Zacks: Brokerages Anticipate Paychex, Inc. (PAYX) Will Announce Quarterly Sales of $823.08 Million
Wall Street analysts predict that Paychex, Inc. (NASDAQ:PAYX) will announce $823.08 million in sales for the current quarter, Zacks reports. Fifteen analysts have made estimates for Paychex’s earnings. The highest sales estimate is $827.22 million and the lowest is $815.24 million. Paychex reported sales of $771.40 million in the same quarter last year, which indicates a positive year over year growth rate of 6.7%. The business is scheduled to issue its next quarterly earnings report on Wednesday, December 20th.
According to Zacks, analysts expect that Paychex will report full year sales of $823.08 million for the current financial year, with estimates ranging from $3.34 billion to $3.36 billion. For the next year, analysts expect that the business will report sales of $3.56 billion per share, with estimates ranging from $3.51 billion to $3.58 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Paychex.
Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The company had revenue of $816.80 million for the quarter, compared to the consensus estimate of $816.34 million. During the same period in the previous year, the business earned $0.60 EPS. The company’s revenue was up 4.0% on a year-over-year basis.
Several brokerages have issued reports on PAYX. Royal Bank Of Canada reissued a “sell” rating and set a $57.00 target price on shares of Paychex in a research note on Wednesday. Morgan Stanley reissued an “equal weight” rating and set a $59.00 target price (up from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Wells Fargo & Company boosted their target price on shares of Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, October 4th. Bank of America Corporation boosted their target price on shares of Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 4th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $62.00 target price (up from $60.00) on shares of Paychex in a research note on Wednesday, October 4th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $60.07.
In related news, VP Laurie L. Zaucha sold 17,354 shares of the company’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $64.00, for a total value of $1,110,656.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP John B. Gibson sold 6,000 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total transaction of $382,200.00. Following the sale, the vice president now owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The disclosure for this sale can be found here. Insiders sold 94,395 shares of company stock valued at $5,914,383 over the last quarter. 11.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Carnick & Kubik Group LLC bought a new stake in Paychex during the third quarter valued at about $1,332,000. Paragon Capital Management LLC boosted its holdings in Paychex by 2.4% during the second quarter. Paragon Capital Management LLC now owns 213,047 shares of the business services provider’s stock valued at $12,130,000 after acquiring an additional 4,921 shares during the period. Shelton Capital Management boosted its holdings in Paychex by 72.6% during the first quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock valued at $6,024,000 after acquiring an additional 43,033 shares during the period. Chilton Investment Co. LLC boosted its holdings in Paychex by 16.0% during the second quarter. Chilton Investment Co. LLC now owns 44,872 shares of the business services provider’s stock valued at $2,555,000 after acquiring an additional 6,184 shares during the period. Finally, Hourglass Capital LLC boosted its holdings in Paychex by 0.9% during the second quarter. Hourglass Capital LLC now owns 84,029 shares of the business services provider’s stock valued at $4,785,000 after acquiring an additional 730 shares during the period. Institutional investors own 67.02% of the company’s stock.
Shares of Paychex (NASDAQ:PAYX) opened at $65.37 on Wednesday. Paychex has a one year low of $54.20 and a one year high of $65.62. The stock has a market cap of $23,392.33, a price-to-earnings ratio of 28.68, a price-to-earnings-growth ratio of 3.53 and a beta of 0.99.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date is Tuesday, October 31st. Paychex’s dividend payout ratio is presently 87.34%.
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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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