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.
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.
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