Paychex (NASDAQ:PAYX) had its price target upped by analysts at Bank of America from $68.00 to $73.00 in a report issued on Tuesday. The brokerage presently has a “buy” rating on the business services provider’s stock. Bank of America’s target price would indicate a potential upside of 7.97% from the stock’s current price.

PAYX has been the topic of a number of other research reports. Wells Fargo & Company upped their price target on shares of Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Wednesday, October 4th. Royal Bank Of Canada reaffirmed a “sell” rating and issued a $57.00 price objective on shares of Paychex in a report on Wednesday, November 15th. Citigroup reaffirmed a “sell” rating and issued a $53.00 price objective on shares of Paychex in a report on Monday, October 2nd. Morgan Stanley reaffirmed 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. Finally, BMO Capital Markets reaffirmed 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. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the stock. Paychex presently has an average rating of “Hold” and an average target price of $60.37.

Shares of Paychex (NASDAQ PAYX) traded up $0.74 during trading on Tuesday, reaching $67.61. 2,604,300 shares of the company’s stock were exchanged, compared to its average volume of 1,987,681. Paychex has a twelve month low of $54.20 and a twelve month high of $68.56. The firm has a market cap of $24,028.35, a price-to-earnings ratio of 29.46, a price-to-earnings-growth ratio of 3.62 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last issued its quarterly 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. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. During the same quarter in the prior year, the business posted $0.60 EPS. Paychex’s revenue for the quarter was up 4.0% compared to the same quarter last year. analysts expect that Paychex will post 2.38 EPS for the current fiscal year.

In other Paychex news, CEO Martin Mucci sold 29,786 shares of the firm’s stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $63.17, for a total transaction of $1,881,581.62. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Jennifer R. Vossler sold 11,155 shares of the firm’s stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $63.07, for a total transaction of $703,545.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 94,395 shares of company stock valued at $5,914,383. Company insiders own 11.70% of the company’s stock.

Several institutional investors have recently made changes to their positions in PAYX. Global X Management Co. LLC boosted its position in shares of Paychex by 65.1% in the 2nd 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 in the last quarter. Zions Bancorporation lifted its holdings in Paychex by 683.0% in the 2nd quarter. Zions Bancorporation now owns 1,754 shares of the business services provider’s stock valued at $105,000 after purchasing an additional 1,530 shares in the last quarter. Salem Investment Counselors Inc. increased 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 valued at $102,000 after acquiring an additional 11 shares during the last quarter. Jolley Asset Management LLC increased its stake 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. Finally, Financial Architects Inc increased its stake in shares of Paychex by 0.7% during the 2nd quarter. Financial Architects Inc now owns 1,838 shares of the business services provider’s stock valued at $109,000 after acquiring an additional 12 shares during the last quarter. 68.02% of the stock is currently owned by institutional investors and hedge funds.

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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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