Analysts expect that Paychex, Inc. (NASDAQ:PAYX) will report $858.27 million in sales for the current quarter, according to Zacks Investment Research. Twelve analysts have issued estimates for Paychex’s earnings, with the highest sales estimate coming in at $863.90 million and the lowest estimate coming in at $854.90 million. Paychex posted sales of $826.50 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.8%. The firm is expected to announce its next earnings report on Thursday, December 20th.
According to Zacks, analysts expect that Paychex will report full year sales of $3.61 billion for the current fiscal year, with estimates ranging from $3.60 billion to $3.62 billion. For the next fiscal year, analysts expect that the business will post sales of $3.83 billion, with estimates ranging from $3.80 billion to $3.86 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Paychex.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.02. Paychex had a net margin of 27.62% and a return on equity of 44.29%. The company had revenue of $862.80 million for the quarter, compared to analysts’ expectations of $850.39 million. During the same period last year, the company earned $0.62 EPS. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year.
In related news, Director David J. S. Flaschen sold 6,250 shares of the firm’s stock in a transaction that occurred on Monday, July 30th. The shares were sold at an average price of $69.62, for a total value of $435,125.00. Following the sale, the director now directly owns 32,787 shares of the company’s stock, valued at $2,282,630.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John B. Gibson sold 47,250 shares of the firm’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total transaction of $3,472,875.00. The disclosure for this sale can be found here. Insiders sold 108,673 shares of company stock worth $7,843,354 over the last three months. Corporate insiders own 11.80% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PAYX. Advisors Preferred LLC raised its holdings in Paychex by 116.4% in the second quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock valued at $107,000 after buying an additional 843 shares during the period. Clarus Wealth Advisors purchased a new position in Paychex in the second quarter valued at approximately $109,000. Fort L.P. purchased a new position in Paychex in the second quarter valued at approximately $121,000. Rational Advisors LLC purchased a new position in Paychex in the second quarter valued at approximately $151,000. Finally, Financial Gravity Wealth Inc. purchased a new position in Paychex in the first quarter valued at approximately $137,000. 66.99% of the stock is currently owned by institutional investors and hedge funds.
Shares of Paychex stock traded down $0.24 during mid-day trading on Monday, hitting $68.02. 2,246,100 shares of the stock were exchanged, compared to its average volume of 2,169,853. Paychex has a twelve month low of $59.36 and a twelve month high of $76.02. The stock has a market capitalization of $26.44 billion, a P/E ratio of 26.78, a P/E/G ratio of 3.24 and a beta of 0.95.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, November 1st will be given a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.24 annualized dividend and a dividend yield of 3.29%. Paychex’s dividend payout ratio is presently 87.84%.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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