Stocks of Paychex Inc. (NASDAQ:PAYX) traded higher last session on Wall Street, up 2.18% to $127.75.
According to the data, Paychex Inc. (NASDAQ:PAYX) has 21 analysts covering its stock. The consensus rating among analysts is ‘Hold’. As we calculate the median target price by taking the range between a high of $135.00 and a low of $103.00, we find $118.00. Given the previous closing price of $125.02, this indicates a potential downside of -5.62 percent. PAYX stock price is now 13.06% away from the 50-day moving average and 12.19% away from the 200-day moving average. The market capitalization of the company currently stands at $46.22B.
A total of 14 analysts have issued a hold rating and 3 have given it a buy rating. Brokers who have rated the stock have averaged $118.38 as their price target over the next twelve months.
With the price target of $115, UBS recently initiated with Neutral rating for Paychex Inc. (NASDAQ: PAYX).
In other news, RIVERA EFRAIN, Sr. Vice President, CFO sold 20,249 shares of the company’s stock on Jul 17. The stock was sold for $2,433,727 at an average price of $120.19. Upon completion of the transaction, the Sr. Vice President, CFO now directly owns 86,136 shares in the company, valued at $11.0 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 14, Chairman MUCCI MARTIN sold 132,851 shares of the business’s stock. A total of $15,999,246 was realized by selling the stock at an average price of $120.43. This leaves the insider owning 459,101 shares of the company worth $58.65 million. Insiders disposed of 79,991 shares of company stock worth roughly $10.22 million over the past 1 year. A total of 10.70% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in PAYX stock. A new stake in Paychex Inc. shares was purchased by VOLORIDGE INVESTMENT MANAGEMENT, LLC during the first quarter worth $50,528,000. TREXQUANT INVESTMENT LP invested $23,476,000 in shares of PAYX during the first quarter. In the first quarter, RENAISSANCE TECHNOLOGIES LLC acquired a new stake in Paychex Inc. valued at approximately $11,804,000. QUANTBOT TECHNOLOGIES LP acquired a new stake in PAYX for approximately $8,904,000. POINT72 MIDDLE EAST FZE purchased a new stake in PAYX valued at around $7,906,000 in the second quarter. In total, there are 1,859 active investors with 73.20% ownership of the company’s stock.
Wednesday’s opening bell rang with an opening price of $124.93 for Paychex Inc. (NASDAQ: PAYX). During the past 12 months, Paychex Inc. has had a low of $104.09 and a high of $139.47. As of last week, the company has a debt-to-equity ratio of 0.23, a current ratio of 1.30, and a quick ratio of 1.30. According to the stock market information, the enterprise value for the company is $45.33B, which is based on a 29.72 price-to-earnings ratio, a 3.34 price-to-earnings-growth ratio, and a beta of 0.98. The fifty day moving average price for PAYX is $113.41 and a two-hundred day moving average price translates $113.94 for the stock.
The latest earnings results from Paychex Inc. (NASDAQ: PAYX) was released for May, 2023. According to the Staffing & Employment Services Company, earnings per share came in at $0.97, inline with analysts’ expectations of $0.97. This compares to $0.82 EPS in the same period last year. The net profit margin was 31.10% and return on equity was 47.10% for PAYX. The company reported revenue of $1.23 billion for the quarter, compared to $1.14 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 7.45 percent. For the current quarter, analysts expect PAYX to generate $1.28B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 08/24/2023. Investors who held shares on 08/10/2023 were paid a $0.89 dividend. On an annualized basis, this represents a $3.56 dividend and a 2.79% percent yield. There was an ex-dividend date of 08/09/2023 for this dividend. In terms of dividend payout ratio, PAYX is presently at 75.50%.
