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.
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.
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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