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.
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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