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Joseph Velli, a director at Paychex Inc . (NASDAQ:PAYX), a $52.42 billion market cap company with impressive 72% gross profit margins, recently sold shares amounting to $544,762. The sale, which took place on April 15, involved 3,650 shares at $149.25 each. This transaction was part of a sell-to-cover exercise, with shares sold to cover the option exercise price and taxes, while Velli retained the remaining shares. According to InvestingPro analysis, the stock is currently trading above its Fair Value.
On the same day, Velli also acquired 11,489 shares through the exercise of stock options, valued at approximately $544,923, at an exercise price of $47.43 per share. Following these transactions, Velli holds a total of 78,455 shares directly. InvestingPro data reveals the company maintains strong financial health with 14 additional key insights available to subscribers, including detailed valuation metrics and growth indicators.
In other recent news, Paychex has completed its acquisition of Paycor (NASDAQ:PYCR) HCM for $4.1 billion in an all-cash transaction. This merger is expected to enhance Paychex’s technology and service capabilities, providing a comprehensive human capital management solution and potentially unlocking new revenue streams. In addition, Paychex has announced a $4.2 billion senior notes offering, with the proceeds primarily intended to finance the Paycor acquisition. The notes are divided into tranches with varying interest rates and maturities, set to conclude around April 2025, pending customary closing conditions.
TD Cowen maintained its Hold rating on Paychex shares, citing the company’s commendable cost management and the expected contribution of the Paycor acquisition to financial results by fiscal year 2026. Despite a downward revision in certain service guidance, Paychex has managed to perform well amidst economic uncertainties. The firm set a price target of $147, reflecting confidence in Paychex’s operational performance and resilience. These developments highlight Paychex’s strategic efforts to strengthen its market position and secure long-term financial stability.
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