Q2 2017 Earnings Estimate for Paychex Inc. Issued By William Blair (PAYX)
Paychex Inc. (NASDAQ:PAYX) – Equities research analysts at William Blair reduced their Q2 2017 earnings per share (EPS) estimates for Paychex in a research note issued to investors on Thursday. William Blair analyst T. Mchugh now anticipates that the brokerage will earn $0.56 per share for the quarter, down from their previous forecast of $0.57. William Blair also issued estimates for Paychex’s FY2017 earnings at $2.23 EPS and FY2018 earnings at $2.41 EPS.
A number of other brokerages also recently weighed in on PAYX. Sanford C. Bernstein raised shares of Paychex to a “sell” rating in a report on Monday, July 11th. Zacks Investment Research upgraded shares of Paychex from a “sell” rating to a “hold” rating in a research note on Tuesday, September 6th. Wedbush initiated coverage on shares of Paychex in a research note on Thursday, September 8th. They issued a “neutral” rating and a $65.00 price objective for the company. Morgan Stanley restated an “underweight” rating and issued a $49.00 price objective on shares of Paychex in a research note on Tuesday, August 23rd. Finally, Deutsche Bank AG restated a “hold” rating and issued a $56.00 price objective (up previously 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 given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $54.00.
Paychex (NASDAQ:PAYX) opened at 57.87 on Friday. The stock has a market capitalization of $20.93 billion, a PE ratio of 27.43 and a beta of 0.82. The stock’s 50 day moving average is $59.81 and its 200-day moving average is $56.52. Paychex has a 52 week low of $45.76 and a 52 week high of $61.87.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, September 28th. The company reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.03. Paychex had a net margin of 25.38% and a return on equity of 40.10%. The business earned $785.50 million during the quarter, compared to analysts’ expectations of $782.80 million. During the same period last year, the company posted $0.52 EPS. The company’s revenue was up 8.6% on a year-over-year basis.
Hedge funds and other institutional investors have recently modified their holdings of the stock. NN Investment Partners Holdings N.V. acquired a new position in shares of Paychex during the first quarter valued at about $12,174,000. Nikko Asset Management Americas Inc. acquired a new position in shares of Paychex during the first quarter valued at about $576,000. Columbia Partners L L C Investment Management raised its position in shares of Paychex by 6.5% in the first quarter. Columbia Partners L L C Investment Management now owns 16,368 shares of the company’s stock valued at $884,000 after buying an additional 996 shares during the period. Massmutual Trust Co. FSB ADV raised its position in shares of Paychex by 1.0% in the first quarter. Massmutual Trust Co. FSB ADV now owns 42,606 shares of the company’s stock valued at $2,301,000 after buying an additional 433 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Paychex by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 9,183,027 shares of the company’s stock valued at $495,975,000 after buying an additional 137,147 shares during the period. 69.31% of the stock is currently owned by institutional investors.
In other news, CFO Efrain Rivera sold 7,235 shares of the firm’s stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $61.33, for a total value of $443,722.55. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Martin Mucci sold 65,965 shares of the firm’s stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $60.63, for a total transaction of $3,999,457.95. Following the completion of the transaction, the chief executive officer now directly owns 246,516 shares in the company, valued at approximately $14,946,265.08. The disclosure for this sale can be found here. 11.60% of the stock is currently 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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