Paychex, Inc. (NASDAQ:PAYX) saw some unusual options trading on Monday. Stock investors acquired 5,490 call options on the stock. This is an increase of approximately 642% compared to the average daily volume of 740 call options.
In related news, VP John B. Gibson sold 6,000 shares of Paychex stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total transaction of $382,200.00. Following the sale, the vice president now directly owns 21,758 shares in the company, valued at $1,385,984.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jennifer R. Vossler sold 11,155 shares of the firm’s stock in a transaction on Friday, October 6th. The stock was sold at an average price of $63.07, for a total value of $703,545.85. The disclosure for this sale can be found here. In the last three months, insiders sold 79,395 shares of company stock valued at $5,014,383. Insiders own 11.70% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Salem Investment Counselors Inc. increased its stake in Paychex by 0.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after buying an additional 11 shares in the last quarter. Dupont Capital Management Corp purchased a new position in shares of Paychex during the second quarter valued at about $129,000. Sun Life Financial INC grew its position in shares of Paychex by 23,260.0% during the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after purchasing an additional 2,326 shares in the last quarter. San Francisco Sentry Investment Group CA purchased a new position in shares of Paychex during the second quarter valued at about $145,000. Finally, Bank of Nova Scotia Trust Co. purchased a new position in shares of Paychex during the third quarter valued at about $188,000. Institutional investors and hedge funds own 67.82% of the company’s stock.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, meeting the consensus estimate of $0.59. The firm had revenue of $826.50 million for the quarter, compared to analysts’ expectations of $823.48 million. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The company’s revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.56 EPS. research analysts forecast that Paychex will post 2.38 EPS for the current fiscal year.
PAYX has been the subject of several research analyst reports. BidaskClub lowered Paychex from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 22nd. Stifel Nicolaus reissued a “hold” rating and set a $68.00 price objective on shares of Paychex in a research note on Friday, December 22nd. Bank of America lifted their price target on Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, December 5th. Citigroup raised Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target for the company in a research note on Monday, December 4th. Finally, Royal Bank of Canada reissued a “sell” rating and issued a $57.00 target price on shares of Paychex in a research note on Wednesday, November 15th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $61.87.
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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