Paychex, Inc. (PAYX) Receives Consensus Recommendation of “Hold” from Analysts
Shares of Paychex, Inc. (NASDAQ:PAYX) have been given a consensus recommendation of “Hold” by the fourteen ratings firms that are currently covering the firm. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $59.17.
Several research firms have issued reports on PAYX. Royal Bank of Canada set a $55.00 price objective on shares of Paychex and gave the stock a “sell” rating in a research note on Saturday, January 21st. BMO Capital Markets decreased their price objective on shares of Paychex from $61.00 to $60.00 and set a “market perform” rating for the company in a research note on Thursday, March 30th. Finally, Jefferies Group LLC reissued a “sell” rating and set a $50.00 target price on shares of Paychex in a research report on Tuesday, March 21st.
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In related news, Director Grant M. Inman sold 10,654 shares of the company’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $57.75, for a total value of $615,268.50. Following the sale, the director now directly owns 32,514 shares of the company’s stock, valued at $1,877,683.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mark Anthony Bottini sold 35,000 shares of the company’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $60.01, for a total transaction of $2,100,350.00. Following the completion of the sale, the vice president now directly owns 47,007 shares in the company, valued at $2,820,890.07. The disclosure for this sale can be found here. Over the last three months, insiders have sold 64,654 shares of company stock worth $3,827,829. Corporate insiders own 11.60% of the company’s stock.
A number of hedge funds have recently bought and sold shares of PAYX. LMR Partners LLP boosted its stake in Paychex by 32.0% in the third quarter. LMR Partners LLP now owns 22,314 shares of the business services provider’s stock valued at $1,291,000 after buying an additional 5,406 shares in the last quarter. Physicians Financial Services Inc. boosted its stake in Paychex by 2.5% in the third quarter. Physicians Financial Services Inc. now owns 4,100 shares of the business services provider’s stock valued at $237,000 after buying an additional 100 shares in the last quarter. Wade G W & Inc. boosted its stake in Paychex by 2.2% in the third quarter. Wade G W & Inc. now owns 95,193 shares of the business services provider’s stock valued at $5,509,000 after buying an additional 2,022 shares in the last quarter. Mizuho Trust & Banking Co. Ltd. boosted its stake in Paychex by 0.6% in the third quarter. Mizuho Trust & Banking Co. Ltd. now owns 497,987 shares of the business services provider’s stock valued at $28,819,000 after buying an additional 3,157 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in Paychex during the third quarter valued at about $1,201,000. 69.28% of the stock is currently owned by hedge funds and other institutional investors.
Paychex (NASDAQ:PAYX) traded up 0.89% during midday trading on Monday, reaching $57.64. 646,441 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $58.75 and its 200 day moving average is $59.36. The firm has a market capitalization of $20.71 billion, a P/E ratio of 26.20 and a beta of 0.86. Paychex has a 52 week low of $51.09 and a 52 week high of $63.03.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, March 29th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.01. Paychex had a net margin of 25.40% and a return on equity of 41.00%. The company had revenue of $795.80 million during the quarter, compared to the consensus estimate of $799.08 million. During the same period in the previous year, the firm earned $0.50 earnings per share. Paychex’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, analysts expect that Paychex will post $2.23 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 25th. Stockholders of record on Wednesday, May 10th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Monday, May 8th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.22%. Paychex’s payout ratio is currently 85.58%.
Paychex Company Profile
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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