Brokers Set Expectations for Paychex, Inc.’s FY2018 Earnings (PAYX)
Paychex, Inc. (NASDAQ:PAYX) – Equities research analysts at Wedbush upped their FY2018 earnings per share (EPS) estimates for Paychex in a note issued to investors on Tuesday. Wedbush analyst M. Katri now anticipates that the business services provider will post earnings per share of $2.37 for the year, up from their previous forecast of $2.36. Wedbush also issued estimates for Paychex’s Q1 2019 earnings at $0.64 EPS, Q2 2019 earnings at $0.64 EPS, Q3 2019 earnings at $0.64 EPS, Q4 2019 earnings at $0.64 EPS and FY2019 earnings at $2.56 EPS.
Several other equities analysts have also recently weighed in on PAYX. Goldman Sachs Group, Inc. (The) cut Paychex from a “buy” rating to a “neutral” rating and lowered their price target for the company from $68.00 to $64.00 in a report on Tuesday, June 20th. BMO Capital Markets reissued a “hold” rating and set a $60.00 price target on shares of Paychex in a report on Thursday, June 29th. Robert W. Baird lowered their price target on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, June 30th. Morgan Stanley lowered their price target on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a report on Friday, June 30th. Finally, J P Morgan Chase & Co reissued a “neutral” rating and set a $60.00 price target (down from $62.00) on shares of Paychex in a report on Friday, June 30th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $60.07.
Shares of Paychex (PAYX) traded up 0.5725% during mid-day trading on Wednesday, hitting $63.2601. The company’s stock had a trading volume of 297,016 shares. The company has a market cap of $22.74 billion, a price-to-earnings ratio of 28.1156 and a beta of 0.98. Paychex has a 52-week low of $52.78 and a 52-week high of $64.75. The stock’s 50 day moving average price is $59.53 and its 200 day moving average price is $58.30.
Paychex (NASDAQ:PAYX) last issued its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share.
A number of large investors have recently bought and sold shares of PAYX. Salem Investment Counselors Inc. grew its position 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 valued at $102,000 after purchasing an additional 11 shares in the last quarter. Dupont Capital Management Corp purchased a new position in shares of Paychex during the second quarter valued at about $129,000. Sun Life Financial INC grew its position 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 valued at $133,000 after purchasing an additional 2,326 shares in the last quarter. San Francisco Sentry Investment Group CA purchased a new position in shares of Paychex during the second quarter valued at about $145,000. Finally, Kernodle & Katon Asset Management Group LLC grew its position in shares of Paychex by 37.7% during the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after purchasing an additional 867 shares in the last quarter. 67.36% of the stock is currently owned by institutional investors and hedge funds.
In other Paychex news, CEO Martin Mucci sold 29,786 shares of the firm’s stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $63.17, for a total transaction of $1,881,581.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Laurie L. Zaucha sold 17,354 shares of the firm’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $64.00, for a total value of $1,110,656.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 88,395 shares of company stock worth $5,532,183. Insiders own 11.70% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders 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 3.18%. Paychex’s dividend payout ratio is presently 87.34%.
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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