Paychex (NASDAQ:PAYX)‘s stock had its “hold” rating reissued by stock analysts at BMO Capital Markets in a note issued to investors on Wednesday. They presently have a $70.00 target price on the business services provider’s stock. BMO Capital Markets’ price objective would suggest a potential downside of 0.01% from the company’s previous close.
Several other brokerages also recently commented on PAYX. BidaskClub upgraded shares of Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Stifel Nicolaus restated a “hold” rating and issued a $68.00 target price on shares of Paychex in a research note on Friday, December 22nd. Robert W. Baird restated a “hold” rating and issued a $64.00 target price on shares of Paychex in a research note on Wednesday, October 4th. Bank of America boosted their target price on shares of Paychex from $68.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, December 5th. Finally, Citigroup upgraded shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 target price on the stock in a research note on Monday, December 4th. Two analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. The company has an average rating of “Hold” and a consensus target price of $62.77.
Shares of Paychex (NASDAQ:PAYX) traded up $1.38 during trading hours on Wednesday, hitting $70.01. 1,720,000 shares of the stock traded hands, compared to its average volume of 2,300,000. Paychex has a 52 week low of $54.20 and a 52 week high of $73.10. The firm has a market cap of $25,130.00, a P/E ratio of 30.05, a PEG ratio of 3.69 and a beta of 0.99.
In related news, insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the transaction, the insider now owns 63,374 shares in the company, valued at approximately $4,367,102.34. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP John B. Gibson sold 6,000 shares of the company’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total transaction of $382,200.00. Following the transaction, the vice president now owns 21,758 shares in the company, valued at approximately $1,385,984.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,311 shares of company stock worth $3,429,471. 11.70% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PAYX. Field & Main Bank acquired a new position in Paychex during the 4th quarter valued at about $101,000. Salem Investment Counselors Inc. lifted its position in 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 purchasing an additional 11 shares during the period. Acadian Asset Management LLC acquired a new position in Paychex during the 4th quarter valued at about $109,000. Sun Life Financial INC lifted its position in Paychex by 23,260.0% during the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after purchasing an additional 2,326 shares during the period. Finally, San Francisco Sentry Investment Group CA acquired a new position in Paychex during the 2nd quarter valued at about $145,000. Institutional investors and hedge funds own 67.91% 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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