Paychex, Inc. (NASDAQ:PAYX) declared 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 increased its dividend by 19.3% over the last three years and has increased its dividend annually for the last 12 consecutive years. Paychex has a dividend payout ratio of 68.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Paychex to earn $3.89 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 67.9%.
NASDAQ:PAYX traded down $1.79 during trading hours on Friday, hitting $124.84. The stock had a trading volume of 49,971 shares, compared to its average volume of 1,863,022. The company has a 50 day simple moving average of $126.62 and a two-hundred day simple moving average of $118.58. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.27 and a quick ratio of 1.27. Paychex has a one year low of $85.30 and a one year high of $138.96. The firm has a market capitalization of $45.04 billion, a price-to-earnings ratio of 35.87, a P/E/G ratio of 4.73 and a beta of 0.93.
In related news, CEO Martin Mucci sold 3,219 shares of the firm’s stock in a transaction dated Wednesday, December 8th. The shares were sold at an average price of $123.04, for a total value of $396,065.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael E. Gioja sold 591 shares of the firm’s stock in a transaction dated Wednesday, December 8th. The stock was sold at an average price of $123.04, for a total transaction of $72,716.64. The disclosure for this sale can be found here. Insiders have sold 257,586 shares of company stock valued at $34,549,139 in the last quarter. 11.50% of the stock is owned by company insiders.
A number of equities analysts recently commented on PAYX shares. Stifel Nicolaus lifted their target price on shares of Paychex from $118.00 to $140.00 and gave the stock a “hold” rating in a research report on Thursday, December 23rd. Robert W. Baird lifted their target price on shares of Paychex from $111.00 to $120.00 and gave the stock a “neutral” rating in a research report on Monday, October 4th. Morgan Stanley lifted their target price on shares of Paychex from $105.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 23rd. Barclays lifted their target price on shares of Paychex from $115.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 23rd. Finally, BMO Capital Markets boosted their price objective on shares of Paychex from $112.00 to $118.00 and gave the company a “market perform” rating in a research report on Friday, October 1st. 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, Paychex currently has an average rating of “Hold” and an average price target of $121.21.
Paychex Company Profile
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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