Paychex, Inc. (NASDAQ:PAYX) declared a quarterly dividend on Wednesday, October 11th, RTT News reports. Investors of record on Wednesday, November 1st will be paid a dividend of 0.50 per share by the business services provider on Wednesday, November 15th. This represents a $2.00 dividend on an annualized basis and a yield of 3.14%.

Paychex has raised its dividend payment by an average of 36.0% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Paychex has a payout ratio of 84.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Paychex to earn $2.56 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 78.1%.

Shares of Paychex (NASDAQ:PAYX) traded down 0.49% on Wednesday, reaching $63.40. 744,396 shares of the company were exchanged. The company’s 50 day moving average is $58.74 and its 200 day moving average is $58.22. The firm has a market capitalization of $22.76 billion, a PE ratio of 27.81 and a beta of 0.98. Paychex has a 12-month low of $52.78 and a 12-month high of $64.08.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. The business had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 earnings per share. Analysts forecast that Paychex will post $2.38 earnings per share for the current year.

In other news, CEO Martin Mucci sold 29,786 shares of the business’s stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total value of $1,881,581.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jennifer R. Vossler sold 11,155 shares of the business’s stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $63.07, for a total transaction of $703,545.85. The disclosure for this sale can be found here. In the last three months, insiders sold 100,941 shares of company stock valued at $6,126,327. Corporate insiders own 11.70% of the company’s stock.

Several brokerages have commented on PAYX. BMO Capital Markets reaffirmed a “hold” rating and issued a $60.00 price objective on shares of Paychex in a research report on Thursday, June 29th. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Wells Fargo & Company lifted their price objective on shares of Paychex from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 4th. Bank of America Corporation lifted their price objective on shares of Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. Finally, Royal Bank Of Canada reaffirmed an “underperform” rating and issued a $57.00 price objective (up previously from $54.00) on shares of Paychex in a research report on Wednesday, October 4th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and an average price target of $60.07.

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About Paychex

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.

Dividend History for Paychex (NASDAQ:PAYX)

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