Paychex, Inc. (NASDAQ:PAYX) CFO Efrain Rivera sold 3,902 shares of Paychex stock in a transaction on Friday, July 6th. The stock was sold at an average price of $69.79, for a total value of $272,320.58. Following the sale, the chief financial officer now directly owns 57,008 shares of the company’s stock, valued at $3,978,588.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Paychex opened at $70.37 on Friday, Marketbeat.com reports. The stock has a market cap of $24.98 billion, a price-to-earnings ratio of 28.38, a price-to-earnings-growth ratio of 2.99 and a beta of 0.99. Paychex, Inc. has a 1-year low of $54.20 and a 1-year high of $73.10.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, June 27th. The business services provider reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.01). The firm 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 business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.54 earnings per share. equities analysts predict that Paychex, Inc. will post 2.84 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 23rd. Stockholders of record on Wednesday, August 1st will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.18%. Paychex’s dividend payout ratio (DPR) is 87.84%.
PAYX has been the subject of a number of analyst reports. BidaskClub raised Paychex from a “hold” rating to a “buy” rating in a research note on Friday, May 18th. ValuEngine upgraded Paychex from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. Barclays reduced their target price on Paychex from $75.00 to $70.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 27th. Morgan Stanley reduced their target price on Paychex from $68.00 to $66.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 27th. Finally, Stifel Nicolaus lifted their target price on Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a report on Thursday, June 28th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $67.40.
Institutional investors have recently modified their holdings of the company. Clarus Wealth Advisors bought a new stake in shares of Paychex in the second quarter valued at about $109,000. Summit Trail Advisors LLC lifted its holdings in shares of Paychex by 17,216.0% in the first quarter. Summit Trail Advisors LLC now owns 116,537 shares of the business services provider’s stock valued at $117,000 after purchasing an additional 115,864 shares in the last quarter. Avestar Capital LLC bought a new stake in shares of Paychex in the fourth quarter valued at about $126,000. Financial Gravity Wealth Inc. bought a new stake in shares of Paychex in the first quarter valued at about $137,000. Finally, Silvant Capital Management LLC bought a new stake in shares of Paychex in the first quarter valued at about $158,000. Institutional investors own 68.48% of the company’s stock.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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