Paychex, Inc. (NASDAQ:PAYX) has earned a consensus recommendation of “Hold” from the fourteen analysts that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $62.77.
Several research analysts recently commented on PAYX shares. Stifel Nicolaus reiterated a “hold” rating and issued a $68.00 price target on shares of Paychex in a research note on Friday, December 22nd. BMO Capital Markets reiterated a “hold” rating and issued a $70.00 price target on shares of Paychex in a research note on Wednesday, January 24th. BidaskClub upgraded Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Bank of America upped their price objective on Paychex from $68.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, December 5th. Finally, Citigroup upgraded Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price objective on the stock in a research note on Monday, December 4th.
Paychex (PAYX) traded down $0.29 during trading hours on Friday, hitting $66.11. The company had a trading volume of 1,080,272 shares, compared to its average volume of 2,204,845. Paychex has a fifty-two week low of $54.20 and a fifty-two week high of $73.10. The firm has a market capitalization of $23,940.00, a PE ratio of 28.37, a price-to-earnings-growth ratio of 3.52 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.59. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The business had revenue of $826.50 million for the quarter, compared to analysts’ expectations of $823.48 million. During the same quarter in the previous year, the firm posted $0.56 earnings per share. The company’s revenue was up 7.1% compared to the same quarter last year. equities research analysts expect that Paychex will post 2.4 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.03%. The ex-dividend date was Wednesday, January 31st. Paychex’s payout ratio is currently 85.84%.
In other Paychex news, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total transaction of $682,900.00. Following the sale, the vice president now owns 31,578 shares in the company, valued at $2,156,461.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total value of $2,364,371.01. Following the sale, the insider now owns 63,374 shares in the company, valued at approximately $4,367,102.34. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in shares of Paychex by 0.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,901,485 shares of the business services provider’s stock worth $473,772,000 after purchasing an additional 64,254 shares during the period. American International Group Inc. raised its position in shares of Paychex by 1,975.5% during the 4th quarter. American International Group Inc. now owns 7,203,048 shares of the business services provider’s stock worth $490,384,000 after purchasing an additional 6,856,001 shares during the period. Geode Capital Management LLC raised its position in shares of Paychex by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 4,134,880 shares of the business services provider’s stock worth $281,020,000 after purchasing an additional 129,431 shares during the period. UBS Asset Management Americas Inc. raised its position in shares of Paychex by 0.8% during the 4th quarter. UBS Asset Management Americas Inc. now owns 2,147,293 shares of the business services provider’s stock worth $146,188,000 after purchasing an additional 16,395 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Paychex by 4.0% during the 3rd quarter. Legal & General Group Plc now owns 2,029,653 shares of the business services provider’s stock worth $121,718,000 after purchasing an additional 78,937 shares during the period. Institutional investors and hedge funds own 68.74% of the company’s stock.
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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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