Paychex, Inc. (NASDAQ:PAYX) declared a quarterly dividend on Thursday, July 11th, RTT News reports. Shareholders of record on Thursday, August 1st will be paid a dividend of 0.62 per share by the business services provider on Thursday, August 22nd. This represents a $2.48 annualized dividend and a yield of 2.89%. The ex-dividend date is Wednesday, July 31st.
Paychex has raised its dividend by an average of 10.9% annually over the last three years and has raised its dividend annually for the last 8 consecutive years. Paychex has a payout ratio of 87.3% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Paychex to earn $3.34 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 74.3%.
Shares of NASDAQ:PAYX opened at $85.72 on Friday. The firm has a fifty day moving average price of $85.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.17. Paychex has a one year low of $61.32 and a one year high of $88.43. The company has a market cap of $30.64 billion, a P/E ratio of 30.18, a price-to-earnings-growth ratio of 3.07 and a beta of 0.86.
Several research analysts have commented on PAYX shares. Barclays reissued a “sell” rating on shares of easyJet in a report on Monday, April 1st. BidaskClub downgraded shares of Paychex from a “buy” rating to a “hold” rating in a report on Sunday, June 30th. William Blair reaffirmed a “market perform” rating on shares of Paychex in a report on Thursday, June 27th. Credit Suisse Group raised shares of Mosaic from an “underperform” rating to a “neutral” rating and set a $27.49 price objective for the company in a report on Thursday, March 28th. Finally, Bank of America initiated coverage on shares of Guangshen Railway Co. Ltd ADR Class H in a report on Wednesday, June 26th. They set an “underperform” rating for the company. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $75.08.
In other Paychex news, CEO Martin Mucci sold 19,759 shares of the business’s stock in a transaction dated Saturday, July 6th. The shares were sold at an average price of $85.31, for a total value of $1,685,640.29. Following the transaction, the chief executive officer now owns 280,170 shares in the company, valued at $23,901,302.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephanie L. Schaeffer sold 14,893 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $86.76, for a total transaction of $1,292,116.68. Following the completion of the transaction, the insider now owns 63,039 shares in the company, valued at approximately $5,469,263.64. The disclosure for this sale can be found here. Insiders sold 106,353 shares of company stock valued at $9,026,405 over the last three months. 11.80% of the stock is currently owned by insiders.
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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