Paychex, Inc. (NASDAQ:PAYX) announced a quarterly dividend on Thursday, October 15th, RTT News reports. Investors of record on Monday, November 2nd will be given a dividend of 0.62 per share by the business services provider on Tuesday, November 24th. This represents a $2.48 annualized dividend and a yield of 2.96%. The ex-dividend date is Friday, October 30th.
Paychex has increased its dividend payment by 37.5% over the last three years and has raised its dividend annually for the last 6 consecutive years.
PAYX opened at $83.73 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.23 and a quick ratio of 1.23. The company’s 50 day simple moving average is $78.43 and its two-hundred day simple moving average is $72.73. Paychex has a 1-year low of $47.87 and a 1-year high of $90.54. The firm has a market capitalization of $30.10 billion, a price-to-earnings ratio of 27.54, a price-to-earnings-growth ratio of 3.41 and a beta of 0.92.
In other Paychex news, insider Stephanie L. Schaeffer sold 63,000 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The stock was sold at an average price of $81.94, for a total value of $5,162,220.00. Following the sale, the insider now owns 127,162 shares of the company’s stock, valued at $10,419,654.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP John B. Gibson sold 14,227 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $82.18, for a total value of $1,169,174.86. 11.70% of the stock is owned by insiders.
A number of research analysts have weighed in on PAYX shares. BidaskClub raised shares of Paychex from a “hold” rating to a “buy” rating in a research note on Saturday, September 19th. Goldman Sachs Group started coverage on shares of Paychex in a research note on Tuesday, July 14th. They issued a “sell” rating and a $64.00 target price on the stock. BMO Capital Markets raised their target price on shares of Paychex from $74.00 to $82.00 in a research note on Wednesday, October 7th. Citigroup raised shares of Paychex from a “neutral” rating to a “buy” rating and lifted their price target for the company from $75.00 to $93.00 in a research report on Thursday, October 8th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Paychex from $72.00 to $78.00 and gave the company an “underweight” rating in a research report on Monday, August 17th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $75.92.
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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