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.
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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