Brokerages Anticipate Paychex, Inc. (PAYX) Will Post Quarterly Sales of $823.08 Million

Brokerages forecast that Paychex, Inc. (NASDAQ:PAYX) will post $823.08 million in sales for the current fiscal quarter, Zacks Investment Research reports. Fifteen analysts have provided estimates for Paychex’s earnings, with the highest sales estimate coming in at $827.22 million and the lowest estimate coming in at $815.24 million. Paychex reported sales of $771.40 million in the same quarter last year, which would suggest a positive year over year growth rate of 6.7%. The company is scheduled to report its next earnings results 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 fiscal year, analysts forecast 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 an average based on a survey of research firms that cover Paychex.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating the Zacks’ 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 during the quarter, compared to the consensus estimate of $816.34 million. During the same period in the prior year, the company earned $0.60 EPS. Paychex’s revenue was up 4.0% on a year-over-year basis.

A number of analysts have commented on PAYX shares. Robert W. Baird reaffirmed a “hold” rating and set a $64.00 price objective on shares of Paychex in a research note on Wednesday, October 4th. Morgan Stanley raised shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective for the company in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus reaffirmed a “hold” rating and set a $61.00 price objective on shares of Paychex in a research note on Friday, August 18th. BMO Capital Markets reaffirmed a “market perform” rating and set a $62.00 price objective (up from $60.00) on shares of Paychex in a research note on Wednesday, October 4th. Finally, William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company. Paychex presently has an average rating of “Hold” and an average price target of $60.07.

Paychex (NASDAQ:PAYX) traded down $0.72 during mid-day trading on Wednesday, reaching $64.92. 1,589,898 shares of the company’s stock were exchanged, compared to its average volume of 1,990,786. Paychex has a 52 week low of $54.20 and a 52 week high of $66.31. The stock has a market capitalization of $23,560.00, a price-to-earnings ratio of 28.80, a PEG ratio of 3.54 and a beta of 0.99.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st were issued a $0.50 dividend. The ex-dividend date was Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.08%. Paychex’s dividend payout ratio is 87.34%.

In related news, VP Laurie L. Zaucha sold 15,000 shares of the stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $62.00, for a total value of $930,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Laurie L. Zaucha sold 17,354 shares of the stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total value of $1,110,656.00. The disclosure for this sale can be found here. Insiders sold 94,395 shares of company stock worth $5,914,383 in the last 90 days. 11.70% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. increased its holdings in Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after buying an additional 11 shares during the last quarter. Alps Advisors Inc. increased its holdings in Paychex by 0.3% in the second quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock worth $438,000 after buying an additional 20 shares during the last quarter. Northwest Quadrant Wealth Management LLC increased its holdings in Paychex by 0.6% in the second quarter. Northwest Quadrant Wealth Management LLC now owns 3,948 shares of the business services provider’s stock worth $217,000 after buying an additional 25 shares during the last quarter. Washington Trust Bank increased its holdings in Paychex by 0.4% in the second quarter. Washington Trust Bank now owns 7,344 shares of the business services provider’s stock worth $418,000 after buying an additional 31 shares during the last quarter. Finally, Bruderman Asset Management LLC grew its holdings in Paychex by 0.6% during the second quarter. Bruderman Asset Management LLC now owns 6,834 shares of the business services provider’s stock valued at $389,000 after purchasing an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 67.02% of the company’s stock.

TRADEMARK VIOLATION WARNING: “Brokerages Anticipate Paychex, Inc. (PAYX) Will Post Quarterly Sales of $823.08 Million” was published by Community Financial News and is the sole property of of Community Financial News. If you are accessing this article on another website, it was stolen and republished in violation of US and international trademark & copyright legislation. The correct version of this article can be read at https://www.com-unik.info/2017/11/18/brokerages-anticipate-paychex-inc-payx-will-post-quarterly-sales-of-823-08-million.html.

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.

Get a free copy of the Zacks research report on Paychex (PAYX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Paychex (NASDAQ:PAYX)

What are top analysts saying about Paychex Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Paychex Inc. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit