Paychex (PAYX) Releases Earnings Results, Hits Expectations

Paychex (NASDAQ:PAYX) released its earnings results on Thursday. The business services provider reported $0.59 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.59, Bloomberg Earnings reports. The company had revenue of $826.50 million during the quarter, compared to analyst estimates of $823.48 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.56 earnings per share.

Paychex (PAYX) traded down $0.06 during midday trading on Thursday, hitting $69.20. 1,680,200 shares of the stock were exchanged, compared to its average volume of 1,987,054. The firm has a market capitalization of $24,887.14, a P/E ratio of 30.51, a PEG ratio of 3.77 and a beta of 0.99. Paychex has a 1-year low of $54.20 and a 1-year high of $70.39.

A number of analysts have recently issued reports on PAYX shares. Royal Bank of Canada restated a “sell” rating and issued a $57.00 target price on shares of Paychex in a report on Wednesday, November 15th. Bank of America increased their target price on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Citigroup restated a “sell” rating and issued a $53.00 target price on shares of Paychex in a report on Monday, October 2nd. BidaskClub upgraded Paychex from a “buy” rating to a “strong-buy” rating in a report on Thursday, December 7th. Finally, Wells Fargo & Company increased their target price on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, October 4th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Paychex currently has an average rating of “Hold” and a consensus target price of $61.08.

In other Paychex news, VP Laurie L. Zaucha sold 17,354 shares of the stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $64.00, for a total transaction of $1,110,656.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Laurie L. Zaucha sold 15,000 shares of the stock in a transaction on Monday, September 25th. The stock was sold at an average price of $60.00, for a total transaction of $900,000.00. Following the transaction, the vice president now directly owns 51,360 shares in the company, valued at $3,081,600. The disclosure for this sale can be found here. Insiders have sold 94,395 shares of company stock worth $5,914,383 over the last three months. Company insiders own 11.70% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Carnick & Kubik Group LLC acquired a new stake in shares of Paychex in the third quarter valued at about $1,332,000. Paragon Capital Management LLC grew its position in shares of Paychex by 2.4% in the second quarter. Paragon Capital Management LLC now owns 213,047 shares of the business services provider’s stock valued at $12,130,000 after purchasing an additional 4,921 shares during the last quarter. Chilton Investment Co. LLC grew its position in shares of Paychex by 16.0% in the second quarter. Chilton Investment Co. LLC now owns 44,872 shares of the business services provider’s stock valued at $2,555,000 after purchasing an additional 6,184 shares during the last quarter. Hourglass Capital LLC grew its position in shares of Paychex by 0.9% in the second quarter. Hourglass Capital LLC now owns 84,029 shares of the business services provider’s stock valued at $4,785,000 after purchasing an additional 730 shares during the last quarter. Finally, Schaper Benz & Wise Investment Counsel Inc. WI grew its position in shares of Paychex by 1.4% in the third quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 213,833 shares of the business services provider’s stock valued at $12,821,000 after purchasing an additional 2,855 shares during the last quarter. 67.82% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Earnings History for Paychex (NASDAQ:PAYX)

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