Paychex, Inc. (PAYX) Expected to Announce Quarterly Sales of $858.27 Million

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Equities research analysts expect Paychex, Inc. (NASDAQ:PAYX) to report sales of $858.27 million for the current quarter, Zacks reports. Twelve analysts have issued estimates for Paychex’s earnings, with estimates ranging from $854.90 million to $863.90 million. Paychex posted sales of $826.50 million during the same quarter last year, which suggests a positive year-over-year growth rate of 3.8%. The company is scheduled to issue its next earnings report on Thursday, December 20th.

On average, analysts expect that Paychex will report full year sales of $3.61 billion for the current fiscal year, with estimates ranging from $3.60 billion to $3.62 billion. For the next year, analysts forecast that the company will post sales of $3.83 billion, with estimates ranging from $3.80 billion to $3.86 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Paychex.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.02. The company had revenue of $862.80 million for the quarter, compared to analyst estimates of $850.39 million. Paychex had a net margin of 27.62% and a return on equity of 44.29%. Paychex’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.62 EPS.

Several research firms have recently weighed in on PAYX. Moffett Nathanson began coverage on shares of Paychex in a research note on Thursday, October 4th. They set a “neutral” rating and a $79.00 price objective on the stock. Morgan Stanley boosted their price objective on shares of Paychex from $67.00 to $73.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 3rd. Deutsche Bank lifted their target price on shares of Paychex from $68.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, October 3rd. Stifel Nicolaus lifted their target price on shares of Paychex from $69.00 to $73.00 and gave the stock a “hold” rating in a report on Wednesday, October 3rd. Finally, Citigroup lifted their target price on shares of 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 given a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $72.93.

In other Paychex news, VP Laurie L. Zaucha sold 13,320 shares of the business’s stock in a transaction dated Wednesday, July 25th. The shares were sold at an average price of $72.00, for a total value of $959,040.00. Following the completion of the sale, the vice president now owns 40,022 shares of the company’s stock, valued at approximately $2,881,584. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Grant M. Inman sold 7,853 shares of the business’s stock in a transaction dated Thursday, July 26th. The shares were sold at an average price of $71.74, for a total transaction of $563,374.22. Following the completion of the sale, the director now directly owns 43,185 shares of the company’s stock, valued at approximately $3,098,091.90. The disclosure for this sale can be found here. Insiders have sold a total of 108,673 shares of company stock valued at $7,843,354 in the last ninety days. 11.80% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. North Star Investment Management Corp. boosted its holdings in Paychex by 1.0% in the 3rd quarter. North Star Investment Management Corp. now owns 98,590 shares of the business services provider’s stock valued at $7,261,000 after purchasing an additional 970 shares during the period. Baxter Bros Inc. boosted its holdings in Paychex by 1.1% in the 3rd quarter. Baxter Bros Inc. now owns 103,228 shares of the business services provider’s stock valued at $7,603,000 after purchasing an additional 1,103 shares during the period. Iberiabank Corp boosted its holdings in Paychex by 23.5% in the 3rd quarter. Iberiabank Corp now owns 118,788 shares of the business services provider’s stock valued at $8,749,000 after purchasing an additional 22,575 shares during the period. Manning & Napier Group LLC boosted its holdings in Paychex by 10.3% in the 3rd quarter. Manning & Napier Group LLC now owns 100,504 shares of the business services provider’s stock valued at $7,402,000 after purchasing an additional 9,351 shares during the period. Finally, Gyroscope Capital Management Group LLC bought a new stake in Paychex in the 3rd quarter valued at about $337,000. 66.99% of the stock is owned by hedge funds and other institutional investors.

Shares of Paychex stock traded up $0.73 during trading on Monday, hitting $68.26. 2,902,077 shares of the stock were exchanged, compared to its average volume of 2,169,576. The firm has a market capitalization of $26.44 billion, a PE ratio of 26.77, a P/E/G ratio of 3.24 and a beta of 0.95. Paychex has a 1-year low of $59.36 and a 1-year high of $76.02.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, November 1st will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Wednesday, October 31st. Paychex’s payout ratio is 87.84%.

About Paychex

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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