Paychex (NASDAQ:PAYX) Issues FY 2022 Earnings Guidance

Paychex (NASDAQ:PAYXGet Rating) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $3.724-$3.739 for the period, compared to the Thomson Reuters consensus estimate of $3.630. The company issued revenue guidance of $4.54 billion-$4.58 billion, compared to the consensus revenue estimate of $4.50 billion.

PAYX opened at $137.46 on Wednesday. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.24. The company’s fifty day moving average price is $126.64 and its two-hundred day moving average price is $124.70. Paychex has a 1-year low of $96.12 and a 1-year high of $141.92. The company has a market cap of $49.63 billion, a price-to-earnings ratio of 36.66, a PEG ratio of 4.86 and a beta of 0.99.

Paychex (NASDAQ:PAYXGet Rating) last posted its earnings results on Wednesday, March 30th. The business services provider reported $1.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.10. Paychex had a net margin of 30.23% and a return on equity of 43.02%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the business posted $0.96 EPS. The business’s revenue was up 14.8% compared to the same quarter last year. As a group, equities analysts forecast that Paychex will post 3.75 earnings per share for the current fiscal year.

Several analysts have recently issued reports on PAYX shares. Barclays upped their target price on shares of Paychex from $115.00 to $140.00 and gave the stock an equal weight rating in a research note on Thursday, December 23rd. Cowen upgraded shares of Paychex from a market perform rating to an outperform rating and upped their target price for the stock from $130.00 to $145.00 in a research note on Tuesday, January 11th. Bank of America upgraded shares of Paychex from an underperform rating to a neutral rating and set a $125.00 price target for the company in a research report on Wednesday, March 9th. Morgan Stanley increased their price target on shares of Paychex from $135.00 to $140.00 and gave the company an equal weight rating in a research report on Thursday, March 31st. Finally, StockNews.com assumed coverage on shares of Paychex in a research report on Thursday, March 31st. They set a hold rating for the company. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Paychex has a consensus rating of Hold and a consensus target price of $127.14.

In other news, VP Michael E. Gioja sold 26,000 shares of the stock in a transaction dated Tuesday, April 5th. The shares were sold at an average price of $141.26, for a total value of $3,672,760.00. Following the sale, the vice president now directly owns 52,349 shares of the company’s stock, valued at $7,394,819.74. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Karen E. Saunders-Mcclendon sold 203 shares of the stock in a transaction dated Friday, April 15th. The stock was sold at an average price of $136.69, for a total transaction of $27,748.07. Following the completion of the sale, the vice president now directly owns 2,994 shares in the company, valued at $409,249.86. The disclosure for this sale can be found here. 11.50% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. First Community Trust NA bought a new position in Paychex during the fourth quarter valued at approximately $51,000. Salem Investment Counselors Inc. grew its holdings in shares of Paychex by 17.7% in the fourth quarter. Salem Investment Counselors Inc. now owns 706 shares of the business services provider’s stock worth $96,000 after purchasing an additional 106 shares during the last quarter. Penserra Capital Management LLC boosted its holdings in Paychex by 23.5% in the fourth quarter. Penserra Capital Management LLC now owns 1,444 shares of the business services provider’s stock valued at $197,000 after acquiring an additional 275 shares in the last quarter. Zullo Investment Group Inc. bought a new stake in Paychex in the fourth quarter valued at $213,000. Finally, Hardman Johnston Global Advisors LLC bought a new stake in Paychex in the fourth quarter valued at $218,000. 80.08% of the stock is currently owned by institutional investors and hedge funds.

Paychex Company Profile (Get Rating)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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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