Paychex, Inc. (NASDAQ:PAYX)‘s stock had its “sell” rating restated by Royal Bank Of Canada in a report issued on Wednesday. They presently have a $57.00 price target on the business services provider’s stock. Royal Bank Of Canada’s price objective suggests a potential downside of 13.16% from the stock’s previous close.
Several other analysts have also issued reports on the company. William Blair lowered Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Bank of America Corporation increased their target price on Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Citigroup Inc. reiterated a “sell” rating and set a $53.00 target price on shares of Paychex in a research note on Monday, October 2nd. Morgan Stanley upgraded Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price on the stock in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Finally, BidaskClub upgraded Paychex from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the company. Paychex currently has an average rating of “Hold” and an average price target of $60.07.
Paychex (PAYX) traded up $1.06 during trading hours on Wednesday, reaching $65.64. The company’s stock had a trading volume of 1,755,900 shares, compared to its average volume of 1,991,909. The company has a market capitalization of $23,205.48, a price-to-earnings ratio of 28.45, a price-to-earnings-growth ratio of 3.50 and a beta of 0.99. Paychex has a 12-month low of $54.20 and a 12-month high of $66.31.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 earnings per share. equities analysts anticipate that Paychex will post 2.38 earnings per share for the current year.
In related news, VP Laurie L. Zaucha sold 15,000 shares of the firm’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $60.00, for a total transaction of $900,000.00. Following the sale, the vice president now owns 51,360 shares of the company’s stock, valued at approximately $3,081,600. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Martin Mucci sold 29,786 shares of the firm’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total value of $1,881,581.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 94,395 shares of company stock worth $5,914,383. Company insiders own 11.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. boosted its holdings in shares of Paychex by 0.6% during the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after acquiring an additional 11 shares in the last quarter. Alps Advisors Inc. raised its position in Paychex by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock worth $438,000 after purchasing an additional 20 shares during the last quarter. Northwest Quadrant Wealth Management LLC raised its position in Paychex by 0.6% during the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 3,948 shares of the business services provider’s stock worth $217,000 after purchasing an additional 25 shares during the last quarter. Washington Trust Bank raised its position in Paychex by 0.4% during the 2nd quarter. Washington Trust Bank now owns 7,344 shares of the business services provider’s stock worth $418,000 after purchasing an additional 31 shares during the last quarter. Finally, Bruderman Asset Management LLC raised its position in Paychex by 0.6% during the 2nd quarter. Bruderman Asset Management LLC now owns 6,834 shares of the business services provider’s stock worth $389,000 after purchasing an additional 40 shares during the last quarter. 67.02% of the stock is currently owned by institutional investors.
Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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