Paychex, Inc. (NASDAQ:PAYX) had its price target boosted by Bank of America Corporation from $64.00 to $68.00 in a report issued on Wednesday. The brokerage currently has a “buy” rating on the business services provider’s stock. Bank of America Corporation’s price objective would indicate a potential upside of 9.70% from the stock’s previous close.

A number of other research analysts have also weighed in on PAYX. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and dropped their price target for the company from $68.00 to $64.00 in a research report on Tuesday, June 20th. 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. BMO Capital Markets upped their price objective on shares of Paychex from $60.00 to $62.00 and gave the stock a “market perform” rating in a research report on Wednesday. Royal Bank Of Canada upped their price objective on shares of Paychex from $54.00 to $57.00 and gave the stock an “underperform” rating in a research report on Wednesday. Finally, Robert W. Baird reiterated a “hold” rating and issued a $64.00 price objective on shares of Paychex in a research note on Wednesday. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $59.84.

Paychex (PAYX) traded up 1.36% on Wednesday, hitting $62.83. 1,703,046 shares of the stock traded hands. The stock has a 50 day moving average of $57.62 and a 200 day moving average of $58.16. Paychex has a 52 week low of $52.78 and a 52 week high of $63.06. The firm has a market capitalization of $22.58 billion, a PE ratio of 27.92 and a beta of 0.98.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $816.80 million for the quarter, compared to the consensus estimate of $816.34 million. During the same period in the previous year, the firm earned $0.60 EPS. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. Equities research analysts anticipate that Paychex will post $2.38 earnings per share for the current year.

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In other news, insider Efrain Rivera sold 5,837 shares of the stock in a transaction on Sunday, July 9th. The stock was sold at an average price of $57.39, for a total transaction of $334,985.43. Following the completion of the transaction, the insider now owns 53,395 shares in the company, valued at approximately $3,064,339.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph M. Tucci sold 6,000 shares of the stock in a transaction on Monday, July 10th. The stock was sold at an average price of $57.82, for a total value of $346,920.00. Following the transaction, the director now owns 53,621 shares of the company’s stock, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 107,497 shares of company stock worth $6,200,889. Corporate insiders own 11.70% of the company’s stock.

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

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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