Paychex, Inc. (NASDAQ:PAYX) VP Jennifer R. Vossler sold 6,000 shares of the stock in a transaction that occurred on Friday, January 18th. The shares were sold at an average price of $69.37, for a total transaction of $416,220.00. Following the completion of the sale, the vice president now directly owns 27,701 shares in the company, valued at $1,921,618.37. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.
NASDAQ:PAYX traded up $0.61 during mid-day trading on Friday, hitting $75.78. 2,835,690 shares of the company’s stock traded hands, compared to its average volume of 2,050,406. The company has a market capitalization of $27.21 billion, a P/E ratio of 29.72, a price-to-earnings-growth ratio of 3.01 and a beta of 0.99. Paychex, Inc. has a 1 year low of $59.36 and a 1 year high of $76.02.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, December 19th. The business services provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. The business had revenue of $858.90 million during the quarter, compared to the consensus estimate of $860.61 million. Paychex had a net margin of 27.99% and a return on equity of 41.61%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.59 earnings per share. As a group, sell-side analysts predict that Paychex, Inc. will post 2.86 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, February 15th. Investors of record on Friday, February 1st were issued a $0.56 dividend. The ex-dividend date was Thursday, January 31st. This represents a $2.24 dividend on an annualized basis and a yield of 2.96%. Paychex’s payout ratio is 87.84%.
A number of institutional investors have recently added to or reduced their stakes in the stock. Clifford Swan Investment Counsel LLC lifted its position in shares of Paychex by 2.3% during the fourth quarter. Clifford Swan Investment Counsel LLC now owns 6,580 shares of the business services provider’s stock worth $429,000 after purchasing an additional 145 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Paychex by 12.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,376 shares of the business services provider’s stock worth $89,000 after purchasing an additional 154 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Paychex by 2.0% during the fourth quarter. Nuveen Asset Management LLC now owns 8,174 shares of the business services provider’s stock worth $533,000 after purchasing an additional 163 shares in the last quarter. Lincoln National Corp lifted its position in shares of Paychex by 1.2% during the fourth quarter. Lincoln National Corp now owns 13,847 shares of the business services provider’s stock worth $902,000 after purchasing an additional 166 shares in the last quarter. Finally, CWM LLC lifted its position in shares of Paychex by 14.4% during the fourth quarter. CWM LLC now owns 1,376 shares of the business services provider’s stock worth $90,000 after purchasing an additional 173 shares in the last quarter. Hedge funds and other institutional investors own 71.23% of the company’s stock.
A number of research analysts recently commented on the stock. Bank of America raised shares of Paychex from an “underperform” rating to a “neutral” rating and increased their target price for the company from $64.00 to $68.00 in a research report on Tuesday, January 8th. They noted that the move was a valuation call. BMO Capital Markets reaffirmed a “market perform” rating on shares of Paychex in a research report on Thursday, December 20th. BidaskClub upgraded shares of Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 22nd. Finally, Barclays began coverage on shares of Paychex in a research note on Wednesday, November 14th. They set an “equal weight” rating and a $70.00 price target for the company. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $72.60.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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