Paychex, Inc. (NASDAQ:PAYX) – Equities researchers at Jefferies Financial Group boosted their FY2019 EPS estimates for shares of Paychex in a research report issued on Wednesday, March 27th, according to Zacks Investment Research. Jefferies Financial Group analyst S. Samana now anticipates that the business services provider will earn $2.84 per share for the year, up from their prior forecast of $2.83. Jefferies Financial Group also issued estimates for Paychex’s Q4 2020 earnings at $0.72 EPS, Q3 2021 earnings at $1.04 EPS and FY2021 earnings at $3.41 EPS.
A number of other research analysts have also recently issued reports on the stock. Barclays lifted their price target on shares of Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a research report on Monday, April 1st. Credit Suisse Group lifted their target price on shares of Paychex from $82.00 to $84.00 and gave the stock an “outperform” rating in a report on Thursday, March 28th. Bank of America raised shares of Paychex from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $64.00 to $68.00 in a report on Tuesday, January 8th. They noted that the move was a valuation call. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of Paychex in a report on Thursday, December 20th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $74.14.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, March 27th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.89. Paychex had a net margin of 28.19% and a return on equity of 43.20%. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same period last year, the company posted $0.63 EPS. Paychex’s revenue was up 14.3% on a year-over-year basis.
In other news, VP Jennifer R. Vossler sold 6,000 shares of Paychex stock in a transaction that occurred on Friday, January 18th. The shares were sold at an average price of $69.37, for a total value of $416,220.00. Following the completion of the sale, the vice president now directly owns 27,701 shares in the company, valued at $1,921,618.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph M. Tucci sold 6,250 shares of Paychex stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $82.29, for a total transaction of $514,312.50. Following the completion of the sale, the director now owns 56,117 shares of the company’s stock, valued at $4,617,867.93. The disclosure for this sale can be found here. Insiders sold 215,272 shares of company stock valued at $16,458,249 over the last quarter. Company insiders own 11.80% of the company’s stock.
Several hedge funds have recently made changes to their positions in PAYX. We Are One Seven LLC bought a new stake in Paychex during the fourth quarter valued at approximately $25,000. Liberty Wealth Management LLC bought a new stake in Paychex during the fourth quarter valued at approximately $25,000. TCI Wealth Advisors Inc. grew its position in Paychex by 404.8% during the first quarter. TCI Wealth Advisors Inc. now owns 318 shares of the business services provider’s stock valued at $26,000 after buying an additional 255 shares during the period. Baldwin Brothers Inc. MA bought a new stake in Paychex during the fourth quarter valued at approximately $27,000. Finally, Loeb Partners Corp bought a new stake in Paychex during the fourth quarter valued at approximately $39,000. Hedge funds and other institutional investors own 68.64% of the company’s stock.
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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