About Paychex
Paychex is an American provider of payroll, human resource, and benefits outsourcing services for small to medium-sized businesses. Founded in 1971, the company is headquartered in Rochester, New York, and has offices in the United States, Canada, and Puerto Rico. Paychex provides services to more than 670,000 businesses, which employ more than 20 million people. It is one of the largest payroll and human resource companies in the world. Paychex was founded by Tom Golisano, who is currently the company's chairman, and has been a publicly traded company since 1983. The company's stock is listed on the NASDAQ under the symbol PAYX.
Paychex Stock Performance in 2023
Paychex has had a strong year in 2023, with its stock price rising steadily since January. In January, the stock opened at $86.48 and has since risen to a high of $104.43 in April. The stock has since fallen back to its current price of $96.02, but still remains higher than it was at the beginning of the year. The company's stock performance has been driven by strong earnings, a dividend increase, and a series of positive analyst reports. Paychex has also been able to capitalize on the trend of businesses outsourcing their payroll and human resource services.
Paychex Stock Price History
Paychex stock has been trading publicly since 1983 and has had a long history of success. The stock has performed well during the past ten years, with the stock price rising from a low of $22.71 in 2009 to a high of $104.43 in April of 2023. Over the past decade, the stock has had three major peaks, with a high of $72.71 in 2011, a peak of $88.69 in 2015, and a peak of $104.43 in April of 2023. The stock has also had several dips, including a low of $49.96 in 2012 and a low of $70.17 in 2018.
Paychex Dividend History
Paychex has had a long history of paying dividends to its shareholders. The company has increased its dividend every year since 1997, and currently pays an annual dividend of $1.20 per share. Paychex has also increased its dividend payout ratio from 28% in 1997 to 56% in 2023. The company has also been able to increase its dividend in spite of the economic downturn that occurred in 2008. This is a testament to the strength of the company's business model and its ability to generate strong cash flows.
Paychex Analysts' Opinions
Analysts have been generally positive about Paychex's stock. Most analysts have given the stock a "Buy" rating, citing its strong earnings, dividend growth, and potential for future growth. Many analysts have also noted the company's strong balance sheet and ability to generate consistent cash flows. In addition, analysts have pointed to the company's low valuation relative to its peers, which has the potential to lead to further upside in the stock price.
Paychex Stock Price Forecast
Analysts have generally been positive on Paychex's stock, and most have given the stock a "Buy" rating. Analysts have noted the company's strong earnings, dividend growth, and potential for future growth. In addition, analysts have pointed to the company's low valuation relative to its peers, which has the potential to lead to further upside in the stock price. Analysts have also noted the company's strong balance sheet and ability to generate consistent cash flows. With all of these factors in mind, analysts have projected that the stock could reach a price of $115.00 by the end of 2023.
Conclusion
Paychex has had a strong year in 2023, with its stock price rising steadily since January. The company's stock performance has been driven by strong earnings, a dividend increase, and a series of positive analyst reports. Analysts have generally been positive on Paychex's stock, and most have given the stock a "Buy" rating. Analysts have noted the company's strong earnings, dividend growth, and potential for future growth. With all of these factors in mind, analysts have projected that the stock could reach a price of $115.00 by the end of 2023.