Paychex, Inc. (NASDAQ:PAYX)’s share price hit a new 52-week high on Wednesday after BidaskClub upgraded the stock from a buy rating to a strong-buy rating. The company traded as high as $68.59 and last traded at $67.94, with a volume of 2878000 shares. The stock had previously closed at $67.61.
A number of other equities analysts also recently commented on PAYX. Morgan Stanley upgraded shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective for the company in a research note on Wednesday, August 16th. They noted that the move was a valuation call. 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. Citigroup restated a “sell” rating and set a $53.00 price objective on shares of Paychex in a research note on Monday, October 2nd. Robert W. Baird restated a “hold” rating and set a $64.00 price objective on shares of Paychex in a research note on Wednesday, October 4th. Finally, Royal Bank Of Canada restated an “underperform” rating and set a $57.00 price objective (up from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $61.19.
In other news, CEO Martin Mucci sold 29,786 shares of the company’s stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $63.17, for a total value of $1,881,581.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Laurie L. Zaucha sold 15,000 shares of the company’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $60.00, for a total transaction of $900,000.00. Following the completion of the sale, the vice president now directly owns 51,360 shares in the company, valued at $3,081,600. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,395 shares of company stock worth $5,914,383. 11.70% of the stock is owned by insiders.
The stock has a market cap of $24,412.83, a price-to-earnings ratio of 29.93, a price-to-earnings-growth ratio of 3.68 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million for the quarter, compared to analysts’ expectations of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 EPS. analysts predict that Paychex, Inc. will post 2.38 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.92%. Paychex’s payout ratio is presently 87.34%.
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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