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.
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.
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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