Wall Street analysts expect Paychex, Inc. (NASDAQ:PAYX) to report earnings of $0.65 per share for the current quarter, according to Zacks Investment Research. Ten analysts have made estimates for Paychex’s earnings, with the highest EPS estimate coming in at $0.67 and the lowest estimate coming in at $0.62. Paychex reported earnings of $0.61 per share in the same quarter last year, which indicates a positive year over year growth rate of 6.6%. The business is expected to report its next quarterly earnings results on Wednesday, June 26th.
On average, analysts expect that Paychex will report full year earnings of $2.85 per share for the current fiscal year, with EPS estimates ranging from $2.81 to $2.89. For the next fiscal year, analysts forecast that the company will report earnings of $3.10 per share, with EPS estimates ranging from $3.05 to $3.20. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that follow Paychex.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, March 27th. The business services provider reported $0.89 EPS for the quarter, hitting analysts’ consensus estimates of $0.89. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. Paychex had a net margin of 28.19% and a return on equity of 43.20%. The firm’s revenue was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.63 earnings per share.
A number of equities analysts have commented on the stock. Barclays lifted their price objective on shares of Paychex from $78.00 to $80.00 and gave the stock an “equal weight” rating in a report on Monday, April 1st. Credit Suisse Group lifted their price objective on shares of Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a report on Thursday, March 28th. Sanford C. Bernstein downgraded shares of Paychex from a “market perform” rating to an “underperform” rating in a report on Tuesday. Finally, Bank of America raised shares of Paychex from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $64.00 to $68.00 in a report on Tuesday, January 8th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $74.14.
In related news, CEO Martin Mucci sold 50,000 shares of Paychex stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $72.32, for a total transaction of $3,616,000.00. Following the sale, the chief executive officer now directly owns 349,929 shares in the company, valued at $25,306,865.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Jennifer R. Vossler sold 10,000 shares of Paychex stock in a transaction dated Wednesday, February 13th. The shares were sold at an average price of $74.98, for a total transaction of $749,800.00. Following the sale, the vice president now owns 31,701 shares in the company, valued at $2,376,940.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 209,272 shares of company stock valued at $16,042,029. Corporate insiders own 11.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. TCI Wealth Advisors Inc. grew its stake in Paychex by 404.8% during the 1st quarter. TCI Wealth Advisors Inc. now owns 318 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 255 shares in the last quarter. Ellevest Inc. purchased a new position in Paychex during the 1st quarter valued at about $27,000. We Are One Seven LLC purchased a new position in Paychex during the 4th quarter valued at about $25,000. Liberty Wealth Management LLC purchased a new position in Paychex during the 4th quarter valued at about $25,000. Finally, Baldwin Brothers Inc. MA purchased a new position in Paychex during the 4th quarter valued at about $27,000. Institutional investors and hedge funds own 68.60% of the company’s stock.
Paychex stock traded up $0.42 during mid-day trading on Thursday, reaching $82.39. The company’s stock had a trading volume of 12,515 shares, compared to its average volume of 1,415,834. The company has a market cap of $29.43 billion, a PE ratio of 32.38, a P/E/G ratio of 3.28 and a beta of 1.04. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 1.11. Paychex has a twelve month low of $60.38 and a twelve month high of $84.50.
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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