Wells Fargo & Company Raises Paychex, Inc. (PAYX) Price Target to $60.00
Paychex, Inc. (NASDAQ:PAYX) had its price target raised by stock analysts at Wells Fargo & Company from $58.00 to $60.00 in a research report issued to clients and investors on Wednesday. The brokerage presently has a “market perform” rating on the business services provider’s stock. Wells Fargo & Company’s target price suggests a potential downside of 3.21% from the company’s previous close.
Several other research firms have also weighed in on PAYX. Wedbush reissued a “neutral” rating and set a $61.25 price target (down from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) downgraded Paychex from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $68.00 to $64.00 in a research note on Tuesday, June 20th. BMO Capital Markets restated a “hold” rating and set a $60.00 price objective on shares of Paychex in a research report on Thursday, June 29th. Robert W. Baird decreased their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Finally, Morgan Stanley lowered their target price on Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research note on Friday, June 30th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $59.84.
Shares of Paychex (NASDAQ PAYX) traded up 1.36% during mid-day trading on Wednesday, reaching $62.83. The company’s stock had a trading volume of 1,703,046 shares. Paychex has a 52-week low of $52.78 and a 52-week high of $63.06. The company has a market capitalization of $22.58 billion, a PE ratio of 27.92 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 (NASDAQ:PAYX) last released its earnings results 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. The company had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 earnings per share. Analysts forecast that Paychex will post $2.38 EPS for the current year.
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In related news, insider Michael E. Gioja sold 7,343 shares of Paychex stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $57.40, for a total value of $421,488.20. Following the completion of the sale, the insider now owns 55,632 shares of the company’s stock, valued at approximately $3,193,276.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph M. Tucci sold 6,000 shares of Paychex stock in a transaction on Monday, July 10th. The shares were sold at an average price of $57.82, for a total transaction of $346,920.00. Following the completion of the sale, the director now directly 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. In the last 90 days, insiders have sold 107,497 shares of company stock worth $6,200,889. 11.70% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of PAYX. Global X Management Co. LLC lifted its position in shares of Paychex by 65.1% in the second quarter. Global X Management Co. LLC now owns 1,699 shares of the business services provider’s stock worth $101,000 after buying an additional 670 shares during the last quarter. Salem Investment Counselors Inc. boosted its stake in shares of Paychex by 0.6% during the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after acquiring an additional 11 shares in the last quarter. Zions Bancorporation increased its holdings in shares of Paychex by 683.0% during the 2nd quarter. Zions Bancorporation now owns 1,754 shares of the business services provider’s stock valued at $105,000 after acquiring an additional 1,530 shares during the last quarter. Motco increased its holdings in shares of Paychex by 17.4% during the 3rd quarter. Motco now owns 1,861 shares of the business services provider’s stock valued at $108,000 after acquiring an additional 276 shares during the last quarter. Finally, Jolley Asset Management LLC increased its holdings in shares of Paychex by 19.5% during the 2nd quarter. Jolley Asset Management LLC now owns 1,835 shares of the business services provider’s stock valued at $109,000 after acquiring an additional 300 shares during the last quarter. 67.31% of the stock is currently owned by hedge funds and other 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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