William Blair Research Analysts Lower Earnings Estimates for Paychex, Inc. (PAYX)
Paychex, Inc. (NASDAQ:PAYX) – Stock analysts at William Blair dropped their Q2 2018 earnings per share estimates for shares of Paychex in a research note issued on Tuesday. William Blair analyst T. Mchugh now forecasts that the business services provider will post earnings of $0.59 per share for the quarter, down from their previous estimate of $0.60. William Blair has a “Market Perform” rating on the stock. William Blair also issued estimates for Paychex’s FY2018 earnings at $2.38 EPS.
Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The business had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. Paychex had a return on equity of 43.33% and a net margin of 26.01%. Paychex’s revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.60 earnings per share.
Other equities analysts have also recently issued reports about the company. Morgan Stanley dropped their price objective on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a report on Friday, June 30th. BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. BMO Capital Markets restated a “hold” rating and set a $60.00 price objective on shares of Paychex in a research report on Thursday, June 29th. J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 price objective (down previously from $62.00) on shares of Paychex in a research report on Friday, June 30th. Finally, Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. Five 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. The company has an average rating of “Hold” and a consensus price target of $60.07.
Shares of Paychex (NASDAQ PAYX) traded up 0.78% during mid-day trading on Thursday, reaching $63.10. The company’s stock had a trading volume of 670,202 shares. Paychex has a 52-week low of $52.78 and a 52-week high of $63.21. The firm has a 50 day moving average price of $57.82 and a 200 day moving average price of $58.19. The firm has a market cap of $22.68 billion, a price-to-earnings ratio of 28.04 and a beta of 0.98.
In other news, insider Efrain Rivera sold 5,837 shares of Paychex stock in a transaction that occurred on Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $334,985.43. Following the completion of the transaction, the insider now directly owns 53,395 shares in the company, valued at $3,064,339.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Laurie L. Zaucha sold 15,000 shares of Paychex stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $62.00, for a total transaction of $930,000.00. The disclosure for this sale can be found here. Insiders sold 112,270 shares of company stock worth $6,543,888 over the last three months. 11.70% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in Paychex by 2,782.5% in the 1st quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock worth $1,514,786,000 after acquiring an additional 24,825,695 shares during the last quarter. Vanguard Group Inc. grew its position in Paychex by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 23,043,348 shares of the business services provider’s stock worth $1,312,089,000 after purchasing an additional 589,880 shares during the period. State Street Corp grew its position in Paychex by 2.2% in the 1st quarter. State Street Corp now owns 14,205,592 shares of the business services provider’s stock worth $836,708,000 after purchasing an additional 309,889 shares during the period. FMR LLC grew its position in Paychex by 6.2% in the 2nd quarter. FMR LLC now owns 10,476,188 shares of the business services provider’s stock worth $596,514,000 after purchasing an additional 610,088 shares during the period. Finally, Ameriprise Financial Inc. grew its position in Paychex by 23.8% in the 1st quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock worth $248,742,000 after purchasing an additional 813,930 shares during the period. Institutional investors own 67.31% 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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