Equities research analysts forecast that Paychex, Inc. (NASDAQ:PAYX) will announce $0.65 earnings per share for the current fiscal quarter, according to Zacks. Twelve analysts have provided estimates for Paychex’s earnings. The lowest EPS estimate is $0.64 and the highest is $0.68. Paychex reported earnings of $0.62 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 4.8%. The company is expected to report its next quarterly earnings report on Tuesday, October 2nd.
According to Zacks, analysts expect that Paychex will report full year earnings of $2.84 per share for the current financial year, with EPS estimates ranging from $2.83 to $2.86. For the next year, analysts expect that the firm will report earnings of $3.07 per share, with EPS estimates ranging from $3.01 to $3.19. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Paychex.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 27th. The business services provider reported $0.61 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.01). The company had revenue of $871.10 million during the quarter, compared to analyst estimates of $868.60 million. Paychex had a net margin of 27.62% and a return on equity of 44.29%. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 EPS.
Several research firms have recently commented on PAYX. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a report on Friday, August 10th. Wolfe Research began coverage on Paychex in a report on Tuesday, July 17th. They issued a “market perform” rating for the company. Robert W. Baird increased their price objective on Paychex from $67.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, June 28th. ValuEngine raised Paychex from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. Finally, Morgan Stanley increased their price objective on Paychex from $66.00 to $67.00 and gave the company an “equal weight” rating in a report on Thursday, June 28th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $68.42.
Shares of NASDAQ PAYX traded up $0.18 during trading hours on Thursday, hitting $72.52. The company had a trading volume of 95,331 shares, compared to its average volume of 1,797,857. The company has a market cap of $25.96 billion, a PE ratio of 28.44, a PEG ratio of 3.11 and a beta of 0.94. Paychex has a 1-year low of $54.86 and a 1-year high of $73.10.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 23rd. Shareholders of record on Wednesday, August 1st will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.09%. The ex-dividend date is Tuesday, July 31st. Paychex’s dividend payout ratio is 87.84%.
In other Paychex news, Director David J. S. Flaschen sold 6,250 shares of the firm’s stock in a transaction on Monday, July 30th. The stock was sold at an average price of $69.62, for a total transaction of $435,125.00. Following the completion of the sale, the director now owns 32,787 shares of the company’s stock, valued at approximately $2,282,630.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Mark Anthony Bottini sold 3,179 shares of the firm’s stock in a transaction on Friday, July 6th. The shares were sold at an average price of $69.79, for a total value of $221,862.41. Following the sale, the vice president now directly owns 50,740 shares of the company’s stock, valued at approximately $3,541,144.60. The disclosure for this sale can be found here. Insiders have sold a total of 201,309 shares of company stock valued at $14,126,179 in the last ninety days. Insiders own 11.70% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Aperio Group LLC increased its position in Paychex by 7.6% during the 2nd quarter. Aperio Group LLC now owns 225,572 shares of the business services provider’s stock worth $15,418,000 after buying an additional 15,961 shares during the period. Clinton Group Inc. increased its position in Paychex by 23.4% during the 2nd quarter. Clinton Group Inc. now owns 54,411 shares of the business services provider’s stock worth $3,719,000 after buying an additional 10,320 shares during the period. IFM Investors Pty Ltd increased its position in Paychex by 46.7% during the 2nd quarter. IFM Investors Pty Ltd now owns 14,179 shares of the business services provider’s stock worth $969,000 after buying an additional 4,515 shares during the period. Pinnacle Financial Partners Inc. increased its position in Paychex by 114.5% during the 2nd quarter. Pinnacle Financial Partners Inc. now owns 9,514 shares of the business services provider’s stock worth $650,000 after buying an additional 5,078 shares during the period. Finally, Hourglass Capital LLC increased its position in Paychex by 11.9% during the 1st quarter. Hourglass Capital LLC now owns 97,429 shares of the business services provider’s stock worth $6,001,000 after buying an additional 10,330 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.
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 Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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