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Thursday, May 19, 2022

Paychex, Inc. (PAYX) Stock Dipped After Hours Despite any Clear Reason

Paychex, Inc. (PAYX) is a leader in providing integrated human capital management services for HR, payroll, benefits, and insurance solutions by merging its SaaS technology with individual services. The company’s shares slightly slipped by 0.39% to remain at $139.2 at the closing of Friday’s regular trading session. The price further dropped by 9.32% in the aftermarket session. The current stock price as of the writing stands at $126.3.


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PAYX: Recent Developments

PAYX filed Form 4 or the statement of changes in beneficial ownership of securities with the SEC on April 5. Gioja Michael E sold 52000 common stock shares of the company worth $5.2 million in 2 transactions. Also, the company reported its unaudited third-quarter financial report on March 30. It recorded total revenue of $1.28 billion and topped the forecast by $56.6 million. The diluted EPS was $1.19 and the company also topped the EPS estimations by $0.14. PAYX CEO Martin Mucci, while commenting on the financials, stated that the company put forth a strong selling quarter and calendar year, by delivering a record revenue associated with new sales along with maintaining higher client retention levels.

PAYX: Industry Outlook

The Business Services providers, more specifically the Outsourcing industry had lost approximately 4.1% year-to-date and has returned up to an average of -10.5% on a YTD basis. In the shadow of COVID-19, the enterprises are operating in a volatile and complex environment. Emphasis is shifting to an employee-centric focus from financial survival mode in the peak pandemic days. The major areas of concern of businesses nowadays include attracting and retaining talent, remote work, and workplace safety.

PAYX: Company Outlook

Over the last three months, PAYX’s analyst estimate for its full-year earnings has moved 3.2% up, which shows an improvement in analyst sentiment and an optimistic earnings outlook trend. Overall, the Business Services providers returned up to -10.5% YTD, while PAYX had returned up to 1.7% since the start of 2022. This indicates the better performance of PAYX than its sector concerning YTD returns.

Conclusion

PAYX shares are 45% up the last year as the impact of the pandemic is gradually declining. The current aftermarket stock dip has no clear cause as the company reported no recent news on its official website other than an insider trading activity from last week.

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