Insider Selling: Paychex, Inc. (PAYX) CEO Sells 33,294 Shares of Stock

Paychex, Inc. (NASDAQ:PAYX) CEO Martin Mucci sold 33,294 shares of the stock in a transaction dated Sunday, July 9th. The stock was sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the completion of the sale, the chief executive officer now directly owns 254,618 shares in the company, valued at $14,615,073.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Martin Mucci also recently made the following trade(s):

  • On Thursday, July 13th, Martin Mucci sold 30,000 shares of Paychex stock. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00.

Paychex, Inc. (NASDAQ PAYX) traded up 0.02% during mid-day trading on Friday, hitting $57.20. The stock had a trading volume of 1,937,649 shares. The stock’s 50-day moving average price is $58.50 and its 200-day moving average price is $59.49. Paychex, Inc. has a 12 month low of $52.78 and a 12 month high of $63.03. The stock has a market cap of $20.56 billion, a price-to-earnings ratio of 25.42 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The firm had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS. On average, analysts predict that Paychex, Inc. will post $2.37 earnings per share for the current year.

The business 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. The ex-dividend date is Friday, July 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.50%. This is an increase from Paychex’s previous quarterly dividend of $0.46.

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Several research analysts recently weighed in on the stock. Goldman Sachs Group, Inc. (The) cut shares of Paychex from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. Wedbush restated a “neutral” rating and issued a $61.25 price objective (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. BMO Capital Markets decreased their price objective on shares of Paychex from $61.00 to $60.00 and set a “market perform” rating on the stock in a research report on Thursday, March 30th. William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday. Finally, BidaskClub cut shares of Paychex from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 1st. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the company’s stock. Paychex has a consensus rating of “Hold” and a consensus target price of $59.16.

Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock valued at $1,514,786,000 after buying an additional 24,825,695 shares in the last quarter. Ameriprise Financial Inc. increased its position in Paychex by 23.8% in the first quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock valued at $248,742,000 after buying an additional 813,930 shares in the last quarter. JPMorgan Chase & Co. increased its position in Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock valued at $59,014,000 after buying an additional 759,973 shares in the last quarter. Morgan Stanley increased its position in Paychex by 27.5% in the first quarter. Morgan Stanley now owns 2,786,888 shares of the business services provider’s stock valued at $164,149,000 after buying an additional 601,496 shares in the last quarter. Finally, FMR LLC increased its position in Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock valued at $581,112,000 after buying an additional 588,027 shares in the last quarter. 68.51% of the stock is currently owned by hedge funds and other institutional investors.

About Paychex

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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