Shares of Paychex, Inc. (NASDAQ:PAYX) have been assigned a consensus recommendation of “Hold” from the eighteen ratings firms that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $73.92.
A number of research firms have weighed in on PAYX. Credit Suisse Group increased their price objective on Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Barclays increased their price objective on Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Monday, April 1st. Finally, Sanford C. Bernstein cut Paychex from a “market perform” rating to an “underperform” rating in a research report on Tuesday, April 30th.
In other news, CEO Martin Mucci sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $76.00, for a total value of $3,800,000.00. Following the completion of the sale, the chief executive officer now directly owns 349,929 shares of the company’s stock, valued at approximately $26,594,604. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephanie L. Schaeffer sold 14,893 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $86.76, for a total value of $1,292,116.68. Following the completion of the sale, the insider now directly owns 63,039 shares of the company’s stock, valued at $5,469,263.64. The disclosure for this sale can be found here. Insiders sold a total of 185,127 shares of company stock valued at $14,973,791 over the last three months. Insiders own 11.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Corp purchased a new position in Paychex in the 1st quarter valued at approximately $275,000. Kore Private Wealth LLC purchased a new position in Paychex in the 1st quarter valued at approximately $326,000. Wealthsource Partners LLC purchased a new position in Paychex in the 1st quarter valued at approximately $869,000. Financial Advocates Investment Management increased its stake in Paychex by 21.9% in the 1st quarter. Financial Advocates Investment Management now owns 2,539 shares of the business services provider’s stock valued at $204,000 after purchasing an additional 456 shares in the last quarter. Finally, Covenant Partners LLC purchased a new position in Paychex in the 1st quarter valued at approximately $1,303,000. 68.77% of the stock is owned by hedge funds and other institutional investors.
Paychex stock traded up $1.59 during mid-day trading on Friday, reaching $86.64. 1,672,758 shares of the company were exchanged, compared to its average volume of 1,890,011. Paychex has a twelve month low of $61.32 and a twelve month high of $86.98. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $30.01 billion, a price-to-earnings ratio of 33.97, a PEG ratio of 3.25 and a beta of 1.04.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, March 27th. The business services provider reported $0.89 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.89. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same period last year, the firm earned $0.63 EPS. The firm’s revenue for the quarter was up 14.3% on a year-over-year basis. Equities analysts predict that Paychex will post 2.85 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Wednesday, May 15th will be issued a $0.62 dividend. This is a boost from Paychex’s previous quarterly dividend of $0.56. This represents a $2.48 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Tuesday, May 14th. Paychex’s dividend payout ratio (DPR) is currently 97.25%.
Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, 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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