Paychex, Inc. (NASDAQ:PAYX) announced a quarterly dividend on Friday, January 14th, RTT News reports. Shareholders of record on Monday, January 31st will be paid a dividend of 0.66 per share by the business services provider on Thursday, February 24th. This represents a $2.64 annualized dividend and a yield of 2.11%.
Paychex has raised its dividend by 19.3% over the last three years and has raised its dividend annually for the last 12 consecutive years. Paychex has a payout ratio of 68.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Paychex to earn $3.90 per share next year, which means the company should continue to be able to cover its $2.64 annual dividend with an expected future payout ratio of 67.7%.
NASDAQ:PAYX opened at $125.00 on Friday. Paychex has a 12 month low of $85.30 and a 12 month high of $138.96. The firm has a fifty day simple moving average of $126.63 and a 200-day simple moving average of $118.70. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $45.10 billion, a P/E ratio of 35.41, a PEG ratio of 4.65 and a beta of 0.93.
In related news, insider Stephanie L. Schaeffer sold 103,029 shares of the stock in a transaction on Monday, December 27th. The shares were sold at an average price of $134.35, for a total transaction of $13,841,946.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Martin Mucci sold 3,219 shares of the company’s stock in a transaction on Wednesday, December 8th. The stock was sold at an average price of $123.04, for a total transaction of $396,065.76. The disclosure for this sale can be found here. Insiders sold a total of 257,586 shares of company stock worth $34,549,139 over the last quarter. 11.50% of the stock is currently owned by company insiders.
Several brokerages recently issued reports on PAYX. Robert W. Baird raised their target price on shares of Paychex from $111.00 to $120.00 and gave the stock a “neutral” rating in a report on Monday, October 4th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Paychex from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, October 1st. Morgan Stanley raised their target price on shares of Paychex from $105.00 to $135.00 and gave the stock an “equal weight” rating in a report on Thursday, December 23rd. Stifel Nicolaus raised their target price on shares of Paychex from $118.00 to $140.00 and gave the stock a “hold” rating in a report on Thursday, December 23rd. Finally, Cowen raised shares of Paychex from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $130.00 to $145.00 in a report on Tuesday. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Paychex presently has an average rating of “Hold” and a consensus price target of $121.21.
Paychex, Inc engages in the provision of human capital management solutions for payroll, human resource, insurance and retirement for small and medium sized businesses. Its solutions include payroll services, hiring services, business insurance, time and attendance, employee benefits, finance and payments, human resources services and startup services.
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