Paychex (NASDAQ:PAYX) Director Joseph Tucci Sells 3,907 Shares of Stock

Paychex, Inc. (NASDAQ:PAYX) Director Joseph Tucci sold 3,907 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $98.25, for a total transaction of $383,862.75. Following the sale, the director directly owned 67,364 shares of the company’s stock, valued at approximately $6,618,513. This trade represents a 5.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Paychex Stock Performance

Shares of NASDAQ:PAYX opened at $98.33 on Wednesday. The company’s 50 day simple moving average is $95.90 and its 200 day simple moving average is $98.86. The stock has a market capitalization of $35.23 billion, a price-to-earnings ratio of 20.11 and a beta of 0.84. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 1.26. Paychex, Inc. has a 1 year low of $85.45 and a 1 year high of $148.76.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.01. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The company’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. As a group, research analysts predict that Paychex, Inc. will post 5.96 EPS for the current fiscal year.

Paychex Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Wednesday, May 13th were given a dividend of $1.19 per share. The ex-dividend date was Wednesday, May 13th. This represents a $4.76 annualized dividend and a dividend yield of 4.8%. This is an increase from Paychex’s previous quarterly dividend of $1.08. Paychex’s dividend payout ratio is currently 97.34%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Robert W. Baird decreased their target price on Paychex from $148.00 to $125.00 and set a “neutral” rating on the stock in a research report on Thursday, March 26th. Wells Fargo & Company reduced their price target on shares of Paychex from $116.00 to $95.00 and set an “underweight” rating on the stock in a research note on Thursday, March 26th. Argus raised shares of Paychex to a “strong-buy” rating in a report on Friday, March 27th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paychex in a research report on Thursday, May 28th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research note on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $105.80.

Institutional Trading of Paychex

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Redwood Investment Management LLC grew its holdings in Paychex by 27.9% during the 1st quarter. Redwood Investment Management LLC now owns 8,385 shares of the business services provider’s stock worth $772,000 after acquiring an additional 1,827 shares during the last quarter. Ballast Advisors LLC bought a new position in shares of Paychex during the first quarter valued at $64,000. Western Wealth Management LLC acquired a new position in shares of Paychex during the first quarter worth $1,174,000. Pacer Advisors Inc. lifted its holdings in shares of Paychex by 773.0% during the first quarter. Pacer Advisors Inc. now owns 1,321,663 shares of the business services provider’s stock worth $121,752,000 after purchasing an additional 1,170,277 shares during the period. Finally, Shariaportfolio Inc. bought a new stake in shares of Paychex in the first quarter worth $276,000. 83.47% of the stock is currently owned by institutional investors.

Paychex Company Profile

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.