Paychex Inc. to Issue Quarterly Dividend of $0.46 (PAYX)
Paychex Inc. (NASDAQ:PAYX) declared a quarterly dividend on Wednesday, October 12th. Stockholders of record on Tuesday, November 1st will be given a dividend of 0.46 per share on Tuesday, November 22nd. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Friday, October 28th.
Paychex (NASDAQ:PAYX) opened at 56.17 on Thursday. The stock has a 50 day moving average of $59.06 and a 200-day moving average of $56.68. The company has a market cap of $20.31 billion, a PE ratio of 26.62 and a beta of 0.87. Paychex has a 1-year low of $45.76 and a 1-year high of $61.87.
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%. During the same period in the previous year, the business earned $0.52 EPS. Paychex’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities research analysts predict that Paychex will post $2.22 earnings per share for the current year.
PAYX has been the topic of a number of research reports. Sanford C. Bernstein reiterated an “underperform” rating and issued a $52.00 price target (up previously from $40.00) on shares of Paychex in a research note on Tuesday, July 12th. Zacks Investment Research lowered shares of Paychex from a “hold” rating to a “sell” rating in a research note on Wednesday, August 31st. Argus reiterated a “buy” rating and issued a $70.00 price target (up previously from $59.50) on shares of Paychex in a research note on Friday, July 1st. Morgan Stanley reiterated an “underweight” rating and issued a $49.00 price target on shares of Paychex in a research note on Tuesday, August 23rd. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $56.00 price target (up previously from $51.00) on shares of Paychex in a research note on Wednesday, July 6th. Seven research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. Paychex has an average rating of “Hold” and a consensus price target of $54.00.
In other news, Director Joseph Doody sold 44,441 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $60.51, for a total transaction of $2,689,124.91. Following the completion of the sale, the director now owns 19,158 shares of the company’s stock, valued at approximately $1,159,250.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP John B. Gibson sold 11,450 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now directly owns 21,451 shares of the company’s stock, valued at approximately $1,265,609. The disclosure for this sale can be found here. Insiders own 11.60% of the company’s stock.
Several hedge funds have recently modified their holdings of PAYX. Associated Banc Corp purchased a new stake in shares of Paychex during the second quarter worth $202,000. GAM Holding AG increased its stake in shares of Paychex by 16.8% in the second quarter. GAM Holding AG now owns 79,573 shares of the company’s stock worth $4,735,000 after buying an additional 11,469 shares during the period. Atlantic Trust Group LLC increased its stake in shares of Paychex by 4.4% in the second quarter. Atlantic Trust Group LLC now owns 36,066 shares of the company’s stock worth $2,146,000 after buying an additional 1,527 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of Paychex during the second quarter worth $286,000. Finally, Advisor Partners LLC increased its stake in shares of Paychex by 1.4% in the second quarter. Advisor Partners LLC now owns 3,996 shares of the company’s stock worth $238,000 after buying an additional 54 shares during the period. 69.33% of the stock is owned by institutional investors.
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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