Paychex, Inc. (PAYX) PT Raised to $68.00
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.
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.
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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