Paychex, Inc. (PAYX) Given New $60.81 Price Target at Sanford C. Bernstein
Paychex, Inc. (NASDAQ:PAYX) had its target price boosted by equities researchers at Sanford C. Bernstein from $59.00 to $60.81 in a research note issued on Wednesday. The firm presently has a “market perform” rating on the stock.
Other equities research analysts also recently issued research reports about the company. Argus reissued a “buy” rating and set a $70.00 target price on shares of Paychex in a report on Friday, December 23rd. Goldman Sachs Group, Inc. (The) raised Paychex from a “neutral” rating to a “buy” rating and set a $68.00 target price for the company in a report on Friday, December 16th. Barclays PLC started coverage on Paychex in a report on Tuesday, December 20th. They set an “equal weight” rating and a $63.00 target price for the company. Deutsche Bank AG reissued a “hold” rating and set a $62.00 target price (up previously from $56.00) on shares of Paychex in a report on Friday, December 23rd. Finally, Wells Fargo & Company reissued a “market perform” rating and set a $61.00 target price (up previously from $57.00) on shares of Paychex in a report on Friday, December 23rd. Seven analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $57.05.
Shares of Paychex (NASDAQ:PAYX) opened at 60.81 on Wednesday. Paychex has a one year low of $45.76 and a one year high of $62.18. The company has a market cap of $21.82 billion, a price-to-earnings ratio of 28.28 and a beta of 0.88. The firm’s 50-day moving average is $59.97 and its 200-day moving average is $58.70.
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Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, December 21st. The company reported $0.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.01. Paychex had a return on equity of 41.00% and a net margin of 25.40%. The company earned $771.40 million during the quarter, compared to the consensus estimate of $778.99 million. During the same quarter last year, the firm earned $0.52 earnings per share. The company’s revenue was up 6.7% on a year-over-year basis. Analysts expect that Paychex will post $2.22 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in PAYX. Vanguard Group Inc. boosted its stake in Paychex by 1.6% in the second quarter. Vanguard Group Inc. now owns 20,591,789 shares of the company’s stock valued at $1,225,213,000 after buying an additional 324,184 shares during the period. BlackRock Fund Advisors boosted its stake in Paychex by 2.1% in the third quarter. BlackRock Fund Advisors now owns 10,319,344 shares of the company’s stock valued at $597,180,000 after buying an additional 209,039 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Paychex by 10.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 10,119,678 shares of the company’s stock valued at $602,121,000 after buying an additional 936,651 shares during the period. Bank of New York Mellon Corp boosted its stake in Paychex by 5.3% in the third quarter. Bank of New York Mellon Corp now owns 9,818,503 shares of the company’s stock valued at $568,198,000 after buying an additional 497,228 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in Paychex by 2.3% in the third quarter. Wells Fargo & Company MN now owns 8,555,752 shares of the company’s stock valued at $495,121,000 after buying an additional 189,421 shares during the period. Institutional investors own 68.12% of the company’s stock.
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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