Paychex’s (PAYX) “Market Perform” Rating Reiterated at BMO Capital Markets
Paychex, Inc. (NASDAQ:PAYX)‘s stock had its “market perform” rating reissued by investment analysts at BMO Capital Markets in a report issued on Wednesday. They currently have a $62.00 price target on the business services provider’s stock, up from their previous price target of $60.00. BMO Capital Markets’ target price suggests a potential downside of 0.97% from the company’s current price.
PAYX has been the subject of several other reports. BidaskClub lowered Paychex from a “sell” rating to a “strong sell” rating in a report on Saturday, July 1st. Robert W. Baird restated a “hold” rating and issued a $64.00 target price on shares of Paychex in a research note on Wednesday. Wedbush restated a “neutral” rating and issued a $61.25 target price (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price on the stock in a research report on Wednesday, August 16th. They noted that the move was a valuation call. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $61.00 target price on shares of Paychex in a research report on Friday, August 18th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. Paychex currently has an average rating of “Hold” and an average target price of $60.07.
Paychex (NASDAQ PAYX) traded up 1.00% during trading on Wednesday, hitting $62.61. The stock had a trading volume of 3,108,272 shares. The company has a 50 day moving average of $57.62 and a 200-day moving average of $58.16. The company has a market cap of $22.50 billion, a P/E ratio of 27.83 and a beta of 0.98. Paychex has a 12-month low of $52.78 and a 12-month high of $63.06.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.60 by $0.02. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The business had revenue of $816.80 million for the quarter, compared to analysts’ expectations of $816.34 million. During the same period in the previous year, the company posted $0.60 EPS. Paychex’s revenue was up 4.0% on a year-over-year basis. On average, equities analysts predict that Paychex will post $2.38 EPS for the current year.
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In other news, VP Laurie L. Zaucha sold 2,884 shares of Paychex stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $57.39, for a total value of $165,512.76. Following the transaction, the vice president now directly owns 32,906 shares in the company, valued at $1,888,475.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Martin Mucci sold 33,294 shares of Paychex stock in a transaction dated Sunday, July 9th. The stock was sold at an average price of $57.40, for a total value of $1,911,075.60. Following the completion of the transaction, the chief executive officer now owns 254,618 shares in the company, valued at $14,615,073.20. The disclosure for this sale can be found here. Insiders sold 107,497 shares of company stock valued at $6,200,889 over the last 90 days. 11.70% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Northwest Quadrant Wealth Management LLC grew its holdings in Paychex by 0.6% in the 1st quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after buying an additional 24 shares during the last quarter. Pacer Advisors Inc. increased its position in Paychex by 4.3% in the 1st quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock worth $599,000 after buying an additional 417 shares during the period. Shelton Capital Management increased its position in Paychex by 72.6% in the 1st quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock worth $6,024,000 after buying an additional 43,033 shares during the period. JPMorgan Chase & Co. increased its position in Paychex by 314.1% in the 1st quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock worth $59,014,000 after buying an additional 759,973 shares during the period. Finally, Burney Co. lifted its holdings in shares of Paychex by 28.9% during the first quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock worth $2,398,000 after buying an additional 9,135 shares during the last quarter. Hedge funds and other institutional investors own 67.31% of the company’s stock.
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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