Oppenheimer Holdings Equities Analysts Boost Earnings Estimates for Paychex Inc. (PAYX)
Paychex Inc. (NASDAQ:PAYX) – Equities researchers at Oppenheimer Holdings boosted their FY2017 earnings estimates for shares of Paychex in a report issued on Wednesday. Oppenheimer Holdings analyst G. Greene now forecasts that the firm will earn $2.22 per share for the year, up from their prior forecast of $2.21.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, September 28th. The company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. The business had revenue of $785.50 million for the quarter, compared to the consensus estimate of $782.80 million. Paychex had a return on equity of 40.10% and a net margin of 25.38%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $0.52 EPS.
Several other analysts also recently weighed in on the stock. Jefferies Group reaffirmed an “underperform” rating and set a $40.00 price target on shares of Paychex in a research note on Tuesday, July 5th. Zacks Investment Research downgraded shares of Paychex from a “hold” rating to a “sell” rating in a research note on Wednesday, August 31st. Wedbush initiated coverage on shares of Paychex in a research note on Thursday, September 8th. They set a “neutral” rating and a $65.00 price target for the company. Morgan Stanley reaffirmed an “underweight” rating and set a $49.00 price target on shares of Paychex in a research note on Tuesday, August 23rd. Finally, Deutsche Bank AG reissued 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 analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $54.00.
Paychex (NASDAQ:PAYX) opened at 57.87 on Friday. The company has a market capitalization of $20.93 billion, a PE ratio of 27.43 and a beta of 0.82. Paychex has a 12-month low of $45.76 and a 12-month high of $61.87. The stock’s 50 day moving average price is $59.81 and its 200 day moving average price is $56.52.
Several large investors have recently made changes to their positions in PAYX. Vanguard Group Inc. raised its stake in shares of Paychex by 1.6% in the second quarter. Vanguard Group Inc. now owns 20,591,789 shares of the company’s stock worth $1,225,213,000 after buying an additional 324,184 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of 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 worth $602,121,000 after buying an additional 936,651 shares during the period. 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 period. Bank of New York Mellon Corp raised its stake in shares of 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 worth $554,618,000 after buying an additional 751,220 shares during the period. Finally, American International Group Inc. raised its stake in shares of Paychex by 4.7% in the second quarter. American International Group Inc. now owns 7,348,539 shares of the company’s stock worth $437,238,000 after buying an additional 327,679 shares during the period. 69.31% of the stock is currently owned by hedge funds and other institutional investors.
In other 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 document filed with the SEC, which can be accessed through the SEC website. Also, CEO Martin Mucci sold 65,965 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now directly owns 246,516 shares in the company, valued at $14,946,265.08. The disclosure for this sale can be found here. Insiders own 11.60% of the company’s stock.
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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