Paychex, Inc. (NASDAQ:PAYX - Get Free Report) announced a quarterly dividend on Thursday, October 10th, RTT News reports. Investors of record on Thursday, November 7th will be given a dividend of 0.98 per share by the business services provider on Wednesday, November 27th. This represents a $3.92 annualized dividend and a dividend yield of 2.81%.
Paychex has increased its dividend by an average of 11.7% annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Paychex has a payout ratio of 74.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Paychex to earn $5.33 per share next year, which means the company should continue to be able to cover its $3.92 annual dividend with an expected future payout ratio of 73.5%.
Paychex Stock Down 0.4 %
Shares of PAYX traded down $0.55 on Thursday, hitting $139.29. 892,787 shares of the stock traded hands, compared to its average volume of 1,818,730. The company has a market capitalization of $50.14 billion, a PE ratio of 29.94, a P/E/G ratio of 3.82 and a beta of 1.00. Paychex has a one year low of $106.27 and a one year high of $142.04. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.37 and a current ratio of 1.38. The business has a 50 day simple moving average of $131.10 and a 200 day simple moving average of $125.20.
Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.02. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The firm had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.31 billion. During the same quarter in the previous year, the business earned $1.14 earnings per share. The company's revenue was up 2.5% on a year-over-year basis. As a group, equities analysts forecast that Paychex will post 4.99 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on PAYX. JPMorgan Chase & Co. raised their target price on shares of Paychex from $120.00 to $128.00 and gave the stock an "underweight" rating in a report on Tuesday, August 20th. Jefferies Financial Group lifted their price objective on Paychex from $120.00 to $130.00 and gave the stock a "hold" rating in a report on Wednesday, October 2nd. Morgan Stanley increased their target price on Paychex from $122.00 to $133.00 and gave the company an "equal weight" rating in a report on Wednesday, October 2nd. UBS Group boosted their price target on Paychex from $125.00 to $142.00 and gave the company a "neutral" rating in a research note on Wednesday, October 2nd. Finally, Citigroup increased their price objective on shares of Paychex from $125.00 to $145.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 25th. Two analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat.com, Paychex currently has a consensus rating of "Hold" and a consensus target price of $130.77.
View Our Latest Stock Report on Paychex
Insider Buying and Selling at Paychex
In other news, VP Mark Anthony Bottini sold 8,954 shares of Paychex stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $123.60, for a total value of $1,106,714.40. Following the sale, the vice president now directly owns 79,232 shares of the company's stock, valued at approximately $9,793,075.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, VP Mark Anthony Bottini sold 8,954 shares of the company's stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total transaction of $1,106,714.40. Following the sale, the vice president now directly owns 79,232 shares in the company, valued at approximately $9,793,075.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael E. Gioja sold 26,428 shares of the business's stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $139.03, for a total value of $3,674,284.84. Following the sale, the vice president now directly owns 14,515 shares in the company, valued at $2,018,020.45. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 86,832 shares of company stock valued at $11,360,630 in the last three months. 11.50% of the stock is currently owned by corporate insiders.
About Paychex
(Get Free Report)
Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It 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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