Stock Alert: Paychex Shares Hit 52-Week High

Shares of Paychex Inc. (PAYX) reached a 52-week high of $99.95 Wednesday morning, and are currently trading at $99.62, up $2.99 or 3.09%, with trading volume of 552K versus an average volume of 1.60 million shares.

Paychex, on Wednesday, updated its earnings and revenue outlook for fiscal 2021, while reporting Q2 results.

For fiscal 2021, the company now forecasts adjusted earnings per share to decline in a range of 1 percent to 4 percent, total revenue in a range of down 3 percent to flat, and Management Solutions revenue in a range of down 1 percent to up 1 percent.

Earlier, the company expected fiscal 2021 adjusted earnings per share to decline in the range of 6 percent to 8 percent, total revenue to decline in a range of 2 percent to 4 percent, and Management Solutions revenue down in a range of 1 percent to 3 percent.

Analysts polled by Thomson Reuters expect the company to report earnings of $2.82 per share for the year on revenues of $3.94 billion. Analysts’ estimates typically exclude certain special items.

The company’s Q2 net income was $272.4 million, or $0.75 per share, compared to $258.7 million, or $0.72 per share, in last year’s second quarter. Adjusted earnings amounted to $264.8 million or $0.73 per share for the period. Analysts expected earnings of $0.66 per share. The company’s revenue for the quarter fell 0.7% to $983.7M from $990.7 million last year.

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