Q1 2019 Earnings Forecast for Paychex, Inc. (PAYX) Issued By Wedbush

Paychex, Inc. (NASDAQ:PAYX) – Investment analysts at Wedbush lifted their Q1 2019 earnings per share (EPS) estimates for shares of Paychex in a report released on Monday. Wedbush analyst M. Katri now anticipates that the business services provider will post earnings per share of $0.70 for the quarter, up from their previous estimate of $0.66. Wedbush also issued estimates for Paychex’s Q2 2019 earnings at $0.68 EPS, Q3 2019 earnings at $0.68 EPS and FY2019 earnings at $2.73 EPS.

A number of other analysts also recently issued reports on PAYX. BidaskClub downgraded shares of Paychex from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Bank of America downgraded shares of Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price target for the company. in a report on Tuesday, January 9th. BMO Capital Markets restated a “market perform” rating and set a $62.00 price target (up previously from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Robert W. Baird restated a “hold” rating and set a $64.00 price target on shares of Paychex in a report on Wednesday, October 4th. Finally, Morgan Stanley restated an “equal weight” rating and set a $59.00 price target (up previously from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. Paychex currently has an average rating of “Hold” and an average price target of $62.10.

Shares of Paychex (NASDAQ PAYX) traded up $0.29 during midday trading on Tuesday, hitting $69.99. 6,875,482 shares of the stock were exchanged, compared to its average volume of 2,529,700. The firm has a market cap of $25,130.00, a P/E ratio of 30.04, a P/E/G ratio of 3.75 and a beta of 0.99. Paychex has a fifty-two week low of $54.20 and a fifty-two week high of $73.10.

Paychex (NASDAQ:PAYX) last released its earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.59. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The business had revenue of $826.50 million for the quarter, compared to analyst estimates of $823.48 million. During the same period last year, the company posted $0.56 EPS. The business’s revenue was up 7.1% on a year-over-year basis.

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Thursday, February 1st will be issued a $0.50 dividend. The ex-dividend date is Wednesday, January 31st. This represents a $2.00 annualized dividend and a yield of 2.86%. Paychex’s dividend payout ratio (DPR) is presently 60.94%.

In related news, VP Jennifer R. Vossler sold 10,000 shares of Paychex stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $68.29, for a total value of $682,900.00. Following the completion of the sale, the vice president now owns 31,578 shares in the company, valued at approximately $2,156,461.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael E. Gioja sold 34,311 shares of Paychex stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the completion of the sale, the insider now owns 63,374 shares of the company’s stock, valued at approximately $4,367,102.34. The disclosure for this sale can be found here. Insiders sold a total of 50,311 shares of company stock valued at $3,429,471 in the last quarter. 11.70% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings 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 valued at $1,312,089,000 after purchasing an additional 589,880 shares during the last quarter. FMR LLC increased its holdings in Paychex by 6.2% in the 2nd quarter. FMR LLC now owns 10,476,188 shares of the business services provider’s stock valued at $596,514,000 after purchasing an additional 610,088 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Paychex by 0.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,901,485 shares of the business services provider’s stock valued at $473,772,000 after purchasing an additional 64,254 shares during the last quarter. Royal Bank of Canada increased its holdings in Paychex by 3.3% in the 2nd quarter. Royal Bank of Canada now owns 3,081,752 shares of the business services provider’s stock valued at $175,475,000 after purchasing an additional 97,170 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in Paychex by 4.0% in the 3rd quarter. Legal & General Group Plc now owns 2,029,653 shares of the business services provider’s stock valued at $121,718,000 after purchasing an additional 78,937 shares during the last quarter. Hedge funds and other institutional investors own 67.91% of the company’s stock.

WARNING: This article was first published by American Banking News and is the property of of American Banking News. If you are accessing this article on another website, it was illegally copied and reposted in violation of U.S. and international trademark & copyright legislation. The correct version of this article can be viewed at https://www.americanbankingnews.com/2018/01/23/q1-2019-earnings-forecast-for-paychex-inc-payx-issued-by-wedbush.html.

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.

Earnings History and Estimates for Paychex (NASDAQ:PAYX)

Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply