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.

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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.

The Fly

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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