Wall Street brokerages forecast that Paychex, Inc. (NASDAQ:PAYX) will announce $815.68 million in sales for the current quarter, Zacks Investment Research reports. Thirteen analysts have issued estimates for Paychex’s earnings. The lowest sales estimate is $810.20 million and the highest is $819.96 million. Paychex reported sales of $785.50 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.8%. The company is expected to issue its next quarterly earnings report before the market opens on Tuesday, October 3rd.
According to Zacks, analysts expect that Paychex will report full-year sales of $815.68 million for the current fiscal year, with estimates ranging from $3.30 billion to $3.35 billion. For the next fiscal year, analysts expect that the business will post sales of $3.50 billion per share, with estimates ranging from $3.45 billion to $3.56 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Paychex.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The business had revenue of $799.00 million for the quarter, compared to analyst estimates of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.48%. Paychex’s revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.49 earnings per share.
Several research analysts have recently weighed in on the stock. BidaskClub lowered shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Robert W. Baird lowered their price objective on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Wedbush restated a “neutral” rating and set a $61.25 price objective (down 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 on the stock in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Finally, Stifel Nicolaus restated a “hold” rating and set a $61.00 price objective on shares of Paychex in a research note on Friday, August 18th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $59.28.
In related news, VP Mark Anthony Bottini sold 7,139 shares of Paychex stock in a transaction dated Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $409,707.21. Following the completion of the sale, the vice president now owns 46,548 shares of the company’s stock, valued at approximately $2,671,389.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 directly owns 53,621 shares of the company’s stock, valued at approximately $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 in the last ninety days. 11.70% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Salem Investment Counselors Inc. boosted its holdings in Paychex by 0.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after purchasing an additional 11 shares during the period. Bruderman Asset Management LLC boosted its holdings in Paychex by 0.3% in the 1st quarter. Bruderman Asset Management LLC now owns 6,794 shares of the business services provider’s stock valued at $400,000 after purchasing an additional 20 shares during the period. Alps Advisors Inc. boosted its holdings in Paychex by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock valued at $438,000 after purchasing an additional 20 shares during the period. Northwest Quadrant Wealth Management LLC boosted its holdings in Paychex by 0.6% in the 1st quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after purchasing an additional 24 shares during the period. Finally, King Wealth Management Group LLC boosted its holdings in Paychex by 0.8% in the 1st quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock valued at $223,000 after purchasing an additional 30 shares during the period. 67.31% of the stock is owned by institutional investors and hedge funds.
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Paychex (NASDAQ:PAYX) opened at 57.85 on Monday. Paychex has a 52 week low of $52.78 and a 52 week high of $63.03. The company’s 50-day moving average is $56.37 and its 200 day moving average is $58.47. The company has a market capitalization of $20.79 billion, a price-to-earnings ratio of 25.71 and a beta of 0.96.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Investors 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. The ex-dividend date of this dividend was Friday, July 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.46%. Paychex’s payout ratio is presently 88.50%.
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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