Paychex, Inc. (NASDAQ:PAYX) – Investment analysts at Jefferies Financial Group decreased their Q2 2020 EPS estimates for Paychex in a report issued on Tuesday, January 8th. Jefferies Financial Group analyst S. Samana now anticipates that the business services provider will post earnings of $0.69 per share for the quarter, down from their previous forecast of $0.70. Jefferies Financial Group has a “Hold” rating and a $75.00 price target on the stock. Jefferies Financial Group also issued estimates for Paychex’s Q3 2020 earnings at $0.96 EPS.
A number of other analysts have also recently commented on the company. Bank of America upgraded Paychex from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $64.00 to $68.00 in a research report on Tuesday. They noted that the move was a valuation call. BMO Capital Markets reaffirmed a “market perform” rating on shares of Paychex in a research note on Thursday, December 20th. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 22nd. Barclays began coverage on Paychex in a research note on Wednesday, November 14th. They issued an “equal weight” rating and a $70.00 price target on the stock. Finally, Moffett Nathanson began coverage on Paychex in a research note on Thursday, October 4th. They issued a “neutral” rating and a $79.00 price target on the stock. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Paychex has a consensus rating of “Hold” and a consensus target price of $72.60.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, December 19th. The business services provider reported $0.65 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.02. The business had revenue of $858.90 million during the quarter, compared to analysts’ expectations of $860.61 million. Paychex had a return on equity of 41.61% and a net margin of 27.99%. The business’s 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 earnings per share.
A number of large investors have recently bought and sold shares of PAYX. Harvest Fund Management Co. Ltd acquired a new position in shares of Paychex during the 3rd quarter worth about $115,000. TRUE Private Wealth Advisors acquired a new position in shares of Paychex during the 3rd quarter worth about $137,000. Vectors Research Management LLC acquired a new position in shares of Paychex during the 3rd quarter worth about $158,000. Girard Partners LTD. acquired a new position in shares of Paychex during the 3rd quarter worth about $164,000. Finally, Honkamp Krueger Financial Services Inc. acquired a new position in shares of Paychex during the 3rd quarter worth about $180,000. Institutional investors own 69.53% of the company’s stock.
In other Paychex news, Director Joseph Doody bought 1,000 shares of Paychex stock in a transaction on Tuesday, October 23rd. The shares were bought at an average price of $66.50 per share, for a total transaction of $66,500.00. Following the completion of the transaction, the director now directly owns 16,639 shares of the company’s stock, valued at $1,106,493.50. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 11.80% of the company’s stock.
Paychex Company Profile
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.
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