Paychex, Inc. Plans Quarterly Dividend of $0.50 (PAYX)

Paychex, Inc. (NASDAQ:PAYX) declared a quarterly dividend on Wednesday, October 11th, RTT News reports. Investors of record on Wednesday, November 1st will be paid a dividend of 0.50 per share by the business services provider on Wednesday, November 15th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend is Tuesday, October 31st.

Paychex has raised its dividend payment by an average of 36.0% per year over the last three years and has increased its dividend every year for the last 6 years. Paychex has a payout ratio of 84.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect Paychex to earn $2.56 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 78.1%.

Shares of Paychex (NASDAQ:PAYX) traded up 0.05% during trading on Thursday, hitting $63.51. 73,878 shares of the company were exchanged. The company’s 50-day moving average price is $58.95 and its 200 day moving average price is $58.26. The stock has a market cap of $22.83 billion, a P/E ratio of 28.23 and a beta of 0.98. Paychex has a 12 month low of $52.78 and a 12 month high of $64.08.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million for the quarter, compared to the consensus estimate of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 EPS. On average, equities analysts predict that Paychex will post $2.38 earnings per share for the current fiscal year.

In other news, VP Jennifer R. Vossler sold 11,155 shares of the company’s stock in a transaction that occurred on Friday, October 6th. The shares were sold at an average price of $63.07, for a total value of $703,545.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Martin Mucci sold 29,786 shares of the company’s stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $63.17, for a total transaction of $1,881,581.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 88,395 shares of company stock valued at $5,532,183. Company insiders own 11.70% of the company’s stock.

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Several research firms have recently weighed in on PAYX. Morgan Stanley reaffirmed an “equal weight” rating and issued a $59.00 price target (up from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Wells Fargo & Company lifted their price target on shares of Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, October 4th. Bank of America Corporation lifted their price target on shares of Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $62.00 price target (up from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Finally, Royal Bank Of Canada reaffirmed an “underperform” rating and issued a $57.00 price target (up from $54.00) on shares of Paychex in a report on Wednesday, October 4th. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $60.07.

About Paychex

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.

Dividend History for Paychex (NASDAQ:PAYX)

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