Paychex, Inc. (PAYX) Receives Average Recommendation of “Hold” from Brokerages
Shares of Paychex, Inc. (NASDAQ:PAYX) have earned an average rating of “Hold” from the nineteen analysts that are covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a sell recommendation, twelve have issued a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $60.07.
PAYX has been the subject of a number of recent research reports. Morgan Stanley restated an “equal weight” rating and issued a $59.00 price objective (up from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Robert W. Baird restated a “hold” rating and issued a $64.00 price objective on shares of Paychex in a report on Wednesday, October 4th. Royal Bank Of Canada restated an “underperform” rating and issued a $57.00 price objective (up from $54.00) on shares of Paychex in a report on Wednesday, October 4th. Citigroup Inc. restated a “sell” rating and issued a $53.00 price objective on shares of Paychex in a report on Monday, October 2nd. Finally, BMO Capital Markets restated a “market perform” rating and issued a $62.00 price objective (up from $60.00) on shares of Paychex in a report on Wednesday, October 4th.
In other Paychex news, CEO Martin Mucci sold 29,786 shares of the company’s stock in a transaction 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 the SEC website. Also, VP Laurie L. Zaucha sold 17,354 shares of the company’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total transaction of $1,110,656.00. The disclosure for this sale can be found here. Insiders have sold a total of 88,395 shares of company stock valued at $5,532,183 over the last quarter. 11.70% of the stock is currently owned by company insiders.
Shares of Paychex (PAYX) traded up 1.48% during trading on Thursday, reaching $64.42. 2,055,148 shares of the company traded hands. The stock has a market capitalization of $23.15 billion, a PE ratio of 28.63 and a beta of 0.98. The firm’s 50-day moving average is $58.95 and its 200-day moving average is $58.26. Paychex has a 12-month low of $52.78 and a 12-month high of $64.44.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business had revenue of $816.80 million during the quarter, compared to analysts’ expectations of $816.34 million. During the same quarter in the previous year, the company earned $0.60 EPS. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, equities analysts predict that Paychex will post $2.38 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a yield of 3.10%. Paychex’s dividend payout ratio is currently 87.34%.
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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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