Paychex, Inc. (NASDAQ:PAYX) Declares Quarterly Dividend of $0.62

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Paychex, Inc. (NASDAQ:PAYX) announced a quarterly dividend on Thursday, October 17th, RTT News reports. Stockholders of record on Friday, November 1st will be given a dividend of 0.62 per share by the business services provider on Thursday, November 21st. This represents a $2.48 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Thursday, October 31st.

Shares of NASDAQ:PAYX traded down $0.79 during midday trading on Wednesday, hitting $83.76. 5,901 shares of the company’s stock were exchanged, compared to its average volume of 1,453,798. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.15 and a quick ratio of 1.15. The stock has a 50 day moving average price of $83.14 and a 200-day moving average price of $83.97. The company has a market cap of $30.22 billion, a PE ratio of 29.43, a price-to-earnings-growth ratio of 3.88 and a beta of 0.90. Paychex has a 12 month low of $61.32 and a 12 month high of $88.43.

Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, October 2nd. The business services provider reported $0.71 EPS for the quarter, topping the consensus estimate of $0.69 by $0.02. The company had revenue of $992.00 million during the quarter, compared to the consensus estimate of $991.70 million. Paychex had a net margin of 27.04% and a return on equity of 41.07%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.67 earnings per share. On average, analysts anticipate that Paychex will post 3.11 EPS for the current fiscal year.

In related news, Director David J. S. Flaschen sold 13,052 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $84.50, for a total transaction of $1,102,894.00. Following the transaction, the director now directly owns 43,564 shares in the company, valued at $3,681,158. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Martin Mucci sold 31,865 shares of the business’s stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $84.86, for a total transaction of $2,704,063.90. Following the transaction, the chief executive officer now owns 362,806 shares in the company, valued at $30,787,717.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,616 shares of company stock worth $5,821,198. 11.70% of the stock is owned by corporate insiders.

Several equities research analysts have recently commented on the stock. BidaskClub downgraded shares of Paychex from a “buy” rating to a “hold” rating in a research report on Saturday, August 24th. ValuEngine downgraded shares of Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley downgraded shares of Paychex from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $77.00 to $74.00 in a research report on Thursday, August 15th. Cowen started coverage on shares of Paychex in a report on Wednesday, September 11th. They set a “market perform” rating and a $74.00 price target on the stock. Finally, Argus restated a “buy” rating and set a $92.00 price target on shares of Paychex in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Paychex presently has an average rating of “Hold” and an average price target of $79.33.

About Paychex

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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Dividend History for Paychex (NASDAQ:PAYX)

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