Insider Selling: Paychex (PAYX) Insider Sells $6,779,300.00 in Stock

Paychex (NASDAQ:PAYX) insider Michael E. Gioja sold 110,000 shares of Paychex stock in a transaction on Thursday, March 29th. The shares were sold at an average price of $61.63, for a total value of $6,779,300.00. Following the sale, the insider now directly owns 170,974 shares of the company’s stock, valued at approximately $10,537,127.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

NASDAQ PAYX opened at $61.59 on Friday. Paychex has a twelve month low of $54.20 and a twelve month high of $73.10. The stock has a market cap of $22,127.75, a price-to-earnings ratio of 28.00, a PEG ratio of 3.16 and a beta of 0.96.

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Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Monday, March 26th. The business services provider reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.01. Paychex had a return on equity of 43.42% and a net margin of 27.22%. The business had revenue of $866.50 million for the quarter, compared to the consensus estimate of $853.99 million. During the same quarter last year, the business posted $0.55 earnings per share. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. equities research analysts forecast that Paychex will post 2.49 EPS for the current fiscal year.

Several research firms recently issued reports on PAYX. BidaskClub lowered Paychex from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Stifel Nicolaus reissued a “hold” rating and set a $66.00 price objective (down previously from $68.00) on shares of Paychex in a research note on Tuesday, March 27th. Bank of America lowered Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price objective for the company. in a research note on Tuesday, January 9th. Morgan Stanley dropped their price objective on Paychex from $68.00 to $66.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 27th. Finally, Citigroup dropped their price objective on Paychex from $67.00 to $64.00 and set a “neutral” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and an average target price of $64.44.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. American International Group Inc. raised its position in Paychex by 1,975.5% during the fourth quarter. American International Group Inc. now owns 7,203,048 shares of the business services provider’s stock valued at $490,384,000 after purchasing an additional 6,856,001 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Paychex by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 4,134,880 shares of the business services provider’s stock worth $281,020,000 after buying an additional 129,431 shares during the period. UBS Asset Management Americas Inc. increased its holdings in shares of Paychex by 0.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 2,147,293 shares of the business services provider’s stock worth $146,188,000 after buying an additional 16,395 shares during the period. Legal & General Group Plc increased its holdings in shares of Paychex by 4.0% in the third quarter. Legal & General Group Plc now owns 2,029,653 shares of the business services provider’s stock worth $121,718,000 after buying an additional 78,937 shares during the period. Finally, Swiss National Bank increased its holdings in shares of Paychex by 1.6% in the fourth quarter. Swiss National Bank now owns 1,882,803 shares of the business services provider’s stock worth $128,181,000 after buying an additional 29,500 shares during the period. Institutional investors and hedge funds own 68.71% of the company’s stock.

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About Paychex

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.

Insider Buying and Selling by Quarter for Paychex (NASDAQ:PAYX)

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