Paychex Inc. (NASDAQ:PAYX) shares, rose in value, with the stock price up by 1.99% to the previous day’s close as strong demand from buyers drove the stock to $122.38.
Actively observing the price movement in the last trading, the stock closed the session at $119.99. The value of beta (5-year monthly) was 0.94 whereas the PE ratio was 26.69 over 12-month period. Referring to stock’s 52-week performance, its high was $129.70, and the low was $104.09. On the whole, PAYX has fluctuated by 1.37% over the past month.
With the market capitalization of Paychex Inc. currently standing at about $44.05 billion, investors are eagerly awaiting this quarter’s results, scheduled for Mar 27, 2024 – Apr 01, 2024. The company’s Forward Dividend Ratio is 3.56, with its dividend yield at 2.91%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $1.1, which is expected to increase to $1.22 for fiscal year $4.7 and then to about $4.98 by fiscal year 2025. Data indicates that the EPS growth is expected to be 10.10% in 2025, while the next year’s EPS growth is forecast to be 6.00%.
Analysts have estimated the company’s revenue for the quarter at $1.3 billion, with a low estimate of $1.29 billion and a high estimate of $1.34 billion. According to the average forecast, sales growth in current quarter could jump up 5.40%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $5.28 billion, representing an increase of 5.50% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 3 upward and no downward review(s) in last seven days. We see that PAYX’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
The stock’s technical analysis shows that the PEG ratio is about 3.14, with the price of PAYX currently trading nearly 0.94% and 0.43% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 53.31, while the 7-day volatility ratio is showing 2.97% which for the 30-day chart, stands at 1.80%. Furthermore, Paychex Inc. (PAYX)’s beta value is 0.93, and its average true range (ATR) is 2.28.
A comparison of Paychex Inc. (PAYX) with its peers suggests the former has fared considerably weaker in the market. PAYX showed an intraday change of 1.99% in last session, and over the past year, it grew by 11.36%%.
Data on historical trading for Paychex Inc. (NASDAQ:PAYX) indicates that the trading volumes over the past 10 days have averaged 2.27 million and over the past 3 months, they’ve averaged 1.77 million. According to company’s latest data on outstanding shares, there are 360.50 million shares outstanding.
Nearly 10.74% of Paychex Inc.’s shares belong to company insiders and institutional investors own 75.39% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 11.64 million shares as on Mar 15, 2024, resulting in a short ratio of 6.93. According to the data, the short interest in Paychex Inc. (PAYX) stood at 3.24% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 10.77 million. The stock has risen by 2.75% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the PAYX stock heading into the next quarter.
