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 stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total value of $2,364,371.01. Following the completion of the sale, the insider now owns 63,374 shares in the company, valued at approximately $4,367,102.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Paychex, Inc. (PAYX) traded up $0.80 on Friday, reaching $67.66. The company’s stock had a trading volume of 2,017,295 shares, compared to its average volume of 2,118,555. Paychex, Inc. has a 52 week low of $54.20 and a 52 week high of $70.39. The stock has a market capitalization of $24,290.00, a price-to-earnings ratio of 29.04, a PEG ratio of 3.71 and a beta of 0.99.

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

PAYX has been the topic of a number of recent analyst reports. Royal Bank of Canada reiterated a “sell” rating and issued a $57.00 target price on shares of Paychex in a research note on Wednesday, November 15th. Bank of America raised their price target on Paychex from $68.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, December 5th. BidaskClub upgraded Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Citigroup upgraded Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target on the stock in a research note on Monday, December 4th. Finally, Wells Fargo & Co raised their price target on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. Paychex has an average rating of “Hold” and a consensus target price of $62.10.

A number of hedge funds and other institutional investors have recently modified their holdings of PAYX. Salem Investment Counselors Inc. boosted its holdings in Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after acquiring an additional 11 shares in the last quarter. Sun Life Financial INC boosted its holdings in Paychex by 23,260.0% in the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after acquiring an additional 2,326 shares in the last quarter. San Francisco Sentry Investment Group CA acquired a new stake in Paychex in the second quarter worth about $145,000. Bank of Nova Scotia Trust Co. acquired a new stake in Paychex in the third quarter worth about $188,000. Finally, Yorktown Management & Research Co Inc acquired a new stake in Paychex in the third quarter worth about $210,000. 67.85% of the stock is owned by institutional investors and hedge funds.

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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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