Paychex, Inc. Expected to Earn Q3 2018 Earnings of $0.58 Per Share (NASDAQ:PAYX)

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.

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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.

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Earnings History and Estimates for Paychex (NASDAQ:PAYX)

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