX. Oppenheimer Asset Management Inc. lifted its holdings in shares of Paychex by 18.8% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 23,713 shares of the business services provider’s stock valued at $1,350,000 after buying an additional 3,755 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Paychex by 0.3% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,754 shares of the business services provider’s stock valued at $1,353,000 after buying an additional 64 shares during the period. Synovus Financial Corp lifted its holdings in shares of Paychex by 8.0% during the 2nd quarter. Synovus Financial Corp now owns 9,699 shares of the business services provider’s stock valued at $552,000 after buying an additional 722 shares during the period. Freestone Capital Holdings LLC lifted its holdings in shares of Paychex by 9.6% during the 2nd quarter. Freestone Capital Holdings LLC now owns 60,474 shares of the business services provider’s stock valued at $3,443,000 after buying an additional 5,291 shares during the period. Finally, Schroder Investment Management Group lifted its holdings in shares of Paychex by 1.2% during the 2nd quarter. Schroder Investment Management Group now owns 1,004,219 shares of the business services provider’s stock valued at $56,929,000 after buying an additional 11,462 shares during the period. 67.82% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Insider Buying and Selling by Quarter for Paychex (NASDAQ:PAYX)

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