Paychex (NASDAQ:PAYX – Get Rating) issued an update on its FY 2023 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $4.11-$4.15 for the period, compared to the consensus earnings per share estimate of $4.06. The company issued revenue guidance of $4.93 billion-$4.98 billion, compared to the consensus revenue estimate of $4.88 billion.
PAYX stock traded up $0.09 during midday trading on Wednesday, reaching $115.66. 3,763 shares of the company’s stock traded hands, compared to its average volume of 1,863,118. The company has a market cap of $41.76 billion, a price-to-earnings ratio of 30.10, a P/E/G ratio of 3.74 and a beta of 0.98. The firm’s fifty day moving average price is $120.84 and its 200-day moving average price is $124.63. The company has a quick ratio of 1.27, a current ratio of 1.25 and a debt-to-equity ratio of 0.26. Paychex has a 52 week low of $106.55 and a 52 week high of $141.92.
Paychex (NASDAQ:PAYX – Get Rating) last posted its quarterly earnings data on Wednesday, June 29th. The business services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.11 billion. Paychex had a net margin of 30.20% and a return on equity of 43.65%. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.72 EPS. Analysts forecast that Paychex will post 4.14 earnings per share for the current year.
PAYX has been the topic of several analyst reports. Citigroup upped their price target on Paychex from $140.00 to $145.00 and gave the company a neutral rating in a research report on Wednesday, April 6th. Robert W. Baird increased their price objective on Paychex from $137.00 to $142.00 in a research note on Thursday, March 31st. Morgan Stanley dropped their price target on Paychex from $140.00 to $130.00 and set an equal weight rating for the company in a research note on Thursday, June 30th. Credit Suisse Group decreased their price objective on Paychex from $165.00 to $140.00 and set an outperform rating for the company in a report on Thursday, June 30th. Finally, Jefferies Financial Group reduced their price target on Paychex from $140.00 to $130.00 in a report on Monday, May 23rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $130.77.
In other news, VP Karen E. Saunders-Mcclendon sold 203 shares of the company’s stock in a transaction dated Friday, April 15th. The stock was sold at an average price of $136.69, for a total value of $27,748.07. Following the sale, the vice president now owns 2,994 shares in the company, valued at $409,249.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.50% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of PAYX. Centaurus Financial Inc. purchased a new position in Paychex during the first quarter worth approximately $110,000. Salem Investment Counselors Inc. lifted its position in shares of Paychex by 26.2% in the first quarter. Salem Investment Counselors Inc. now owns 891 shares of the business services provider’s stock valued at $122,000 after acquiring an additional 185 shares in the last quarter. High Net Worth Advisory Group LLC lifted its position in shares of Paychex by 65.1% in the first quarter. High Net Worth Advisory Group LLC now owns 1,271 shares of the business services provider’s stock valued at $173,000 after acquiring an additional 501 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of Paychex by 6.3% in the first quarter. Penserra Capital Management LLC now owns 1,535 shares of the business services provider’s stock valued at $209,000 after acquiring an additional 91 shares in the last quarter. Finally, Brighton Jones LLC purchased a new position in shares of Paychex in the first quarter valued at approximately $237,000. Institutional investors own 80.43% of the company’s stock.
About Paychex (Get Rating)
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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