Paychex, Inc. (PAYX) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Paychex, Inc. (NASDAQ:PAYX) have been given an average rating of “Hold” by the fourteen research firms that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation and twelve have issued a hold recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $62.10.

A number of analysts have recently commented on PAYX shares. BidaskClub downgraded Paychex from a “strong-buy” rating to a “buy” rating in a report on Friday, December 22nd. Bank of America upped their price objective on Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, October 4th. Morgan Stanley restated an “equal weight” rating and set a $59.00 price objective (up from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Stifel Nicolaus restated a “hold” rating and set a $68.00 price objective on shares of Paychex in a report on Friday, December 22nd. Finally, Robert W. Baird restated a “hold” rating and set a $64.00 price objective on shares of Paychex in a report on Wednesday, October 4th.

Shares of Paychex (NASDAQ PAYX) traded up $0.58 on Friday, reaching $69.49. The company’s stock had a trading volume of 2,559,512 shares, compared to its average volume of 2,090,000. The firm has a market cap of $25,160.00, a P/E ratio of 29.82, a PEG ratio of 3.71 and a beta of 0.99. Paychex has a 52 week low of $54.20 and a 52 week high of $70.39.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.59. The company had revenue of $826.50 million during the quarter, compared to the consensus estimate of $823.48 million. Paychex had a return on equity of 42.80% and a net margin of 26.02%. Paychex’s revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.56 EPS. analysts expect that Paychex will post 2.38 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Thursday, February 1st will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.88%. Paychex’s dividend payout ratio is currently 60.94%.

In related news, VP Jennifer R. Vossler sold 10,000 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total value of $682,900.00. Following the completion of the sale, the vice president now directly owns 31,578 shares in the company, valued at approximately $2,156,461.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP John B. Gibson sold 6,000 shares of the stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total value of $382,200.00. Following the completion of the sale, the vice president now owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,311 shares of company stock valued at $3,429,471. 11.70% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC acquired a new stake in Paychex in the 4th quarter valued at $109,000. Salem Investment Counselors Inc. boosted its position in Paychex by 0.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares during the last quarter. Sun Life Financial INC boosted its position in Paychex by 23,260.0% in the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA purchased a new position in Paychex in the 2nd quarter valued at about $145,000. Finally, Bank of Nova Scotia Trust Co. purchased a new position in Paychex in the 3rd quarter valued at about $188,000. Hedge funds and other institutional investors own 67.88% of the company’s stock.

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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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