Paychex Inc. (PAYX) Given Average Recommendation of “Hold” by Brokerages
Paychex Inc. (NASDAQ:PAYX) has been assigned an average rating of “Hold” from the fifteen research firms that are presently covering the company. Seven equities research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $53.09.
A number of equities research analysts have issued reports on the stock. Wedbush assumed coverage on shares of Paychex in a research note on Thursday, September 8th. They set a “neutral” rating and a $65.00 target price for the company. Jefferies Group reissued an “underperform” rating and set a $40.00 target price on shares of Paychex in a research note on Tuesday, July 5th. BMO Capital Markets reissued a “market perform” rating and set a $58.00 target price (up previously from $55.00) on shares of Paychex in a research note on Tuesday, July 5th. Zacks Investment Research raised shares of Paychex from a “sell” rating to a “hold” rating in a research note on Tuesday, September 6th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $56.00 target price (up previously from $51.00) on shares of Paychex in a research note on Wednesday, July 6th.
In related news, insider Michael E. Gioja sold 6,190 shares of Paychex stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $60.23, for a total value of $372,823.70. Following the transaction, the insider now owns 62,174 shares in the company, valued at approximately $3,744,740.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John B. Gibson sold 11,450 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $59.00, for a total transaction of $675,550.00. Following the transaction, the vice president now owns 21,451 shares in the company, valued at approximately $1,265,609. The disclosure for this sale can be found here. 11.60% of the stock is currently owned by corporate insiders.
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Several hedge funds and other institutional investors have recently bought and sold shares of PAYX. Kings Point Capital Management increased its position in Paychex by 47.8% in the first quarter. Kings Point Capital Management now owns 72,028 shares of the company’s stock valued at $3,890,000 after buying an additional 23,303 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Paychex by 50.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,295 shares of the company’s stock valued at $2,824,000 after buying an additional 17,584 shares during the last quarter. BB&T Securities LLC increased its position in Paychex by 516.9% in the first quarter. BB&T Securities LLC now owns 365,894 shares of the company’s stock valued at $19,761,000 after buying an additional 306,578 shares during the last quarter. Willis Investment Counsel increased its position in Paychex by 7.3% in the first quarter. Willis Investment Counsel now owns 317,050 shares of the company’s stock valued at $17,124,000 after buying an additional 21,500 shares during the last quarter. Finally, Credit Agricole S A increased its position in Paychex by 2.7% in the first quarter. Credit Agricole S A now owns 99,323 shares of the company’s stock valued at $5,364,000 after buying an additional 2,576 shares during the last quarter. Institutional investors own 69.33% of the company’s stock.
Shares of Paychex (NASDAQ:PAYX) traded up 0.43% during trading on Wednesday, hitting $56.27. 461,200 shares of the stock traded hands. The firm has a 50 day moving average price of $59.18 and a 200-day moving average price of $56.69. The company has a market cap of $20.35 billion, a PE ratio of 26.67 and a beta of 0.87. Paychex has a one year low of $45.76 and a one year high of $61.87.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, September 28th. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. The company earned $785.50 million during the quarter, compared to analyst estimates of $782.80 million. Paychex had a net margin of 25.38% and a return on equity of 40.10%. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. Analysts anticipate that Paychex will post $2.22 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Investors of record on Tuesday, November 1st will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 3.28%. Paychex’s dividend payout ratio (DPR) is presently 87.20%.
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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