Paychex, Inc. (NASDAQ:PAYX) declared a quarterly dividend on Friday, January 19th, RTT News reports. Investors of record on Thursday, February 1st will be given a dividend of 0.50 per share by the business services provider on Thursday, February 15th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.88%.
Paychex has raised its dividend by an average of 9.6% per year over the last three years and has increased its dividend every year for the last 7 years. Paychex has a payout ratio of 84.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect Paychex to earn $2.74 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 73.0%.
Paychex (NASDAQ PAYX) opened at $69.49 on Friday. Paychex has a twelve month low of $54.20 and a twelve month high of $70.39. The stock has a market capitalization of $24,751.47, a PE ratio of 29.82, a P/E/G ratio of 3.71 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.59. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The business had revenue of $826.50 million during the quarter, compared to analysts’ expectations of $823.48 million. During the same period in the previous year, the business posted $0.56 earnings per share. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. equities analysts predict that Paychex will post 2.38 EPS for the current fiscal year.
A number of research analysts recently issued reports on PAYX shares. Citigroup reaffirmed a “sell” rating and issued a $53.00 price target on shares of Paychex in a report on Monday, October 2nd. Robert W. Baird reaffirmed a “hold” rating and issued a $64.00 price target on shares of Paychex in a report on Wednesday, October 4th. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $57.00 price target (up from $54.00) on shares of Paychex in a report on Wednesday, October 4th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $62.00 price target (up from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Finally, Bank of America lifted their price target on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $62.10.
In other Paychex news, insider Michael E. Gioja sold 34,311 shares of the business’s stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the completion of the sale, the insider now directly owns 63,374 shares of the company’s stock, valued at approximately $4,367,102.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John B. Gibson sold 6,000 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total value of $382,200.00. Following the sale, the vice president now directly owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The disclosure for this sale can be found here. Insiders have sold a total of 50,311 shares of company stock valued at $3,429,471 over the last three months. Company insiders own 11.70% of the company’s stock.
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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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