Paychex Inc. (NASDAQ:PAYX) released its quarterly earnings results on Wednesday. The company reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.03. The business earned $785.50 million during the quarter, compared to the consensus estimate of $783.02 million. Paychex had a return on equity of 39.54% and a net margin of 25.64%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 EPS.
Paychex (NASDAQ:PAYX) opened at 60.27 on Wednesday. The firm has a market cap of $21.73 billion, a PE ratio of 28.84 and a beta of 0.82. The firm has a 50-day moving average price of $59.99 and a 200-day moving average price of $56.47. Paychex has a one year low of $45.76 and a one year high of $61.87.
In other Paychex news, CFO Efrain Rivera sold 7,235 shares of the company’s stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $61.33, for a total transaction of $443,722.55. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Martin Mucci sold 65,965 shares of the company’s stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $60.63, for a total value of $3,999,457.95. Following the transaction, the chief executive officer now owns 246,516 shares in the company, valued at approximately $14,946,265.08. The disclosure for this sale can be found here. Company insiders own 11.60% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Associated Banc Corp purchased a new position in Paychex during the second quarter worth $202,000. GAM Holding AG increased its position in Paychex by 16.8% in the second quarter. GAM Holding AG now owns 79,573 shares of the company’s stock worth $4,735,000 after buying an additional 11,469 shares during the period. Atlantic Trust Group LLC increased its position in Paychex by 4.4% in the second quarter. Atlantic Trust Group LLC now owns 36,066 shares of the company’s stock worth $2,146,000 after buying an additional 1,527 shares during the period. Engineers Gate Manager LP purchased a new position in Paychex during the second quarter worth $286,000. Finally, Advisor Partners LLC increased its position in Paychex by 1.4% in the second quarter. Advisor Partners LLC now owns 3,996 shares of the company’s stock worth $238,000 after buying an additional 54 shares during the period. Hedge funds and other institutional investors own 69.31% of the company’s stock.
PAYX has been the subject of several recent research reports. Argus restated a “buy” rating and issued a $70.00 price target (up from $59.50) on shares of Paychex in a research note on Friday, July 1st. Zacks Investment Research upgraded Paychex from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Wednesday, June 15th. Deutsche Bank AG reiterated a “hold” rating and set a $56.00 target price (up from $51.00) on shares of Paychex in a research report on Wednesday, July 6th. BMO Capital Markets reiterated a “market perform” rating and set a $58.00 target price (up from $55.00) on shares of Paychex in a research report on Tuesday, July 5th. Finally, Wedbush started coverage on Paychex in a research report on Thursday, September 8th. They set a “neutral” rating and a $65.00 target price for the company. Seven analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. Paychex has an average rating of “Hold” and an average price target of $54.00.
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
Receive News & Ratings for Paychex Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex Inc. and related companies with MarketBeat.com's FREE daily email newsletter.