Q2 2017 EPS Estimates for Paychex Inc. (PAYX) Reduced by Oppenheimer Holdings
Paychex Inc. (NASDAQ:PAYX) – Stock analysts at Oppenheimer Holdings dropped their Q2 2017 earnings per share estimates for shares of Paychex in a research report issued to clients and investors on Wednesday. Oppenheimer Holdings analyst G. Greene now anticipates that the firm will earn $0.54 per share for the quarter, down from their prior estimate of $0.55. Oppenheimer Holdings also issued estimates for Paychex’s Q3 2017 earnings at $0.53 EPS, Q3 2018 earnings at $0.58 EPS, Q4 2018 earnings at $0.59 EPS and FY2018 earnings at $2.38 EPS.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, September 28th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $785.50 million for the quarter, compared to analyst estimates of $782.80 million. Paychex had a net margin of 25.38% and a return on equity of 40.10%. Paychex’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 EPS.
Several other brokerages have also recently commented on PAYX. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $52.00 price objective (up previously from $40.00) on shares of Paychex in a research note on Tuesday, July 12th. Zacks Investment Research upgraded shares of Paychex from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Thursday, June 2nd. Argus reiterated a “buy” rating and set a $70.00 target price (up from $59.50) on shares of Paychex in a research report on Friday, July 1st. Morgan Stanley reiterated an “underweight” rating and set a $49.00 target price on shares of Paychex in a research report on Tuesday, August 23rd. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $56.00 target price (up from $51.00) on shares of Paychex in a research report on Wednesday, July 6th. Seven research 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 currently has an average rating of “Hold” and an average price target of $54.00.
Paychex (NASDAQ:PAYX) opened at 57.16 on Thursday. Paychex has a 1-year low of $45.76 and a 1-year high of $61.87. The stock’s 50 day moving average is $59.87 and its 200 day moving average is $56.49. The firm has a market capitalization of $20.67 billion, a price-to-earnings ratio of 27.09 and a beta of 0.82.
In other Paychex news, insider Stephanie L. Schaeffer sold 3,438 shares of the business’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $61.33, for a total transaction of $210,852.54. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Efrain Rivera sold 7,235 shares of the business’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $61.33, for a total transaction of $443,722.55. The disclosure for this sale can be found here. Corporate insiders own 11.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of PAYX. GW&K Investment Management LLC increased its position in shares of Paychex by 6.5% in the second quarter. GW&K Investment Management LLC now owns 515,086 shares of the company’s stock worth $30,648,000 after buying an additional 31,217 shares during the last quarter. UMB Bank N A MO increased its position in shares of Paychex by 3.3% in the second quarter. UMB Bank N A MO now owns 378,956 shares of the company’s stock worth $22,548,000 after buying an additional 11,964 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Paychex during the first quarter worth about $25,052,000. Shell Asset Management Co. increased its position in shares of Paychex by 0.4% in the second quarter. Shell Asset Management Co. now owns 247,375 shares of the company’s stock worth $14,719,000 after buying an additional 1,006 shares during the last quarter. Finally, Confluence Investment Management LLC increased its position in shares of Paychex by 2.5% in the second quarter. Confluence Investment Management LLC now owns 1,117,828 shares of the company’s stock worth $66,511,000 after buying an additional 27,350 shares during the last quarter. 69.31% of the stock is currently owned by institutional investors and hedge funds.
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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