Paychex, Inc. (PAYX) Raised to “Equal Weight” at Morgan Stanley
Paychex, Inc. (NASDAQ:PAYX) was upgraded by Morgan Stanley from an “underweight” rating to an “equal weight” rating in a report released on Wednesday, The Fly reports.
PAYX has been the subject of a number of other reports. BidaskClub raised Paychex from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Wedbush reissued a “neutral” rating and issued a $61.25 price target (down from $65.00) on shares of Paychex in a report on Tuesday, June 6th. BMO Capital Markets reissued a “hold” rating and issued a $60.00 price target on shares of Paychex in a report on Thursday, June 29th. Finally, Robert W. Baird cut their price target on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, June 30th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and one has issued a buy rating to the company. Paychex currently has an average rating of “Hold” and a consensus price target of $59.16.
Shares of Paychex (NASDAQ PAYX) opened at 55.59 on Wednesday. The stock has a market capitalization of $19.98 billion, a PE ratio of 24.71 and a beta of 0.96. Paychex has a one year low of $52.78 and a one year high of $63.03. The firm has a 50-day moving average price of $56.81 and a 200 day moving average price of $58.87.
Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same period in the previous year, the firm posted $0.49 earnings per share. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, equities analysts expect that Paychex will post $2.37 EPS for the current fiscal year.
In other Paychex news, CEO Martin Mucci sold 30,000 shares of the business’s stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the sale, the chief executive officer now owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael E. Gioja sold 7,343 shares of the business’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $57.40, for a total value of $421,488.20. Following the sale, the insider now directly owns 55,632 shares of the company’s stock, valued at approximately $3,193,276.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 92,497 shares of company stock valued at $5,300,889. 11.60% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. Covington Capital Management increased its stake in Paychex by 6.0% in the second quarter. Covington Capital Management now owns 121,338 shares of the business services provider’s stock worth $6,909,000 after buying an additional 6,887 shares during the period. Koch Industries Inc. increased its stake in Paychex by 13,529.1% in the second quarter. Koch Industries Inc. now owns 560,975 shares of the business services provider’s stock worth $551,000 after buying an additional 556,859 shares during the period. Verition Fund Management LLC purchased a new stake in Paychex during the second quarter worth about $1,883,000. National Asset Management Inc. increased its stake in Paychex by 14.5% in the second quarter. National Asset Management Inc. now owns 5,082 shares of the business services provider’s stock worth $290,000 after buying an additional 645 shares during the period. Finally, Piedmont Investment Advisors LLC increased its stake in Paychex by 2.7% in the second quarter. Piedmont Investment Advisors LLC now owns 32,211 shares of the business services provider’s stock worth $1,834,000 after buying an additional 851 shares during the period. 68.68% of the stock is owned by hedge funds and other institutional investors.
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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