Paychex, Inc. (NASDAQ:PAYX) VP John B. Gibson sold 47,250 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total value of $3,472,875.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Shares of PAYX stock traded up $0.79 during trading on Thursday, hitting $74.61. The company had a trading volume of 1,807,100 shares, compared to its average volume of 2,160,760. The stock has a market cap of $26.30 billion, a P/E ratio of 28.84, a price-to-earnings-growth ratio of 3.15 and a beta of 0.96. Paychex, Inc. has a one year low of $56.82 and a one year high of $74.74.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, June 27th. The business services provider reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.01). The company had revenue of $871.10 million during the quarter, compared to the consensus estimate of $868.60 million. Paychex had a net margin of 27.62% and a return on equity of 44.29%. The company’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 earnings per share. equities research analysts predict that Paychex, Inc. will post 2.84 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 23rd. Investors of record on Wednesday, August 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.00%. The ex-dividend date was Tuesday, July 31st. Paychex’s dividend payout ratio (DPR) is currently 87.84%.
Several hedge funds have recently modified their holdings of PAYX. Daiwa Securities Group Inc. raised its position in Paychex by 9.9% during the first quarter. Daiwa Securities Group Inc. now owns 10,881 shares of the business services provider’s stock valued at $670,000 after purchasing an additional 976 shares in the last quarter. Oppenheimer & Co. Inc. raised its position in Paychex by 146.5% during the first quarter. Oppenheimer & Co. Inc. now owns 18,709 shares of the business services provider’s stock valued at $1,152,000 after purchasing an additional 11,118 shares in the last quarter. SG Americas Securities LLC raised its position in Paychex by 170.2% during the first quarter. SG Americas Securities LLC now owns 37,428 shares of the business services provider’s stock valued at $2,305,000 after purchasing an additional 23,575 shares in the last quarter. Mackay Shields LLC acquired a new position in Paychex during the first quarter valued at approximately $3,315,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Paychex by 123.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 150,353 shares of the business services provider’s stock valued at $9,260,000 after purchasing an additional 82,960 shares in the last quarter. Institutional investors and hedge funds own 66.94% of the company’s stock.
PAYX has been the subject of a number of research analyst reports. BidaskClub cut Paychex from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 31st. Guggenheim initiated coverage on Paychex in a report on Monday, August 20th. They set a “neutral” rating and a $75.00 price objective for the company. Stifel Nicolaus boosted their price objective on Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a report on Thursday, June 28th. Credit Suisse Group initiated coverage on Paychex in a report on Friday, August 10th. They set a “neutral” rating and a $72.00 price objective for the company. Finally, Citigroup boosted their price target on Paychex from $64.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday, June 28th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $68.42.
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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