Paychex, Inc. (NASDAQ:PAYX) – Investment analysts at Wedbush reduced their FY2017 earnings per share estimates for Paychex in a report released on Monday. Wedbush analyst M. Katri now expects that the business services provider will earn $2.23 per share for the year, down from their previous estimate of $2.25. Wedbush currently has a “Neutral” rating and a $61.25 target price on the stock.

PAYX has been the subject of a number of other reports. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $68.00 to $64.00 in a research report on Tuesday. BMO Capital Markets lowered their price objective on Paychex from $61.00 to $60.00 and set a “market perform” rating for the company in a research report on Thursday, March 30th. Finally, Jefferies Group LLC reiterated a “sell” rating and issued a $50.00 price objective on shares of Paychex in a research report on Tuesday, March 21st. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $58.52.

Earnings History and Estimates for Paychex (NASDAQ:PAYX)

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Shares of Paychex (NASDAQ:PAYX) opened at 60.01 on Wednesday. The firm has a market capitalization of $21.56 billion, a P/E ratio of 27.28 and a beta of 0.96. The firm has a 50-day moving average of $58.80 and a 200-day moving average of $59.95. Paychex has a one year low of $52.78 and a one year high of $63.03.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, March 29th. The business services provider reported $0.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.01. Paychex had a net margin of 25.75% and a return on equity of 42.04%. 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 prior year, the company earned $0.50 EPS. Paychex’s revenue was up 5.7% on a year-over-year basis.

The business also recently announced a quarterly dividend, which was paid on Thursday, May 25th. Shareholders of record on Wednesday, May 10th were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Monday, May 8th. Paychex’s dividend payout ratio (DPR) is currently 85.58%.

In other Paychex news, VP Jennifer R. Vossler sold 10,000 shares of the firm’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $58.76, for a total transaction of $587,600.00. Following the transaction, the vice president now owns 33,483 shares in the company, valued at $1,967,461.08. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Grant M. Inman sold 10,654 shares of the firm’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $57.75, for a total value of $615,268.50. Following the transaction, the director now owns 32,514 shares in the company, valued at approximately $1,877,683.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,654 shares of company stock worth $3,827,829. Company insiders own 11.60% of the company’s stock.

Institutional investors have recently modified their holdings of the company. CWA Asset Management Group LLC boosted its position in shares of Paychex by 25.4% in the fourth quarter. CWA Asset Management Group LLC now owns 21,727 shares of the business services provider’s stock worth $1,323,000 after buying an additional 4,397 shares during the period. FMR LLC boosted its position in shares of Paychex by 37.8% in the fourth quarter. FMR LLC now owns 9,278,073 shares of the business services provider’s stock worth $564,848,000 after buying an additional 2,545,554 shares during the period. Federated Investors Inc. PA boosted its position in shares of Paychex by 16,187.0% in the fourth quarter. Federated Investors Inc. PA now owns 1,419,085 shares of the business services provider’s stock worth $86,394,000 after buying an additional 1,410,372 shares during the period. Glenview Trust Co bought a new position in shares of Paychex during the fourth quarter worth about $557,000. Finally, Aspiriant LLC boosted its position in shares of Paychex by 2.9% in the fourth quarter. Aspiriant LLC now owns 10,022 shares of the business services provider’s stock worth $610,000 after buying an additional 282 shares during the period. Hedge funds and other institutional investors own 68.51% of the company’s stock.

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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