Paychex (NASDAQ:PAYX) announced its earnings results on Wednesday. The business services provider reported $0.65 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.02, Bloomberg Earnings reports. The firm had revenue of $858.90 million for the quarter, compared to the consensus estimate of $860.61 million. Paychex had a return on equity of 42.93% and a net margin of 27.99%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.59 EPS. Paychex updated its FY19 guidance to $2.83-2.86 EPS.
Shares of NASDAQ:PAYX opened at $64.96 on Friday. The stock has a market capitalization of $23.25 billion, a PE ratio of 25.47, a price-to-earnings-growth ratio of 2.67 and a beta of 1.03. Paychex has a 1 year low of $59.36 and a 1 year high of $76.02.
Several research analysts have commented on PAYX shares. BidaskClub downgraded Paychex from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 29th. Jefferies Financial Group started coverage on Paychex in a report on Monday, October 1st. They set a “hold” rating and a $75.00 target price on the stock. Credit Suisse Group raised Paychex from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a report on Tuesday, October 2nd. BMO Capital Markets lifted their target price on Paychex from $70.00 to $77.00 and gave the stock a “market perform” rating in a report on Wednesday, October 3rd. Finally, Citigroup lifted their target price on Paychex from $67.00 to $73.00 and gave the stock a “neutral” rating in a report on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Paychex has a consensus rating of “Hold” and a consensus price target of $72.93.
Several large investors have recently made changes to their positions in PAYX. Alps Advisors Inc. increased its position in Paychex by 12.2% in the 2nd quarter. Alps Advisors Inc. now owns 8,088 shares of the business services provider’s stock valued at $551,000 after buying an additional 882 shares in the last quarter. Strs Ohio increased its position in Paychex by 19.5% in the 2nd quarter. Strs Ohio now owns 17,495 shares of the business services provider’s stock valued at $1,195,000 after buying an additional 2,855 shares in the last quarter. SG Americas Securities LLC increased its position in Paychex by 7.8% in the 2nd quarter. SG Americas Securities LLC now owns 40,335 shares of the business services provider’s stock valued at $2,757,000 after buying an additional 2,907 shares in the last quarter. Russell Investments Group Ltd. increased its position in Paychex by 1.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 209,805 shares of the business services provider’s stock valued at $14,329,000 after buying an additional 2,781 shares in the last quarter. Finally, Segall Bryant & Hamill LLC bought a new stake in Paychex in the 2nd quarter valued at about $421,000. 69.52% of the stock is currently owned by institutional investors.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
See Also: What is a Roth IRA?
Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.