$977.90 Million in Sales Expected for Paychex, Inc. (NASDAQ:PAYX) This Quarter

Wall Street analysts forecast that Paychex, Inc. (NASDAQ:PAYX) will announce sales of $977.90 million for the current quarter, Zacks reports. Seven analysts have issued estimates for Paychex’s earnings, with the highest sales estimate coming in at $983.18 million and the lowest estimate coming in at $973.48 million. Paychex reported sales of $871.10 million in the same quarter last year, which indicates a positive year over year growth rate of 12.3%. The company is expected to issue its next earnings results before the market opens on Wednesday, June 26th.

On average, analysts expect that Paychex will report full-year sales of $3.77 billion for the current fiscal year, with estimates ranging from $3.77 billion to $3.78 billion. For the next fiscal year, analysts anticipate that the business will post sales of $4.17 billion, with estimates ranging from $4.16 billion to $4.18 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Paychex.

Paychex (NASDAQ:PAYX) last released its earnings results on Wednesday, June 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.02). The company had revenue of $980.40 million during the quarter, compared to analyst estimates of $978.94 million. Paychex had a net margin of 28.19% and a return on equity of 43.20%. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.61 EPS.

PAYX has been the topic of a number of recent research reports. Credit Suisse Group boosted their target price on Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. Barclays boosted their target price on Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a report on Monday, April 1st. Sanford C. Bernstein lowered Paychex from a “market perform” rating to an “underperform” rating in a report on Tuesday, April 30th. BidaskClub lowered Paychex from a “strong-buy” rating to a “buy” rating in a report on Monday. Finally, Bank of America lowered Paychex from a “neutral” rating to an “underperform” rating in a report on Wednesday. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $74.14.

In other Paychex news, VP Laurie L. Zaucha sold 5,534 shares of the business’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $80.89, for a total transaction of $447,645.26. Following the sale, the vice president now directly owns 43,955 shares in the company, valued at $3,555,519.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph M. Velli sold 6,250 shares of the business’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $80.59, for a total value of $503,687.50. Following the sale, the director now owns 33,291 shares in the company, valued at $2,682,921.69. The disclosure for this sale can be found here. Insiders have sold 135,127 shares of company stock worth $11,173,791 in the last ninety days. 11.80% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. FinTrust Capital Advisors LLC boosted its position in Paychex by 64.9% during the first quarter. FinTrust Capital Advisors LLC now owns 310 shares of the business services provider’s stock worth $25,000 after purchasing an additional 122 shares in the last quarter. Pinnacle Bank lifted its position in shares of Paychex by 2.5% in the first quarter. Pinnacle Bank now owns 5,105 shares of the business services provider’s stock valued at $409,000 after acquiring an additional 125 shares in the last quarter. Exeter Financial LLC lifted its position in shares of Paychex by 1.0% in the first quarter. Exeter Financial LLC now owns 12,805 shares of the business services provider’s stock valued at $1,027,000 after acquiring an additional 128 shares in the last quarter. Carlton Hofferkamp & Jenks Wealth Management LLC lifted its position in shares of Paychex by 1.0% in the first quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 13,562 shares of the business services provider’s stock valued at $1,088,000 after acquiring an additional 130 shares in the last quarter. Finally, Pinnacle Financial Partners Inc. lifted its position in shares of Paychex by 1.4% in the first quarter. Pinnacle Financial Partners Inc. now owns 9,667 shares of the business services provider’s stock valued at $775,000 after acquiring an additional 138 shares in the last quarter. Institutional investors own 69.69% of the company’s stock.

Shares of NASDAQ:PAYX traded down $3.03 during trading on Wednesday, reaching $81.77. The company had a trading volume of 5,278,147 shares, compared to its average volume of 1,887,412. The company has a market cap of $30.45 billion, a price-to-earnings ratio of 32.07, a price-to-earnings-growth ratio of 3.09 and a beta of 0.96. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 1.11. The firm’s fifty day moving average price is $86.10. Paychex has a fifty-two week low of $61.32 and a fifty-two week high of $88.43.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Wednesday, May 15th were issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Tuesday, May 14th. This is a positive change from Paychex’s previous quarterly dividend of $0.56. Paychex’s dividend payout ratio is currently 97.25%.

Paychex Company Profile

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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Earnings History and Estimates for Paychex (NASDAQ:PAYX)

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