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%.
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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