Jefferies Financial Group Comments on Paychex, Inc.’s Q3 2022 Earnings (NASDAQ:PAYX)

Paychex, Inc. (NASDAQ:PAYX) – Analysts at Jefferies Financial Group boosted their Q3 2022 earnings per share (EPS) estimates for Paychex in a note issued to investors on Monday, January 11th. Jefferies Financial Group analyst S. Samana now expects that the business services provider will post earnings per share of $1.02 for the quarter, up from their prior forecast of $1.01. Jefferies Financial Group currently has a “Hold” rating and a $95.00 target price on the stock. Jefferies Financial Group also issued estimates for Paychex’s FY2022 earnings at $3.17 EPS.

PAYX has been the subject of several other research reports. Barclays boosted their price objective on Paychex from $73.00 to $83.00 and gave the company an “equal weight” rating in a research report on Monday, October 12th. Morgan Stanley upped their price target on shares of Paychex from $76.00 to $91.00 and gave the company an “equal weight” rating in a report on Thursday, December 24th. Moffett Nathanson boosted their price objective on shares of Paychex from $100.00 to $105.00 in a research report on Monday, December 28th. BidaskClub lowered shares of Paychex from a “buy” rating to a “hold” rating in a report on Thursday, January 7th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their price target on Paychex from $93.00 to $105.00 in a report on Tuesday, January 5th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $87.67.

Shares of PAYX stock opened at $89.56 on Wednesday. The business has a 50-day moving average of $93.32 and a 200 day moving average of $82.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.25 and a quick ratio of 1.25. Paychex has a 1-year low of $47.87 and a 1-year high of $99.95. The stock has a market capitalization of $32.30 billion, a PE ratio of 30.88, a P/E/G ratio of 3.63 and a beta of 0.92.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, December 22nd. The business services provider reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.07. Paychex had a net margin of 26.26% and a return on equity of 38.70%. The business had revenue of $983.70 million during the quarter, compared to the consensus estimate of $956.30 million. During the same period in the previous year, the firm posted $0.70 earnings per share. The firm’s revenue for the quarter was down .7% on a year-over-year basis.

In other Paychex news, VP Michael E. Gioja sold 10,891 shares of the firm’s stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $81.91, for a total transaction of $892,081.81. Following the completion of the transaction, the vice president now owns 67,296 shares of the company’s stock, valued at $5,512,215.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Robert L. Schrader sold 3,559 shares of Paychex stock in a transaction that occurred on Monday, December 28th. The shares were sold at an average price of $94.93, for a total transaction of $337,855.87. Following the transaction, the vice president now owns 8,871 shares of the company’s stock, valued at $842,124.03. The disclosure for this sale can be found here. In the last quarter, insiders sold 483,252 shares of company stock valued at $42,117,342. 11.70% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Norway Savings Bank purchased a new position in shares of Paychex in the 3rd quarter worth about $28,000. Demars Financial Group LLC bought a new stake in Paychex during the 2nd quarter valued at about $30,000. Kathmere Capital Management LLC purchased a new position in Paychex in the third quarter worth about $32,000. Peoples Financial Services CORP. lifted its stake in shares of Paychex by 65.5% in the fourth quarter. Peoples Financial Services CORP. now owns 379 shares of the business services provider’s stock worth $35,000 after buying an additional 150 shares in the last quarter. Finally, CVA Family Office LLC purchased a new stake in shares of Paychex during the third quarter valued at approximately $47,000. 69.85% of the stock is currently owned by institutional investors and hedge funds.

About Paychex

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small- to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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Earnings History and Estimates for Paychex (NASDAQ:PAYX)

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