Paychex Given “Underweight” Rating at JPMorgan Chase & Co. (PAYX)
Paychex (NASDAQ:PAYX)‘s stock had its “underweight” rating reiterated by analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Wednesday. They currently have a $43.00 price objective on the stock, up from their previous price objective of $40.00. JPMorgan Chase & Co.’s price target points to a potential upside of 3.84% from the company’s current price.
A number of other analysts have also recently weighed in on PAYX. Analysts at Goldman Sachs initiated coverage on shares of Paychex in a research note on Tuesday, July 8th. They set a “conviction-buy” rating on the stock. Separately, analysts at Citigroup Inc. reiterated an “in-line” rating on shares of Paychex in a research note on Thursday, July 3rd. Finally, analysts at Bank of America reiterated a “neutral” rating on shares of Paychex in a research note on Thursday, July 3rd. They now have a $44.00 price target on the stock, down previously from $47.00. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $41.60.
In other Paychex news, VP Jennifer R. Vossler sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $40.40, for a total transaction of $202,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Paychex (NASDAQ:PAYX) traded up 0.94% on Wednesday, hitting $41.80. 566,377 shares of the company’s stock traded hands. Paychex has a one year low of $36.80 and a one year high of $45.95. The stock has a 50-day moving average of $41.61 and a 200-day moving average of $41.46. The company has a market cap of $15.178 billion and a price-to-earnings ratio of 24.22.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, July 1st. The company reported $0.40 EPS for the quarter, meeting the Thomson Reuters 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 in the prior year, the company posted $0.38 earnings per share. The company’s quarterly revenue was up 9.2% on a year-over-year basis. Analysts expect that Paychex will post $1.84 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 15th. Shareholders of record on Friday, August 1st will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.67%. The ex-dividend date is Wednesday, July 30th. This is a positive change from Paychex’s previous quarterly dividend of $0.35.
Paychex, Inc is a provider of payroll, human resource, and benefits outsourcing solutions for small to medium-sized businesses.
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