Paychex (PAYX) Scheduled to Post Quarterly Earnings on Wednesday

Paychex (NASDAQ:PAYXGet Rating) is scheduled to issue its quarterly earnings data before the market opens on Wednesday, September 28th. Analysts expect the company to announce earnings of $0.97 per share for the quarter. Paychex has set its FY 2023 guidance at $4.11-$4.15 EPS.Parties that wish to listen to the company’s conference call can do so using this link.

Paychex (NASDAQ:PAYXGet Rating) last released its earnings results on Wednesday, June 29th. The business services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Paychex had a net margin of 30.20% and a return on equity of 43.65%. The company’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.72 earnings per share. On average, analysts expect Paychex to post $4 EPS for the current fiscal year and $4 EPS for the next fiscal year.

Paychex Stock Down 1.2 %

PAYX stock opened at $120.04 on Wednesday. The stock has a market capitalization of $43.25 billion, a P/E ratio of 31.26, a P/E/G ratio of 3.87 and a beta of 1.00. The firm has a 50-day simple moving average of $126.26 and a 200-day simple moving average of $125.45. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.26. Paychex has a 52 week low of $106.55 and a 52 week high of $141.92.

Paychex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 25th. Investors of record on Thursday, August 11th were paid a dividend of $0.79 per share. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $3.16 annualized dividend and a yield of 2.63%. Paychex’s dividend payout ratio is presently 82.29%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Citigroup dropped their price objective on shares of Paychex from $145.00 to $125.00 and set a “neutral” rating for the company in a research note on Thursday, July 7th. Barclays dropped their price objective on shares of Paychex from $140.00 to $127.00 and set an “equal weight” rating for the company in a research note on Thursday, June 30th. Credit Suisse Group dropped their price objective on shares of Paychex from $165.00 to $140.00 and set an “outperform” rating for the company in a research note on Thursday, June 30th. Bank of America dropped their price target on shares of Paychex from $138.00 to $124.00 in a research note on Wednesday, June 29th. Finally, Cowen dropped their price target on shares of Paychex from $140.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, June 30th. Ten investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $130.75.

Insider Transactions at Paychex

In other news, CEO Martin Mucci sold 21,631 shares of the company’s stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $116.80, for a total value of $2,526,500.80. Following the transaction, the chief executive officer now directly owns 420,535 shares in the company, valued at approximately $49,118,488. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Paychex news, Director Joseph M. Velli sold 4,184 shares of the stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $113.34, for a total value of $474,214.56. Following the sale, the director now directly owns 60,531 shares of the company’s stock, valued at approximately $6,860,583.54. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Martin Mucci sold 21,631 shares of the stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $116.80, for a total transaction of $2,526,500.80. Following the completion of the sale, the chief executive officer now directly owns 420,535 shares in the company, valued at $49,118,488. The disclosure for this sale can be found here. In the last three months, insiders have sold 90,837 shares of company stock worth $10,539,336. 11.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paychex

A number of large investors have recently modified their holdings of PAYX. Centaurus Financial Inc. purchased a new stake in shares of Paychex in the 1st quarter valued at approximately $110,000. Salem Investment Counselors Inc. grew its position in shares of Paychex by 26.2% in the 1st quarter. Salem Investment Counselors Inc. now owns 891 shares of the business services provider’s stock valued at $122,000 after buying an additional 185 shares during the last quarter. High Net Worth Advisory Group LLC grew its position in shares of Paychex by 65.1% in the 1st quarter. High Net Worth Advisory Group LLC now owns 1,271 shares of the business services provider’s stock valued at $173,000 after buying an additional 501 shares during the last quarter. Penserra Capital Management LLC grew its position in shares of Paychex by 6.3% in the 1st quarter. Penserra Capital Management LLC now owns 1,535 shares of the business services provider’s stock valued at $209,000 after buying an additional 91 shares during the last quarter. Finally, Brighton Jones LLC purchased a new position in shares of Paychex in the 1st quarter valued at $237,000. 71.80% of the stock is owned by hedge funds and other institutional investors.

About Paychex

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Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

Further Reading

Earnings History for Paychex (NASDAQ:PAYX)

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