Traders Buy Paychex (PAYX) on Weakness
Traders purchased shares of Paychex, Inc. (NASDAQ:PAYX) on weakness during trading hours on Tuesday. $48.12 million flowed into the stock on the tick-up and $21.41 million flowed out of the stock on the tick-down, for a money net flow of $26.71 million into the stock. Of all companies tracked, Paychex had the 19th highest net in-flow for the day. Paychex traded down ($0.77) for the day and closed at $67.31
A number of equities research analysts recently issued reports on the company. Stifel Nicolaus reissued a “hold” rating and set a $68.00 price target on shares of Paychex in a research report on Friday, December 22nd. BidaskClub downgraded Paychex from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 22nd. BMO Capital Markets reissued a “market perform” rating and set a $62.00 price target (up previously from $60.00) on shares of Paychex in a research report on Wednesday, October 4th. Robert W. Baird reissued a “hold” rating and set a $64.00 price target on shares of Paychex in a research report on Wednesday, October 4th. Finally, Morgan Stanley restated an “equal weight” rating and set a $59.00 target price (up from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the stock. Paychex currently has a consensus rating of “Hold” and a consensus price target of $61.87.
The company has a market cap of $24,160.00, a P/E ratio of 28.89, a price-to-earnings-growth ratio of 3.70 and a beta of 0.99.
In other news, CEO Martin Mucci sold 29,786 shares of the stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $63.17, for a total value of $1,881,581.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John B. Gibson sold 6,000 shares of the stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total value of $382,200.00. Following the completion of the transaction, the vice president now owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The disclosure for this sale can be found here. Insiders sold a total of 64,395 shares of company stock valued at $4,084,383 over the last quarter. 11.70% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in PAYX. Salem Investment Counselors Inc. raised its position in Paychex by 0.6% during the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after purchasing an additional 11 shares during the last quarter. Sun Life Financial INC raised its position in Paychex by 23,260.0% during the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after purchasing an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA bought a new position in Paychex during the 2nd quarter worth $145,000. Bank of Nova Scotia Trust Co. bought a new position in Paychex during the 3rd quarter worth $188,000. Finally, Yorktown Management & Research Co Inc bought a new position in Paychex during the 3rd quarter worth $210,000. Institutional investors own 67.85% of the company’s stock.
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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