Paychex (PAYX) Earns Hold Rating from BMO Capital Markets

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.

Paychex (NASDAQ:PAYX) last issued its earnings results on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.59. Paychex had a net margin of 26.26% and a return on equity of 44.49%. The company had revenue of $826.50 million for the quarter, compared to the consensus estimate of $823.48 million. During the same quarter in the previous year, the company earned $0.56 EPS. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. analysts predict that Paychex will post 2.39 EPS for the current year.

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.

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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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