Q4 2018 EPS Estimates for Paychex, Inc. Cut by Analyst (PAYX)
Paychex, Inc. (NASDAQ:PAYX) – Equities research analysts at Northcoast Research dropped their Q4 2018 EPS estimates for shares of Paychex in a note issued to investors on Wednesday. Northcoast Research analyst K. Mehta now forecasts that the business services provider will post earnings of $0.57 per share for the quarter, down from their previous estimate of $0.58. Northcoast Research also issued estimates for Paychex’s FY2019 earnings at $2.56 EPS.
Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The business had revenue of $816.80 million for the quarter, compared to the consensus estimate of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.33%. Paychex’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm posted $0.60 earnings per share. COPYRIGHT VIOLATION WARNING: This story was first published by American Banking News and is the sole property of of American Banking News. If you are viewing this story on another domain, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://www.americanbankingnews.com/2017/10/05/q4-2018-eps-estimates-for-paychex-inc-cut-by-analyst-payx.html.
Several other research analysts also recently weighed in on PAYX. Morgan Stanley restated an “equal weight” rating and issued a $59.00 price target (up from $55.00) on shares of Paychex in a research note on Wednesday. Royal Bank Of Canada restated an “underperform” rating and issued a $57.00 price target (up from $54.00) on shares of Paychex in a research note on Wednesday. Robert W. Baird restated a “hold” rating and issued a $64.00 price target on shares of Paychex in a research note on Wednesday. Citigroup Inc. restated a “sell” rating and issued a $53.00 price target on shares of Paychex in a research note on Monday. Finally, BMO Capital Markets restated a “market perform” rating and issued a $62.00 price target (up from $60.00) on shares of Paychex in a research note on Wednesday. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $60.07.
Shares of Paychex (NASDAQ:PAYX) traded up 0.81% during midday trading on Thursday, reaching $63.12. 1,255,145 shares of the company were exchanged. The company has a 50 day moving average price of $57.82 and a 200-day moving average price of $58.19. The stock has a market capitalization of $22.69 billion, a P/E ratio of 28.05 and a beta of 0.98. Paychex has a 12-month low of $52.78 and a 12-month high of $63.31.
In related news, CEO Martin Mucci sold 33,294 shares of the stock in a transaction on Sunday, July 9th. The stock was sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the sale, the chief executive officer now owns 254,618 shares in the company, valued at approximately $14,615,073.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph M. Tucci sold 6,000 shares of the stock in a transaction on Monday, July 10th. The shares were sold at an average price of $57.82, for a total value of $346,920.00. Following the sale, the director now owns 53,621 shares in the company, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. Insiders have sold a total of 112,270 shares of company stock worth $6,543,888 in the last 90 days. 11.70% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Intl Fcstone Inc. purchased a new stake in Paychex during the 2nd quarter valued at $1,335,000. Navellier & Associates Inc raised its holdings in Paychex by 3.1% during the 2nd quarter. Navellier & Associates Inc now owns 24,636 shares of the business services provider’s stock valued at $1,403,000 after buying an additional 743 shares during the period. Toronto Dominion Bank raised its holdings in Paychex by 31.2% during the 2nd quarter. Toronto Dominion Bank now owns 117,056 shares of the business services provider’s stock valued at $6,664,000 after buying an additional 27,820 shares during the period. Oak Associates Ltd. OH raised its holdings in Paychex by 15.0% during the 2nd quarter. Oak Associates Ltd. OH now owns 169,185 shares of the business services provider’s stock valued at $9,633,000 after buying an additional 22,100 shares during the period. Finally, Cetera Investment Advisers purchased a new stake in Paychex during the 2nd quarter valued at $872,000. Institutional investors own 67.31% of the company’s stock.
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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