FY2018 EPS Estimates for Paychex, Inc. (PAYX) Decreased by Northcoast Research
Paychex, Inc. (NASDAQ:PAYX) – Analysts at Northcoast Research lowered their FY2018 earnings per share (EPS) estimates for shares of Paychex in a research report issued to clients and investors on Friday. Northcoast Research analyst K. Mehta now expects that the business services provider will post earnings per share of $2.36 for the year, down from their previous forecast of $2.38.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, September 26th. The business services provider reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The company had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. Paychex had a return on equity of 42.48% and a net margin of 25.93%. Paychex’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 EPS.
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Several other research firms also recently issued reports on PAYX. Morgan Stanley cut their price objective on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research note on Friday, June 30th. William Blair downgraded shares of Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. BidaskClub lowered shares of Paychex from a “sell” rating to a “strong sell” rating in a report on Saturday, July 1st. Wedbush restated a “neutral” rating and set a $61.25 price target (down previously from $65.00) on shares of Paychex in a report on Tuesday, June 6th. Finally, BMO Capital Markets restated a “hold” rating and set a $60.00 price target on shares of Paychex in a report on Thursday, June 29th. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company’s stock. Paychex presently has an average rating of “Hold” and a consensus target price of $58.89.
Shares of Paychex (NASDAQ PAYX) traded up 3.54% during trading on Monday, hitting $61.93. 6,597,740 shares of the stock were exchanged. Paychex has a 12-month low of $52.78 and a 12-month high of $63.03. The stock’s 50 day moving average is $57.42 and its 200-day moving average is $58.17. The stock has a market cap of $22.26 billion, a price-to-earnings ratio of 27.52 and a beta of 0.98.
In related news, insider Michael E. Gioja sold 7,343 shares of the business’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $57.40, for a total transaction of $421,488.20. Following the transaction, the insider now directly owns 55,632 shares in the company, valued at $3,193,276.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Martin Mucci sold 33,294 shares of the company’s stock in a transaction dated Sunday, July 9th. The stock was sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the completion of the sale, the chief executive officer now directly owns 254,618 shares of the company’s stock, valued at $14,615,073.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 107,497 shares of company stock worth $6,200,889. 11.70% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in PAYX. Salem Investment Counselors Inc. raised its holdings in shares of Paychex by 0.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after purchasing an additional 11 shares during the period. Dupont Capital Management Corp purchased a new position in Paychex in the second quarter valued at approximately $129,000. Sun Life Financial INC lifted its stake in Paychex by 23,260.0% in the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after purchasing an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA purchased a new position in Paychex in the second quarter valued at approximately $145,000. Finally, Parkside Financial Bank & Trust lifted its stake in Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after purchasing an additional 564 shares during the last quarter. 67.31% of the stock is owned by hedge funds and other 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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