Paychex, Inc. (NASDAQ:PAYX) – Wedbush decreased their Q3 2018 earnings per share estimates for Paychex in a report released on Thursday, according to Zacks Investment Research. Wedbush analyst M. Katri now expects that the business services provider will post earnings of $0.58 per share for the quarter, down from their prior estimate of $0.59. Wedbush also issued estimates for Paychex’s Q4 2018 earnings at $0.57 EPS, Q1 2019 earnings at $0.66 EPS and Q4 2019 earnings at $0.62 EPS.
A number of other equities research analysts have also commented on the company. BidaskClub lowered Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday. Bank of America lowered Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price target for the company. in a research report on Tuesday. BMO Capital Markets reissued a “market perform” rating and issued a $62.00 price target (up from $60.00) on shares of Paychex in a research report on Wednesday, October 4th. Robert W. Baird reissued a “hold” rating and issued a $64.00 price target on shares of Paychex in a research report on Wednesday, October 4th. Finally, Citigroup reissued a “sell” rating and issued a $53.00 price target on shares of Paychex in a research report on Monday, October 2nd. Two analysts have rated the stock with a sell rating and thirteen have issued a hold rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and an average price target of $61.87.
Shares of Paychex (PAYX) traded down $0.28 during trading hours on Monday, hitting $67.54. The stock had a trading volume of 1,883,700 shares, compared to its average volume of 2,121,443. Paychex has a one year low of $54.20 and a one year high of $70.39. The firm has a market capitalization of $24,250.00, a price-to-earnings ratio of 28.99, a price-to-earnings-growth ratio of 3.71 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last issued its earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.59. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The company had revenue of $826.50 million for the quarter, compared to analyst estimates of $823.48 million. During the same period in the prior year, the firm earned $0.56 earnings per share. Paychex’s revenue for the quarter was up 7.1% on a year-over-year basis.
Several hedge funds have recently bought and sold shares of PAYX. Janus Henderson Group PLC grew its stake in shares of Paychex by 4,105.7% during the 2nd quarter. Janus Henderson Group PLC now owns 1,830,532 shares of the business services provider’s stock worth $104,230,000 after acquiring an additional 1,787,007 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Paychex by 2,391.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,362,988 shares of the business services provider’s stock worth $77,609,000 after acquiring an additional 1,308,288 shares during the period. FMR LLC grew its stake in shares of Paychex by 6.2% during the 2nd quarter. FMR LLC now owns 10,476,188 shares of the business services provider’s stock worth $596,514,000 after acquiring an additional 610,088 shares during the period. Vanguard Group Inc. grew its stake in shares of Paychex by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 23,043,348 shares of the business services provider’s stock worth $1,312,089,000 after acquiring an additional 589,880 shares during the period. Finally, Koch Industries Inc. grew its stake in shares of Paychex by 13,529.1% during the 2nd quarter. Koch Industries Inc. now owns 560,975 shares of the business services provider’s stock worth $551,000 after acquiring an additional 556,859 shares during the period. Institutional investors own 67.85% of the company’s stock.
In other news, insider Michael E. Gioja sold 34,311 shares of the firm’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the completion of the sale, the insider now directly owns 63,374 shares of the company’s stock, valued at approximately $4,367,102.34. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP John B. Gibson sold 6,000 shares of the firm’s 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 sale, the vice president now directly owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The disclosure for this sale can be found here. Company insiders own 11.70% of the company’s stock.
TRADEMARK VIOLATION WARNING: This story was originally posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this story on another website, it was illegally copied and reposted in violation of US and international copyright and trademark laws. The original version of this story can be read at https://www.dispatchtribunal.com/2018/01/11/brokers-offer-predictions-for-paychex-inc-s-q3-2018-earnings-payx.html.
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.
Get a free copy of the Zacks research report on Paychex (PAYX)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.