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.
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.
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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