Favorable Press Coverage Somewhat Likely to Affect Paychex (NASDAQ:PAYX) Stock Price
Media coverage about Paychex (NASDAQ:PAYX) has trended positive this week, according to Accern Sentiment. The research firm identifies positive and negative press coverage by reviewing more than 20 million news and blog sources in real-time. Accern ranks coverage of public companies on a scale of negative one to one, with scores closest to one being the most favorable. Paychex earned a coverage optimism score of 0.27 on Accern’s scale. Accern also gave media coverage about the business services provider an impact score of 63 out of 100, indicating that recent press coverage is somewhat likely to have an impact on the stock’s share price in the next few days.
These are some of the headlines that may have effected Accern’s scoring:
- Insider Selling: Paychex, Inc. (PAYX) CEO Sells 30,000 Shares of Stock (americanbankingnews.com)
- The Latest Analyst Coverage For Paychex, Inc. (PAYX), MRC Global Inc. (MRC) – AllStockNews (allstocknews.com)
- Paychex raises quarterly dividend by 9% to 50 cents a share (finance.yahoo.com)
- BRIEF-Paychex increases quarterly dividend by 9pct (feeds.reuters.com)
- Paychex, Inc. (NASDAQ:PAYX) to Issue Dividend Increase – $0.50 Per Share (americanbankingnews.com)
PAYX has been the topic of a number of recent analyst reports. Jefferies Group LLC restated a “sell” rating and issued a $50.00 target price on shares of Paychex in a research note on Tuesday, March 21st. BMO Capital Markets cut their target price on shares of Paychex from $61.00 to $60.00 and set a “market perform” rating on the stock in a research note on Thursday, March 30th. Wedbush restated a “neutral” rating and issued a $61.25 target price (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and cut their target price for the company from $68.00 to $64.00 in a research note on Tuesday, June 20th. Finally, Robert W. Baird cut their target price on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Five analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company’s stock. Paychex currently has a consensus rating of “Hold” and a consensus target price of $59.16.
Shares of Paychex (NASDAQ:PAYX) opened at 57.10 on Friday. Paychex has a 52 week low of $52.78 and a 52 week high of $63.03. The firm has a market cap of $20.52 billion, a price-to-earnings ratio of 25.38 and a beta of 0.96. The firm has a 50 day moving average of $58.87 and a 200 day moving average of $59.90.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The firm had revenue of $799 million during the quarter, compared to the consensus estimate of $797.70 million. During the same period last year, the firm posted $0.49 EPS. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. Equities analysts predict that Paychex will post $2.37 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be issued a dividend of $0.50 per share. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend is Friday, July 28th.
In related news, VP Mark Anthony Bottini sold 35,000 shares of Paychex stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $60.01, for a total transaction of $2,100,350.00. Following the completion of the transaction, the vice president now directly owns 47,007 shares of the company’s stock, valued at approximately $2,820,890.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph M. Velli sold 9,000 shares of the business’s stock in a transaction dated Thursday, April 20th. The stock was sold at an average price of $58.29, for a total transaction of $524,610.00. Following the completion of the transaction, the director now directly owns 30,624 shares of the company’s stock, valued at $1,785,072.96. The disclosure for this sale can be found here. Insiders have sold a total of 157,151 shares of company stock valued at $9,128,718 over the last three months. 11.60% of the stock is currently owned by insiders.
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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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