Shares of Paychex, Inc. (NASDAQ:PAYX) have been assigned a consensus recommendation of “Hold” from the seventeen analysts that are presently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, twelve have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $59.28.
Several analysts recently commented on PAYX shares. BidaskClub cut shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Robert W. Baird reduced their price objective on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Wedbush reiterated a “neutral” rating and issued a $61.25 price objective (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Morgan Stanley upgraded shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective for the company in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $61.00 price objective on shares of Paychex in a research note on Friday, August 18th.
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Paychex (PAYX) traded up 0.76% during midday trading on Friday, hitting $58.51. 1,662,160 shares of the stock traded hands. The company has a 50-day moving average price of $56.38 and a 200 day moving average price of $58.35. The stock has a market cap of $21.03 billion, a price-to-earnings ratio of 26.00 and a beta of 0.96. Paychex has a one year low of $52.78 and a one year high of $63.03.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The firm had revenue of $799.00 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter last year, the business earned $0.49 earnings per share. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. Equities research analysts anticipate that Paychex will post $2.37 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st were issued a dividend of $0.50 per share. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend was Friday, July 28th. Paychex’s dividend payout ratio (DPR) is 88.50%.
In other news, CEO Martin Mucci sold 33,294 shares of Paychex stock in a transaction dated Sunday, July 9th. The shares were sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the completion of the sale, the chief executive officer now directly owns 254,618 shares in the company, valued at $14,615,073.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph M. Tucci sold 6,000 shares of Paychex stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $57.82, for a total transaction of $346,920.00. Following the sale, the director now owns 53,621 shares of the company’s stock, valued at $3,100,366.22. The disclosure for this sale can be found here. Insiders have sold a total of 92,497 shares of company stock valued at $5,300,889 over the last 90 days. 11.70% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of PAYX. Acadian Asset Management LLC purchased a new stake in shares of Paychex during the first quarter worth about $225,000. Russell Investments Group Ltd. grew its holdings in shares of Paychex by 44.9% during the first quarter. Russell Investments Group Ltd. now owns 120,718 shares of the business services provider’s stock worth $7,113,000 after buying an additional 37,420 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Paychex by 0.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,098,087 shares of the business services provider’s stock worth $64,677,000 after buying an additional 7,832 shares in the last quarter. Nwam LLC purchased a new stake in shares of Paychex during the first quarter worth about $277,000. Finally, Elkhorn Investments LLC purchased a new stake in shares of Paychex during the first quarter worth about $1,188,000. Institutional investors and hedge funds own 67.31% of the company’s stock.
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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