Paychex (NASDAQ:PAYX) – Analysts at Wedbush reduced their FY2018 earnings estimates for Paychex in a research note issued to investors on Wednesday, April 18th. Wedbush analyst M. Katri now expects that the business services provider will earn $2.51 per share for the year, down from their prior estimate of $2.53. Wedbush also issued estimates for Paychex’s Q4 2018 earnings at $0.67 EPS.
A number of other equities research analysts have also recently commented on the stock. Bank of America cut shares of Paychex from a “buy” rating to a “neutral” rating and set a $73.00 target price for the company. in a report on Tuesday, January 9th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $68.00 target price on shares of Paychex in a report on Friday, December 22nd. BidaskClub cut shares of Paychex from a “strong-buy” rating to a “buy” rating in a report on Friday, December 22nd. Royal Bank of Canada raised shares of Paychex from an “underperform” rating to a “sector perform” rating and set a $63.00 target price for the company in a report on Monday, April 2nd. They noted that the move was a valuation call. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $70.00 target price on shares of Paychex in a report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $64.94.
NASDAQ PAYX opened at $60.34 on Friday. Paychex has a 1 year low of $54.20 and a 1 year high of $73.10. The firm has a market capitalization of $21,926.58, a price-to-earnings ratio of 27.43, a P/E/G ratio of 3.14 and a beta of 0.98.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Monday, March 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.01. Paychex had a net margin of 27.22% and a return on equity of 43.42%. The company had revenue of $866.50 million during the quarter, compared to the consensus estimate of $853.99 million. During the same quarter in the prior year, the firm posted $0.55 earnings per share. Paychex’s revenue for the quarter was up 8.9% on a year-over-year basis.
In related news, insider Michael E. Gioja sold 110,000 shares of the stock in a transaction dated Thursday, March 29th. The shares were sold at an average price of $61.63, for a total transaction of $6,779,300.00. Following the completion of the transaction, the insider now directly owns 170,974 shares of the company’s stock, valued at $10,537,127.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Field & Main Bank purchased a new position in Paychex during the fourth quarter worth about $101,000. Acadian Asset Management LLC purchased a new position in Paychex during the fourth quarter worth about $109,000. Financial Gravity Companies Inc. purchased a new position in Paychex during the fourth quarter worth about $127,000. Avestar Capital LLC purchased a new position in Paychex during the fourth quarter worth about $126,000. Finally, Calton & Associates Inc. purchased a new position in Paychex during the fourth quarter worth about $151,000. 68.66% of the stock is owned by hedge funds and other institutional investors.
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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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