Traders Purchase Large Volume of Paychex Call Options (PAYX)

Paychex, Inc. (NASDAQ:PAYX) saw unusually large options trading on Monday. Traders purchased 5,490 call options on the stock. This is an increase of approximately 642% compared to the average daily volume of 740 call options.

Several research firms have recently commented on PAYX. Stifel Nicolaus restated a “hold” rating and set a $61.00 price target on shares of Paychex in a research report on Friday, August 18th. Bank of America raised their price target on Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday. Citigroup upgraded Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target for the company in a research report on Monday. BMO Capital Markets restated a “market perform” rating and set a $62.00 price target (up from $60.00) on shares of Paychex in a research report on Wednesday, October 4th. Finally, Robert W. Baird restated a “hold” rating and set a $64.00 price target on shares of Paychex in a research report on Wednesday, October 4th. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $61.19.

Paychex (PAYX) opened at $68.41 on Thursday. The stock has a market capitalization of $24,294.25, a price-to-earnings ratio of 29.78, a P/E/G ratio of 3.66 and a beta of 0.99. Paychex has a fifty-two week low of $54.20 and a fifty-two week high of $68.67.

Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. Paychex’s revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business posted $0.60 earnings per share. analysts expect that Paychex will post 2.38 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were issued a $0.50 dividend. The ex-dividend date was Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a yield of 2.92%. Paychex’s dividend payout ratio (DPR) is presently 87.34%.

In other news, VP Laurie L. Zaucha sold 15,000 shares of the firm’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $60.00, for a total transaction of $900,000.00. Following the completion of the transaction, the vice president now directly owns 51,360 shares in the company, valued at $3,081,600. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP John B. Gibson sold 6,000 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total value of $382,200.00. Following 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. In the last three months, insiders have sold 94,395 shares of company stock valued at $5,914,383. 11.70% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. raised its stake in Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares in the last quarter. Dupont Capital Management Corp acquired a new stake in Paychex in the second quarter valued at $129,000. Sun Life Financial INC raised its stake in Paychex by 23,260.0% in the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares in the last quarter. San Francisco Sentry Investment Group CA acquired a new stake in Paychex in the second quarter valued at $145,000. Finally, Bank of Nova Scotia Trust Co. acquired a new stake in Paychex in the third quarter valued at $188,000. Hedge funds and other institutional investors own 68.02% of the company’s stock.

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Paychex Company Profile

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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