Paychex, Inc. (PAYX) Given Average Rating of “Hold” by Brokerages

Paychex, Inc. (NASDAQ:PAYX) has received a consensus recommendation of “Hold” from the fourteen brokerages that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating and twelve have issued a hold rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $62.77.

A number of research firms have issued reports on PAYX. BidaskClub downgraded shares of Paychex from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Bank of America downgraded shares of Paychex from a “buy” rating to a “neutral” rating and set a $73.00 target price on the stock. in a research report on Tuesday, January 9th. 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 report on Monday, December 4th. BMO Capital Markets restated a “hold” rating and set a $70.00 target price on shares of Paychex in a research report on Wednesday, January 24th. Finally, Royal Bank of Canada restated a “sell” rating and set a $57.00 target price on shares of Paychex in a research report on Wednesday, November 15th.

Shares of Paychex (PAYX) traded down $0.06 during trading hours on Wednesday, reaching $64.63. 1,562,000 shares of the company’s stock were exchanged, compared to its average volume of 2,452,951. Paychex has a 12-month low of $54.20 and a 12-month high of $73.10. The company has a market cap of $23,235.71, a price-to-earnings ratio of 27.74, a P/E/G ratio of 3.47 and a beta of 0.94.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, hitting analysts’ consensus estimates of $0.59. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The firm had revenue of $826.50 million for the quarter, compared to analyst estimates of $823.48 million. During the same quarter in the prior year, the firm earned $0.56 EPS. The company’s revenue was up 7.1% on a year-over-year basis. analysts predict that Paychex will post 2.39 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Thursday, February 1st will be given a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, January 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.09%. Paychex’s dividend payout ratio is 85.84%.

In other Paychex news, insider Michael E. Gioja sold 34,311 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 63,374 shares in the company, valued at approximately $4,367,102.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer R. Vossler sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total transaction of $682,900.00. Following the sale, the vice president now owns 31,578 shares in the company, valued at $2,156,461.62. The disclosure for this sale can be found here. Company insiders own 11.70% of the company’s stock.

A number of hedge funds have recently made changes to their positions in PAYX. Dimensional Fund Advisors LP raised its holdings in Paychex by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 984,218 shares of the business services provider’s stock worth $56,041,000 after buying an additional 9,132 shares during the period. Cetera Investment Advisers acquired a new stake in Paychex during the 2nd quarter worth approximately $872,000. Toronto Dominion Bank raised its holdings in Paychex by 31.2% during the 2nd quarter. Toronto Dominion Bank now owns 117,056 shares of the business services provider’s stock worth $6,664,000 after buying an additional 27,820 shares during the period. Navellier & Associates Inc grew its stake in shares of Paychex by 3.1% during the 2nd quarter. Navellier & Associates Inc now owns 24,636 shares of the business services provider’s stock worth $1,403,000 after acquiring an additional 743 shares in the last quarter. Finally, Intl Fcstone Inc. bought a new position in shares of Paychex during the 2nd quarter worth approximately $1,335,000. Hedge funds and other institutional investors own 67.98% 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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