Paychex, Inc. (NASDAQ:PAYX)‘s stock had its “equal weight” rating reissued by equities research analysts at Morgan Stanley in a note issued to investors on Wednesday. They currently have a $59.00 target price on the business services provider’s stock, up from their prior target price of $55.00. Morgan Stanley’s target price points to a potential downside of 5.77% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on PAYX. Royal Bank Of Canada reiterated an “underperform” rating and issued a $57.00 target price (up from $54.00) on shares of Paychex in a research note on Wednesday. Robert W. Baird restated a “hold” rating and set a $64.00 price target on shares of Paychex in a research report on Wednesday. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $68.00 to $64.00 in a research report on Tuesday, June 20th. J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $60.00 price objective (down previously from $62.00) on shares of Paychex in a report on Friday, June 30th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $62.00 price objective (up previously from $60.00) on shares of Paychex in a report on Wednesday. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $60.07.

Paychex (NASDAQ:PAYX) traded up 1.00% during trading on Wednesday, reaching $62.61. 3,108,272 shares of the company were exchanged. The stock has a market capitalization of $22.50 billion, a PE ratio of 27.83 and a beta of 0.98. The firm’s 50 day moving average is $57.62 and its 200 day moving average is $58.16. Paychex has a 52-week low of $52.78 and a 52-week high of $63.06.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The business had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. During the same quarter in the previous year, the firm posted $0.60 EPS. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. Analysts expect that Paychex will post $2.38 EPS for the current year.

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In related news, Director Joseph M. Tucci sold 6,000 shares of Paychex stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $57.82, for a total transaction of $346,920.00. Following the transaction, the director now directly owns 53,621 shares of the company’s stock, valued at $3,100,366.22. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Martin Mucci sold 30,000 shares of Paychex stock in a transaction dated 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 transaction, the chief executive officer now directly owns 237,754 shares in the company, valued at $13,561,488.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,497 shares of company stock worth $6,200,889. 11.70% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PAYX. Intl Fcstone Inc. bought a new position in shares of Paychex during the 2nd quarter valued at about $1,335,000. Navellier & Associates Inc grew its stake in shares of Paychex by 3.1% in the 2nd quarter. Navellier & Associates Inc now owns 24,636 shares of the business services provider’s stock worth $1,403,000 after purchasing an additional 743 shares during the last quarter. Toronto Dominion Bank grew its stake in shares of Paychex by 31.2% in the 2nd quarter. Toronto Dominion Bank now owns 117,056 shares of the business services provider’s stock worth $6,664,000 after purchasing an additional 27,820 shares during the last quarter. Oak Associates Ltd. OH grew its stake in shares of Paychex by 15.0% in the 2nd quarter. Oak Associates Ltd. OH now owns 169,185 shares of the business services provider’s stock worth $9,633,000 after purchasing an additional 22,100 shares during the last quarter. Finally, Cetera Investment Advisers acquired a new position in shares of Paychex in the 2nd quarter worth approximately $872,000. 67.31% of the stock is owned by institutional investors.

About Paychex

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.

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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