Paychex Inc. to Post FY2017 Earnings of $2.22 Per Share, Northcoast Research Forecasts (PAYX)
Paychex Inc. (NASDAQ:PAYX) – Stock analysts at Northcoast Research boosted their FY2017 earnings per share estimates for Paychex in a research report issued to clients and investors on Thursday. Northcoast Research analyst K. Mehta now anticipates that the firm will earn $2.22 per share for the year, up from their previous estimate of $2.20.
A number of other equities analysts have also issued reports on the company. Wedbush initiated coverage on Paychex in a research report on Thursday, September 8th. They set a “neutral” rating and a $65.00 target price on the stock. Zacks Investment Research upgraded Paychex from a “sell” rating to a “hold” rating in a research report on Tuesday, September 6th. Morgan Stanley restated an “underweight” rating and set a $49.00 target price on shares of Paychex in a research report on Tuesday, August 23rd. Sanford C. Bernstein restated an “underperform” rating and set a $52.00 target price (up from $40.00) on shares of Paychex in a research report on Tuesday, July 12th. Finally, Deutsche Bank AG restated 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 equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. Paychex has a consensus rating of “Hold” and a consensus target price of $54.00.
Shares of Paychex (NASDAQ:PAYX) opened at 57.87 on Friday. The stock has a market cap of $20.93 billion, a PE ratio of 27.43 and a beta of 0.82. The firm has a 50 day moving average price of $59.81 and a 200 day moving average price of $56.52. Paychex has a 12-month low of $45.76 and a 12-month high of $61.87.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, September 28th. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. Paychex had a return on equity of 40.10% and a net margin of 25.38%. The firm had revenue of $785.50 million for the quarter, compared to analysts’ expectations of $782.80 million. During the same quarter in the prior year, the firm earned $0.52 EPS. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year.
A number of large investors have recently made changes to their positions in PAYX. GW&K Investment Management LLC boosted its stake 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 boosted its stake 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. acquired a new stake in shares of Paychex during the first quarter worth approximately $25,052,000. Shell Asset Management Co. boosted its stake 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 boosted its stake 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 owned by hedge funds and other institutional investors.
In related news, 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 completion of the transaction, the chief executive officer now owns 246,516 shares in the company, valued at $14,946,265.08. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP John B. Gibson sold 11,450 shares of the business’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $59.00, for a total transaction of $675,550.00. Following the transaction, the vice president now owns 21,451 shares of the company’s stock, valued at approximately $1,265,609. The disclosure for this sale can be found here. 11.60% of the stock is currently owned by company insiders.
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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