Paychex Stock Rating Reaffirmed by JPMorgan Chase & Co. (PAYX)
Paychex (NASDAQ:PAYX)‘s stock had its “underweight” rating reaffirmed by JPMorgan Chase & Co. in a research note issued on Thursday. They currently have a $40.00 target price on the stock, up from their previous target price of $38.00. JPMorgan Chase & Co.’s price objective would indicate a potential downside of 2.79% from the stock’s previous close.
Shares of Paychex (NASDAQ:PAYX) traded up 0.44% during mid-day trading on Thursday, hitting $41.33. 790,694 shares of the company’s stock traded hands. Paychex has a 1-year low of $36.80 and a 1-year high of $45.95. The stock’s 50-day moving average is $41.10 and its 200-day moving average is $42.00. The company has a market cap of $15.033 billion and a P/E ratio of 24.94. Paychex also saw a significant increase in short interest during the month of June. As of June 13th, there was short interest totalling 17,181,235 shares, an increase of 11.8% from the May 30th total of 15,363,470 shares. Based on an average daily volume of 1,579,637 shares, the short-interest ratio is presently 10.9 days. Approximately 5.3% of the shares of the stock are short sold.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, July 1st. The company reported $0.40 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.40. The company had revenue of $639.00 million for the quarter, compared to the consensus estimate of $617.35 million. During the same quarter last year, the company posted $0.38 earnings per share. Paychex’s revenue was up 9.2% compared to the same quarter last year. On average, analysts predict that Paychex will post $1.84 earnings per share for the current fiscal year.
A number of other firms have also recently commented on PAYX. Analysts at Citigroup Inc. reiterated an “in-line” rating on shares of Paychex in a research note on Thursday. Analysts at Bank of America reiterated a “neutral” rating on shares of Paychex in a research note on Thursday. They now have a $44.00 price target on the stock, down previously from $47.00. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Paychex currently has an average rating of “Hold” and an average price target of $41.00.
Paychex, Inc is a provider of payroll, human resource, and benefits outsourcing solutions for small to medium-sized businesses.
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