Paychex (PAYX) has experienced both upward and downward shifts recently. The stock dipped by 2.2% post-Earnings Reports, with Panagora Asset Management and Kingsview Wealth Management reducing their stakes in the company. However, JPL Wealth Management and BI Asset Management Fondsmaeglerselskab increased their holdings. The company's Q3 earnings surpassed estimates, resulting in a 'Sector Perform' rating by the Royal Bank of Canada. Despite a decline in the Q3 revenue, an optimistic outlook on FY24 was announced with a rise in earnings thanks to increased revenues. Following Q3 earnings, the stock recovered 12% in 6 months. The company had a significantly high Total Return on Investment of 119%. But, the market seems to undervalue the company by 28-29%. The company’s VP, Stephanie Schaeffer is set to retire by 2024. Despite frequent share sales by company insiders, the stock still enjoys strong institutional backing with ownership around 74%. The company declared a larger Dividend of $0.98. However, PAYX experienced a slump after Q3 numbers, potentially due to slower than expected client employment growth. Its Q1 2024 earnings pointed at disappointing revenues though the company launched a new $400M stock buyback and declared dividend. First Class Ticket to Wealth suggests PAYX as one of the top growth stocks to buy in March.
Paychex PAYX News Analytics from Mon, 14 Aug 2023 07:00:00 GMT to Thu, 23 May 2024 11:12:49 GMT -
Rating 3
- Innovation 2
- Information 5
- Rumor 2
