Paychex, Inc. (NASDAQ:PAYX) – Analysts at William Blair dropped their Q1 2019 earnings per share estimates for Paychex in a research note issued to investors on Thursday, June 28th. William Blair analyst T. Mchugh now anticipates that the business services provider will post earnings of $0.65 per share for the quarter, down from their previous estimate of $0.68. William Blair also issued estimates for Paychex’s Q2 2019 earnings at $0.63 EPS, Q4 2019 earnings at $0.67 EPS, FY2019 earnings at $2.83 EPS, Q1 2020 earnings at $0.69 EPS, Q2 2020 earnings at $0.68 EPS, Q3 2020 earnings at $0.94 EPS, Q4 2020 earnings at $0.72 EPS and FY2020 earnings at $3.03 EPS.
A number of other equities research analysts have also recently commented on the company. Morgan Stanley lifted their target price on Paychex from $66.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Thursday. Robert W. Baird lifted their target price on Paychex from $67.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday. Wells Fargo & Co lifted their target price on Paychex from $64.00 to $67.00 and gave the stock a “market perform” rating in a research note on Thursday. Citigroup lifted their target price on Paychex from $64.00 to $67.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Stifel Nicolaus lifted their target price on Paychex from $66.00 to $69.00 and gave the stock a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Paychex has an average rating of “Hold” and a consensus target price of $67.40.
Paychex opened at $68.35 on Friday, according to Marketbeat Ratings. The firm has a market cap of $24.03 billion, a PE ratio of 26.80, a price-to-earnings-growth ratio of 2.87 and a beta of 1.00. Paychex has a one year low of $54.20 and a one year high of $73.10.
Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 27th. The business services provider reported $0.61 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.01). The business had revenue of $871.10 million for the quarter, compared to the consensus estimate of $868.60 million. Paychex had a return on equity of 44.29% and a net margin of 27.62%. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.54 earnings per share.
In related news, Director Joseph M. Velli sold 3,079 shares of Paychex stock in a transaction dated Friday, May 18th. The stock was sold at an average price of $65.00, for a total value of $200,135.00. Following the completion of the sale, the director now owns 29,013 shares of the company’s stock, valued at approximately $1,885,845. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 11.70% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Pitcairn Co. purchased a new stake in Paychex in the 4th quarter worth about $291,000. Brown Advisory Inc. increased its holdings in Paychex by 7.7% in the 4th quarter. Brown Advisory Inc. now owns 42,321 shares of the business services provider’s stock worth $2,881,000 after acquiring an additional 3,019 shares during the last quarter. Geode Capital Management LLC increased its holdings in Paychex by 3.2% in 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 acquiring an additional 129,431 shares during the last quarter. Banco de Sabadell S.A purchased a new stake in Paychex in the 4th quarter worth about $1,913,000. Finally, Amalgamated Bank increased its holdings in Paychex by 9.6% in the 4th quarter. Amalgamated Bank now owns 42,452 shares of the business services provider’s stock worth $2,890,000 after acquiring an additional 3,718 shares during the last quarter. 68.48% of the stock is owned by institutional investors.
Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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