Paychex Inc. (NASDAQ:PAYX) – Stock analysts at Northcoast Research upped their FY2017 EPS estimates for Paychex in a research report issued to clients and investors on Thursday. Northcoast Research analyst K. Mehta now anticipates that the firm will earn $2.22 per share for the year, up from their previous forecast of $2.20.
Several other research firms have also recently issued reports on PAYX. Sanford C. Bernstein upgraded Paychex to a “sell” rating in a report on Monday, July 11th. Zacks Investment Research upgraded Paychex from a “sell” rating to a “hold” rating in a report on Tuesday, September 6th. Wedbush began coverage on Paychex in a report on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price objective on the stock. Morgan Stanley reiterated an “underweight” rating and issued a $49.00 price objective on shares of Paychex in a report on Tuesday, August 23rd. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $56.00 target price (up from $51.00) on shares of Paychex in a research note on Wednesday, July 6th. Seven investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $54.00.
Paychex (NASDAQ:PAYX) opened at 57.87 on Friday. The company has a 50-day moving average price of $59.81 and a 200 day moving average price of $56.52. The company has a market cap of $20.93 billion, a PE ratio of 27.43 and a beta of 0.82. Paychex has a 52 week low of $45.76 and a 52 week high of $61.87.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, September 28th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. Paychex had a return on equity of 40.10% and a net margin of 25.38%. The company had revenue of $785.50 million for the quarter, compared to analysts’ expectations of $782.80 million. During the same quarter in the prior year, the firm earned $0.52 earnings per share. Paychex’s revenue was up 8.6% compared to the same quarter last year.
A number of hedge funds have recently made changes to their positions in PAYX. BlackRock Fund Advisors raised its stake in shares of Paychex by 11.3% in the second quarter. BlackRock Fund Advisors now owns 10,110,305 shares of the company’s stock worth $601,563,000 after buying an additional 1,030,300 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Paychex by 10.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 10,119,678 shares of the company’s stock valued at $602,121,000 after buying an additional 936,651 shares during the period. Janus Capital Management LLC increased its position in Paychex by 44.9% in the second quarter. Janus Capital Management LLC now owns 2,627,567 shares of the company’s stock valued at $156,340,000 after buying an additional 813,934 shares during the period. Bank of New York Mellon Corp increased its position in Paychex by 8.8% in the second quarter. Bank of New York Mellon Corp now owns 9,321,275 shares of the company’s stock valued at $554,618,000 after buying an additional 751,220 shares during the period. Finally, AGF Investments Inc. acquired a new position in Paychex during the second quarter valued at approximately $35,972,000. 69.31% of the stock is currently owned by institutional investors.
In other Paychex news, CEO Martin Mucci sold 65,965 shares of the business’s stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $60.63, for a total value of $3,999,457.95. Following the sale, the chief executive officer now owns 246,516 shares of the company’s stock, valued at $14,946,265.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP John B. Gibson sold 11,450 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $59.00, for a total value of $675,550.00. Following the completion of the sale, the vice president now directly owns 21,451 shares in the company, valued at approximately $1,265,609. The disclosure for this sale can be found here. 11.60% of the stock is owned by company insiders.
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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