Paychex, Inc. (PAYX) Expected to Post FY2018 Earnings of $2.38 Per Share
Paychex, Inc. (NASDAQ:PAYX) – Northcoast Research raised their FY2018 earnings estimates for shares of Paychex in a report issued on Wednesday. Northcoast Research analyst K. Mehta now anticipates that the business services provider will earn $2.38 per share for the year, up from their prior forecast of $2.36.
Other equities research analysts also recently issued research reports about the company. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $60.00 price target (down previously from $62.00) on shares of Paychex in a report on Friday, June 30th. Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $68.00 to $64.00 in a report on Tuesday, June 20th. Morgan Stanley dropped their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a report on Friday, June 30th. Robert W. Baird dropped their target price on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, June 30th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $61.00 target price on shares of Paychex in a report on Friday, August 18th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $60.07.
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Paychex (NASDAQ:PAYX) traded up 0.27% during trading on Friday, reaching $63.42. 1,315,663 shares of the company traded hands. The company’s 50-day moving average is $58.02 and its 200 day moving average is $58.23. The company has a market cap of $22.79 billion, a PE ratio of 28.19 and a beta of 0.98. Paychex has a 12 month low of $52.78 and a 12 month high of $63.45.
Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million during the quarter, compared to analysts’ expectations of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.60 EPS.
In other Paychex news, VP Laurie L. Zaucha sold 15,000 shares of Paychex stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $62.00, for a total value of $930,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Martin Mucci sold 30,000 shares of Paychex stock in a transaction dated Thursday, July 13th. The shares were sold at an average price of $57.04, for a total value of $1,711,200.00. Following the completion of the transaction, the chief executive officer now owns 237,754 shares in the company, valued at approximately $13,561,488.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,270 shares of company stock worth $6,543,888. Company insiders own 11.70% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. grew its holdings in shares of Paychex by 0.6% during the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after purchasing an additional 11 shares during the last quarter. Dupont Capital Management Corp bought a new stake in shares of Paychex during the second quarter worth about $129,000. Sun Life Financial INC grew its holdings in shares of Paychex by 23,260.0% during the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after purchasing an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA bought a new stake in shares of Paychex during the second quarter worth about $145,000. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Paychex by 23.8% during the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock worth $173,000 after purchasing an additional 564 shares during the last quarter. 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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