Paychex, Inc. (PAYX) Plans Quarterly Dividend of $0.50

Paychex, Inc. (NASDAQ:PAYX) declared a quarterly dividend on Friday, January 19th, RTT News reports. Stockholders of record on Thursday, February 1st will be given a dividend of 0.50 per share by the business services provider on Thursday, February 15th. This represents a $2.00 annualized dividend and a dividend yield of 2.88%.

Paychex has increased its dividend by an average of 9.6% annually over the last three years and has increased its dividend every year for the last 7 years. Paychex has a dividend payout ratio of 84.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Paychex to earn $2.74 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 73.0%.

Paychex (NASDAQ PAYX) opened at $69.49 on Friday. The stock has a market capitalization of $24,751.47, a PE ratio of 29.82, a PEG ratio of 3.71 and a beta of 0.99. Paychex has a 12-month low of $54.20 and a 12-month high of $70.39.

Paychex (NASDAQ:PAYX) last posted its earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.59. The company had revenue of $826.50 million during the quarter, compared to analyst estimates of $823.48 million. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.56 EPS. equities research analysts forecast that Paychex will post 2.38 EPS for the current year.

In related news, VP Jennifer R. Vossler sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total value of $682,900.00. Following the completion of the transaction, the vice president now directly owns 31,578 shares in the company, valued at approximately $2,156,461.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael E. Gioja sold 34,311 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total value of $2,364,371.01. Following the completion of the transaction, the insider now owns 63,374 shares of the company’s stock, valued at $4,367,102.34. The disclosure for this sale can be found here. Insiders sold a total of 50,311 shares of company stock valued at $3,429,471 over the last quarter. 11.70% of the stock is owned by insiders.

Several research firms have recently issued reports on PAYX. BidaskClub lowered Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Bank of America lowered Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price objective for the company. in a research report on Tuesday, January 9th. BMO Capital Markets reiterated a “market perform” rating and issued a $62.00 price objective (up from $60.00) on shares of Paychex in a research report on Wednesday, October 4th. Robert W. Baird reiterated a “hold” rating and issued a $64.00 price objective on shares of Paychex in a research report on Wednesday, October 4th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $59.00 price objective (up from $55.00) on shares of Paychex in a research report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $62.10.

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Paychex Company Profile

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.

Dividend History for Paychex (NASDAQ:PAYX)

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