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.
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.
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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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