A number of other research analysts have also recently issued reports on the stock. Sanford C. Bernstein cut shares of Paychex from a market perform rating to an underperform rating in a report on Tuesday, April 30th. William Blair reaffirmed a market perform rating on shares of Paychex in a report on Thursday, June 27th. Finally, Bank of America cut shares of Paychex from a neutral rating to an underperform rating in a report on Wednesday, June 26th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $75.08.
Paychex stock traded up $0.05 during mid-day trading on Wednesday, reaching $83.93. The company had a trading volume of 1,869,924 shares, compared to its average volume of 1,641,982. Paychex has a 1 year low of $61.32 and a 1 year high of $88.43. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.17 and a quick ratio of 1.17. The company has a market cap of $29.84 billion, a P/E ratio of 29.55, a P/E/G ratio of 2.99 and a beta of 0.86. The business’s 50-day simple moving average is $85.19.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 1st will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.95%. Paychex’s dividend payout ratio (DPR) is 87.32%.
In other news, Director David J. S. Flaschen sold 18,154 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $84.74, for a total transaction of $1,538,369.96. Following the completion of the transaction, the director now directly owns 34,223 shares of the company’s stock, valued at approximately $2,900,057.02. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Martin Mucci sold 19,759 shares of the firm’s stock in a transaction that occurred on Saturday, July 6th. The stock was sold at an average price of $85.31, for a total transaction of $1,685,640.29. Following the transaction, the chief executive officer now directly owns 280,170 shares of the company’s stock, valued at $23,901,302.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,735 shares of company stock valued at $9,592,477. Corporate insiders own 11.80% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of PAYX. Liberty Wealth Management LLC acquired a new stake in Paychex during the fourth quarter worth approximately $25,000. FinTrust Capital Advisors LLC boosted its position in Paychex by 64.9% during the first quarter. FinTrust Capital Advisors LLC now owns 310 shares of the business services provider’s stock worth $25,000 after acquiring an additional 122 shares during the last quarter. Glassman Wealth Services boosted its position in Paychex by 125.0% during the first quarter. Glassman Wealth Services now owns 306 shares of the business services provider’s stock worth $25,000 after acquiring an additional 170 shares during the last quarter. TCI Wealth Advisors Inc. boosted its position in Paychex by 404.8% during the first quarter. TCI Wealth Advisors Inc. now owns 318 shares of the business services provider’s stock worth $26,000 after acquiring an additional 255 shares during the last quarter. Finally, Ellevest Inc. acquired a new stake in Paychex during the first quarter worth approximately $27,000. 69.52% of the stock is owned by institutional investors and hedge funds.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company 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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