Northcoast Research Equities Analysts Lift Earnings Estimates for Paychex, Inc. (PAYX)

Paychex, Inc. (NASDAQ:PAYX) – Stock analysts at Northcoast Research increased their FY2018 earnings per share estimates for shares of Paychex in a report issued on Wednesday. Northcoast Research analyst K. Mehta now anticipates that the business services provider will post earnings per share of $2.38 for the year, up from their prior estimate of $2.36.

A number of other equities research analysts have also recently issued reports on the company. Morgan Stanley restated an “equal weight” rating and issued a $59.00 price objective (up from $55.00) on shares of Paychex in a research note on Wednesday. Wells Fargo & Company boosted their price objective on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday. Bank of America Corporation boosted their price objective on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday. BMO Capital Markets restated a “market perform” rating and issued a $62.00 price objective (up from $60.00) on shares of Paychex in a research note on Wednesday. Finally, Royal Bank Of Canada restated an “underperform” rating and issued a $57.00 price objective (up from $54.00) on shares of Paychex in a research note on Wednesday. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $60.07.

COPYRIGHT VIOLATION WARNING: This report was originally reported by BBNS and is the sole property of of BBNS. If you are viewing this report on another publication, it was illegally copied and reposted in violation of United States & international trademark & copyright laws. The legal version of this report can be viewed at https://baseballnewssource.com/markets/northcoast-research-equities-analysts-lift-earnings-estimates-for-paychex-inc-payx/1698430.html.

Paychex (NASDAQ:PAYX) opened at 63.62 on Friday. The firm has a market capitalization of $22.86 billion, a P/E ratio of 28.28 and a beta of 0.98. The company has a 50 day moving average of $58.27 and a 200 day moving average of $58.24. Paychex has a 1-year low of $52.78 and a 1-year high of $63.68.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business had revenue of $816.80 million for the quarter, compared to the consensus estimate of $816.34 million. During the same period in the prior year, the company posted $0.60 earnings per share. Paychex’s revenue was up 4.0% compared to the same quarter last year.

In other news, CEO Martin Mucci sold 30,000 shares of the business’s stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the transaction, the chief executive officer now owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph M. Tucci sold 6,000 shares of the business’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $57.82, for a total value of $346,920.00. Following the transaction, the director now directly owns 53,621 shares of the company’s stock, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. Insiders have sold 66,000 shares of company stock valued at $3,888,120 in the last three months. 11.70% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of PAYX. Salem Investment Counselors Inc. grew its holdings in shares of Paychex by 0.6% during the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after purchasing an additional 11 shares in the last quarter. Dupont Capital Management Corp purchased a new position in shares of Paychex during the second quarter worth about $129,000. Sun Life Financial INC grew its holdings in shares of Paychex by 23,260.0% during the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after purchasing an additional 2,326 shares in the last quarter. San Francisco Sentry Investment Group CA purchased a new position in shares of Paychex during the second quarter worth about $145,000. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Paychex by 23.8% during the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock worth $173,000 after purchasing an additional 564 shares in the last quarter. 67.31% of the stock is owned by institutional investors.

About Paychex

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.

Earnings History and Estimates for Paychex (NASDAQ:PAYX)

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 our FREE daily email newsletter.

 


Latest News

Houston’s Dallas Keuchel Could Make Relief Appearance in Game 7
Houston’s Dallas Keuchel Could Make Relief Appearance in Game 7
Houston Astros Relying on Justin Verlander to Save Their Season
Houston Astros Relying on Justin Verlander to Save Their Season
Clayton Kershaw Gets Chance to Pitch LA into Fall Classic
Clayton Kershaw Gets Chance to Pitch LA into Fall Classic
Aaron Judge and Gary Sanchez Have Break Out Games
Aaron Judge and Gary Sanchez Have Break Out Games
Justin Turner Joining Postseason Legends
Justin Turner Joining Postseason Legends
PED Use Cost Alex Rodriguez Millions and His Reputation
PED Use Cost Alex Rodriguez Millions and His Reputation


Leave a Reply

 
© 2006-2017 BBNS.