FY2018 EPS Estimates for Paychex, Inc. (PAYX) Lifted by Wedbush

Paychex, Inc. (NASDAQ:PAYX) – Research analysts at Wedbush raised their FY2018 EPS estimates for shares of Paychex in a research note issued to investors on Tuesday. Wedbush analyst M. Katri now anticipates that the business services provider will post earnings per share of $2.37 for the year, up from their prior estimate of $2.36. Wedbush also issued estimates for Paychex’s Q1 2019 earnings at $0.64 EPS, Q2 2019 earnings at $0.64 EPS, Q3 2019 earnings at $0.64 EPS, Q4 2019 earnings at $0.64 EPS and FY2019 earnings at $2.56 EPS.

A number of other brokerages also recently issued reports on PAYX. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $60.00 price target (down previously from $62.00) on shares of Paychex in a report on Friday, June 30th. Morgan Stanley dropped their price target on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a report on Friday, June 30th. Robert W. Baird dropped their price target on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, June 30th. Stifel Nicolaus reaffirmed a “hold” rating and set a $61.00 price target on shares of Paychex in a report on Friday, August 18th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $62.00 price target (up previously from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $60.07.

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Shares of Paychex (NASDAQ:PAYX) traded up 0.43% on Wednesday, reaching $63.30. The company had a trading volume of 528,197 shares. Paychex has a 52-week low of $52.78 and a 52-week high of $64.75. The firm has a market capitalization of $22.75 billion, a PE ratio of 28.13 and a beta of 0.98. The company has a 50-day moving average price of $60.01 and a 200-day moving average price of $58.39.

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

Large investors have recently modified their holdings of the business. Salem Investment Counselors Inc. lifted its holdings in Paychex by 0.6% during the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after purchasing an additional 11 shares in the last quarter. Dupont Capital Management Corp purchased a new position in Paychex during the second quarter valued at approximately $129,000. Sun Life Financial INC lifted its holdings in 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 Paychex during the second quarter valued at approximately $145,000. Finally, Kernodle & Katon Asset Management Group LLC lifted its holdings in Paychex by 37.7% during the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after purchasing an additional 867 shares in the last quarter. 67.36% of the stock is currently owned by institutional investors and hedge funds.

In other Paychex news, VP Laurie L. Zaucha sold 15,000 shares of Paychex stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $62.00, for a total transaction of $930,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Martin Mucci sold 29,786 shares of Paychex stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total transaction of $1,881,581.62. The disclosure for this sale can be found here. In the last three months, insiders sold 88,395 shares of company stock worth $5,532,183. 11.70% of the stock is currently owned by insiders.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Tuesday, October 31st. Paychex’s payout ratio is 87.34%.

About Paychex

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.

Earnings History and Estimates for Paychex (NASDAQ:PAYX)

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