Shares of Paychex, Inc. (NASDAQ:PAYX) have earned an average rating of “Hold” from the nineteen analysts that are covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a sell recommendation, twelve have issued a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $60.07.

PAYX has been the subject of a number of recent research reports. Morgan Stanley restated an “equal weight” rating and issued a $59.00 price objective (up from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Robert W. Baird restated a “hold” rating and issued a $64.00 price objective on shares of Paychex in a report on Wednesday, October 4th. Royal Bank Of Canada restated an “underperform” rating and issued a $57.00 price objective (up from $54.00) on shares of Paychex in a report on Wednesday, October 4th. Citigroup Inc. restated a “sell” rating and issued a $53.00 price objective on shares of Paychex in a report on Monday, October 2nd. Finally, BMO Capital Markets restated a “market perform” rating and issued a $62.00 price objective (up from $60.00) on shares of Paychex in a report on Wednesday, October 4th.

In other Paychex news, CEO Martin Mucci sold 29,786 shares of the company’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total value of $1,881,581.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Laurie L. Zaucha sold 17,354 shares of the company’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total transaction of $1,110,656.00. The disclosure for this sale can be found here. Insiders have sold a total of 88,395 shares of company stock valued at $5,532,183 over the last quarter. 11.70% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PAYX. Mirae Asset Global Investments Co. Ltd. raised its holdings in Paychex by 14.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 64,459 shares of the business services provider’s stock worth $3,797,000 after purchasing an additional 7,993 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its holdings in Paychex by 74.7% in the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 64,559 shares of the business services provider’s stock worth $3,803,000 after purchasing an additional 27,600 shares in the last quarter. First National Trust Co. raised its holdings in Paychex by 0.3% in the 1st quarter. First National Trust Co. now owns 25,186 shares of the business services provider’s stock worth $1,483,000 after purchasing an additional 85 shares in the last quarter. Bahl & Gaynor Inc. raised its holdings in Paychex by 21.8% in the 1st quarter. Bahl & Gaynor Inc. now owns 2,889,257 shares of the business services provider’s stock worth $170,177,000 after purchasing an additional 518,041 shares in the last quarter. Finally, Morgan Dempsey Capital Management LLC raised its holdings in Paychex by 18.8% in the 1st quarter. Morgan Dempsey Capital Management LLC now owns 78,842 shares of the business services provider’s stock worth $4,645,000 after purchasing an additional 12,489 shares in the last quarter. Institutional investors and hedge funds own 67.31% of the company’s stock.

Shares of Paychex (PAYX) traded up 1.48% during trading on Thursday, reaching $64.42. 2,055,148 shares of the company traded hands. The stock has a market capitalization of $23.15 billion, a PE ratio of 28.63 and a beta of 0.98. The firm’s 50-day moving average is $58.95 and its 200-day moving average is $58.26. Paychex has a 12-month low of $52.78 and a 12-month high of $64.44.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business had revenue of $816.80 million during the quarter, compared to analysts’ expectations of $816.34 million. During the same quarter in the previous year, the company earned $0.60 EPS. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, equities analysts predict that Paychex will post $2.38 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a yield of 3.10%. Paychex’s dividend payout ratio is currently 87.34%.

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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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