Paychex (NASDAQ:PAYX) Announces Quarterly Earnings Results

Paychex (NASDAQ:PAYX) announced its quarterly earnings data on Wednesday. The business services provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.02, reports. The firm had revenue of $990.70 million for the quarter, compared to analyst estimates of $988.26 million. Paychex had a return on equity of 41.21% and a net margin of 26.72%. The business’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period last year, the company earned $0.65 EPS. Paychex updated its FY 2020
Pre-Market guidance to 3.12-3.15 EPS.

Shares of Paychex stock opened at $85.53 on Friday. The firm has a fifty day moving average of $84.62 and a two-hundred day moving average of $84.06. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.15 and a current ratio of 1.17. The stock has a market capitalization of $30.43 billion, a price-to-earnings ratio of 29.01, a PEG ratio of 3.90 and a beta of 0.89. Paychex has a 52 week low of $61.32 and a 52 week high of $88.43.

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Friday, November 1st were given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 2.90%. The ex-dividend date was Thursday, October 31st. Paychex’s payout ratio is 87.32%.

PAYX has been the subject of a number of recent research reports. ValuEngine downgraded Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Argus reiterated a “buy” rating and issued a $92.00 price target on shares of Paychex in a report on Thursday, October 3rd. Cowen assumed coverage on Paychex in a research report on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 price objective for the company. Jefferies Financial Group reiterated a “hold” rating and issued a $84.00 price objective on shares of Paychex in a research report on Wednesday. Finally, Robert W. Baird boosted their price objective on Paychex from $83.00 to $87.00 and gave the stock a “neutral” rating in a report on Thursday. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $80.88.

In related news, Director David J. S. Flaschen sold 13,052 shares of Paychex stock in a transaction on Friday, October 25th. The stock was sold at an average price of $84.50, for a total transaction of $1,102,894.00. Following the completion of the sale, the director now directly owns 43,564 shares of the company’s stock, valued at $3,681,158. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Martin Mucci sold 31,865 shares of the company’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $84.86, for a total value of $2,704,063.90. Following the completion of the sale, the chief executive officer now owns 362,806 shares of the company’s stock, valued at approximately $30,787,717.16. The disclosure for this sale can be found here. In the last three months, insiders sold 67,256 shares of company stock worth $5,707,113. 11.70% of the stock is currently owned by company insiders.

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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Earnings History for Paychex (NASDAQ:PAYX)

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