Brokerages Expect Paychex, Inc. (PAYX) Will Post Quarterly Sales of $854.77 Million

Equities research analysts expect that Paychex, Inc. (NASDAQ:PAYX) will post sales of $854.77 million for the current quarter, according to Zacks Investment Research. Fourteen analysts have issued estimates for Paychex’s earnings, with the highest sales estimate coming in at $861.49 million and the lowest estimate coming in at $851.00 million. Paychex posted sales of $795.80 million during the same quarter last year, which would indicate a positive year over year growth rate of 7.4%. The firm is scheduled to issue its next quarterly earnings report on Wednesday, April 4th.

On average, analysts expect that Paychex will report full-year sales of $854.77 million for the current financial year, with estimates ranging from $3.35 billion to $3.36 billion. For the next financial year, analysts forecast that the business will post sales of $3.56 billion per share, with estimates ranging from $3.53 billion to $3.59 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Paychex.

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 consensus estimate of $0.59. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The firm had revenue of $826.50 million during the quarter, compared to analysts’ expectations of $823.48 million. During the same period in the prior year, the company earned $0.56 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis.

Several research firms have weighed in on PAYX. BidaskClub cut Paychex from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Bank of America cut Paychex from a “buy” rating to a “neutral” rating and set a $73.00 target price for the company. in a research note on Tuesday, January 9th. Citigroup upgraded Paychex from a “sell” rating to a “neutral” rating and set a $67.00 target price for the company in a research note on Monday, December 4th. BMO Capital Markets restated a “hold” rating and set a $70.00 target price on shares of Paychex in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada restated a “sell” rating and set a $57.00 target price on shares of Paychex in a research note on Wednesday, November 15th. Two research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. Paychex has an average rating of “Hold” and a consensus price target of $62.77.

Shares of Paychex (NASDAQ:PAYX) opened at $64.16 on Friday. Paychex has a 12 month low of $54.20 and a 12 month high of $73.10. The firm has a market capitalization of $23,030.00, a price-to-earnings ratio of 27.54, a price-to-earnings-growth ratio of 3.48 and a beta of 0.95.

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, January 31st. This represents a $2.00 annualized dividend and a dividend yield of 3.12%. Paychex’s dividend payout ratio (DPR) is presently 85.84%.

In other news, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $68.29, for a total transaction of $682,900.00. Following the completion of the transaction, the vice president now directly owns 31,578 shares in the company, valued at $2,156,461.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the transaction, the insider now owns 63,374 shares of the company’s stock, valued at $4,367,102.34. The disclosure for this sale can be found here. 11.70% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in the company. National Asset Management Inc. increased its holdings in shares of Paychex by 14.5% during the second quarter. National Asset Management Inc. now owns 5,082 shares of the business services provider’s stock worth $290,000 after buying an additional 645 shares in the last quarter. Navellier & Associates Inc increased its holdings in Paychex by 3.1% in the second quarter. Navellier & Associates Inc now owns 24,636 shares of the business services provider’s stock valued at $1,403,000 after purchasing an additional 743 shares during the period. Alley Co LLC increased its holdings in Paychex by 0.7% in the third quarter. Alley Co LLC now owns 119,536 shares of the business services provider’s stock valued at $7,167,000 after purchasing an additional 785 shares during the period. Summit Securities Group LLC increased its holdings in Paychex by 22.2% in the fourth quarter. Summit Securities Group LLC now owns 4,400 shares of the business services provider’s stock valued at $300,000 after purchasing an additional 800 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC increased its holdings in Paychex by 1.0% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 81,606 shares of the business services provider’s stock valued at $4,893,000 after purchasing an additional 817 shares during the period. Institutional investors own 67.98% of the company’s stock.

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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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Earnings History and Estimates for Paychex (NASDAQ:PAYX)

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