Paychex (NASDAQ:PAYX) Sees Unusually-High Trading Volume

Shares of Paychex, Inc. (NASDAQ:PAYXGet Rating) saw unusually-high trading volume on Friday . Approximately 168,887 shares traded hands during mid-day trading, a decline of 88% from the previous session’s volume of 1,417,610 shares.The stock last traded at $126.69 and had previously closed at $125.23.

Analyst Ratings Changes

PAYX has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Paychex from $145.00 to $123.00 and set a “hold” rating on the stock in a report on Thursday, June 30th. Jefferies Financial Group lowered their price target on shares of Paychex from $140.00 to $130.00 in a report on Monday, May 23rd. Barclays lowered their price target on shares of Paychex from $140.00 to $127.00 and set an “equal weight” rating on the stock in a report on Thursday, June 30th. Cowen lowered their price target on shares of Paychex from $140.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, June 30th. Finally, Citigroup lowered their price target on shares of Paychex from $145.00 to $125.00 and set a “neutral” rating on the stock in a report on Thursday, July 7th. Ten investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $130.75.

Paychex Trading Up 1.3 %

The business’s fifty day simple moving average is $125.61 and its 200 day simple moving average is $125.30. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.26. The stock has a market cap of $45.70 billion, a P/E ratio of 33.03, a price-to-earnings-growth ratio of 4.03 and a beta of 1.00.

Paychex (NASDAQ:PAYXGet Rating) last issued its quarterly earnings data on Wednesday, June 29th. The business services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. Paychex had a net margin of 30.20% and a return on equity of 43.65%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the firm earned $0.72 EPS. The company’s revenue was up 9.7% on a year-over-year basis. As a group, analysts expect that Paychex, Inc. will post 4.14 EPS for the current year.

Paychex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 25th. Shareholders of record on Thursday, August 11th were given a dividend of $0.79 per share. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $3.16 dividend on an annualized basis and a yield of 2.49%. Paychex’s payout ratio is presently 82.29%.

Insider Buying and Selling at Paychex

In other Paychex news, VP Michael E. Gioja sold 1,227 shares of the company’s stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $117.81, for a total transaction of $144,552.87. Following the transaction, the vice president now directly owns 51,122 shares in the company, valued at approximately $6,022,682.82. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Paychex news, CFO Efrain Rivera sold 30,866 shares of the company’s stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $116.13, for a total transaction of $3,584,468.58. Following the transaction, the chief financial officer now directly owns 86,031 shares in the company, valued at approximately $9,990,780.03. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael E. Gioja sold 1,227 shares of the stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $117.81, for a total transaction of $144,552.87. Following the completion of the sale, the vice president now owns 51,122 shares in the company, valued at $6,022,682.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 90,837 shares of company stock worth $10,539,336. Company insiders own 11.50% of the company’s stock.

Institutional Trading of Paychex

A number of hedge funds have recently modified their holdings of PAYX. Rather & Kittrell Inc. acquired a new stake in shares of Paychex in the 4th quarter valued at approximately $25,000. MCF Advisors LLC acquired a new stake in shares of Paychex in the 1st quarter valued at approximately $25,000. Heritage Financial Services LLC acquired a new stake in shares of Paychex in the 2nd quarter valued at approximately $26,000. Clear Investment Research LLC acquired a new stake in Paychex during the 1st quarter worth approximately $27,000. Finally, Princeton Global Asset Management LLC acquired a new stake in Paychex during the 1st quarter worth approximately $27,000. 71.80% of the stock is currently owned by institutional investors and hedge funds.

Paychex Company Profile

(Get Rating)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It 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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