Paychex, Inc. (NASDAQ:PAYX) has been given a consensus rating of “Hold” by the fourteen research firms that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating and twelve have issued a hold rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $62.77.
Several research firms have issued reports on PAYX. BMO Capital Markets restated a “hold” rating and set a $70.00 price objective on shares of Paychex in a report on Wednesday, January 24th. BidaskClub downgraded Paychex from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Bank of America cut Paychex from a “buy” rating to a “neutral” rating and set a $73.00 target price on the stock. in a research note on Tuesday, January 9th. Stifel Nicolaus reaffirmed a “hold” rating and set a $68.00 target price on shares of Paychex in a research note on Friday, December 22nd. Finally, Citigroup raised Paychex from a “sell” rating to a “neutral” rating and set a $67.00 target price on the stock in a research note on Monday, December 4th.
In related news, insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $68.91, for a total value of $2,364,371.01. Following the completion of the transaction, the insider now directly owns 63,374 shares in the company, valued at $4,367,102.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $68.29, for a total value of $682,900.00. Following the completion of the transaction, the vice president now owns 31,578 shares of the company’s stock, valued at $2,156,461.62. The disclosure for this sale can be found here. 11.70% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its position in Paychex by 0.8% in the third quarter. Bank of New York Mellon Corp now owns 7,901,485 shares of the business services provider’s stock valued at $473,772,000 after acquiring an additional 64,254 shares during the period. American International Group Inc. boosted its holdings in Paychex by 1,975.5% in the fourth quarter. American International Group Inc. now owns 7,203,048 shares of the business services provider’s stock valued at $490,384,000 after acquiring an additional 6,856,001 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Paychex by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 4,134,880 shares of the business services provider’s stock valued at $281,020,000 after acquiring an additional 129,431 shares during the last quarter. UBS Asset Management Americas Inc. boosted its holdings in Paychex by 0.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 2,147,293 shares of the business services provider’s stock valued at $146,188,000 after acquiring an additional 16,395 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Paychex by 4.0% in the third quarter. Legal & General Group Plc now owns 2,029,653 shares of the business services provider’s stock valued at $121,718,000 after acquiring an additional 78,937 shares during the last quarter. Institutional investors and hedge funds own 67.94% of the company’s stock.
Shares of Paychex (PAYX) traded up $1.13 during midday trading on Friday, hitting $66.52. 1,356,214 shares of the company were exchanged, compared to its average volume of 1,892,341. Paychex has a fifty-two week low of $54.20 and a fifty-two week high of $73.10. The company has a market capitalization of $23,893.05, a PE ratio of 28.55, a P/E/G ratio of 3.55 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, hitting the consensus estimate of $0.59. The firm had revenue of $826.50 million for the quarter, compared to analysts’ expectations of $823.48 million. Paychex had a net margin of 26.02% and a return on equity of 42.80%. Paychex’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.56 earnings per share. equities analysts anticipate that Paychex will post 2.4 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Thursday, February 1st were issued a $0.50 dividend. The ex-dividend date was Wednesday, January 31st. This represents a $2.00 annualized dividend and a yield of 3.01%. Paychex’s dividend payout ratio (DPR) is currently 85.84%.
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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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