Paychex, Inc. (PAYX) Given Equal Weight Rating at Morgan Stanley
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.
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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