Paychex, Inc. (PAYX) Issues Earnings Results, Beats Estimates By $0.02 EPS
Paychex, Inc. (NASDAQ:PAYX) issued its quarterly earnings data on Tuesday. The business services provider reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02, Bloomberg Earnings reports. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The firm had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. During the same period in the prior year, the business earned $0.60 EPS. The firm’s revenue was up 4.0% on a year-over-year basis.
Paychex (NASDAQ PAYX) opened at 61.99 on Wednesday. Paychex has a 1-year low of $52.78 and a 1-year high of $63.03. The company’s 50 day moving average is $57.62 and its 200-day moving average is $58.16. The firm has a market cap of $22.28 billion, a price-to-earnings ratio of 27.55 and a beta of 0.98.
A number of equities research analysts have issued reports on the company. Morgan Stanley upgraded Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price on the stock in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus restated a “hold” rating and set a $61.00 price target on shares of Paychex in a research report on Friday, August 18th. BMO Capital Markets restated a “hold” rating and set a $60.00 price target on shares of Paychex in a research report on Thursday, June 29th. Robert W. Baird reaffirmed a “hold” rating and issued a $64.00 price objective on shares of Paychex in a report on Wednesday. Finally, William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $59.27.
In related news, CEO Martin Mucci sold 33,294 shares of the company’s stock in a transaction dated Sunday, July 9th. The shares were sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the transaction, the chief executive officer now owns 254,618 shares in the company, valued at approximately $14,615,073.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joseph M. Tucci sold 6,000 shares of the stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $57.82, for a total transaction of $346,920.00. Following the sale, the director now directly owns 53,621 shares in the company, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 107,497 shares of company stock valued at $6,200,889. 11.70% of the stock is currently owned by corporate insiders.
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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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