Stifel Nicolaus Reiterates Hold Rating for Paychex, Inc. (PAYX)
Paychex, Inc. (NASDAQ:PAYX)‘s stock had its “hold” rating reissued by investment analysts at Stifel Nicolaus in a research note issued on Friday. They presently have a $61.00 price objective on the business services provider’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 10.93% from the stock’s previous close.
A number of other equities analysts have also recently issued reports on the company. Morgan Stanley cut their price target on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a report on Friday, June 30th. William Blair cut Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Wedbush restated a “neutral” rating and set a $61.25 price target (down from $65.00) on shares of Paychex in a report on Tuesday, June 6th. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a report on Saturday, July 1st. Finally, J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 price target (down from $62.00) on shares of Paychex in a report on Friday, June 30th. Four research analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $59.28.
Paychex (NASDAQ:PAYX) traded up 0.02% on Friday, reaching $54.99. 2,041,361 shares of the company traded hands. 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 of $56.67 and a 200-day moving average of $58.82. The stock has a market capitalization of $19.76 billion, a PE ratio of 24.44 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $799 million for the quarter, compared to analysts’ expectations of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.49 EPS. On average, analysts anticipate that Paychex will post $2.37 EPS for the current year.
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In related news, insider Michael E. Gioja sold 7,343 shares of the stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total value of $421,488.20. Following the transaction, the insider now directly owns 55,632 shares in the company, valued at approximately $3,193,276.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Martin Mucci sold 30,000 shares of the stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total value of $1,711,200.00. Following the completion of the transaction, the chief executive officer now owns 237,754 shares in the company, valued at $13,561,488.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 92,497 shares of company stock worth $5,300,889. 11.60% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of the company. Salem Investment Counselors Inc. boosted its position in shares of Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares during the period. Dupont Capital Management Corp bought a new position in shares of Paychex during the second quarter valued at $129,000. Sun Life Financial INC boosted its position in shares of Paychex by 23,260.0% in the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares during the period. San Francisco Sentry Investment Group CA bought a new position in shares of Paychex during the second quarter valued at $145,000. Finally, Parkside Financial Bank & Trust boosted its position in shares of Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after buying an additional 564 shares during the period. Institutional investors own 68.68% of the company’s stock.
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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