Paychex (NASDAQ:PAYX – Get Free Report) had its price target decreased by analysts at Stifel Nicolaus from $156.00 to $152.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the business services provider’s stock. Stifel Nicolaus’ price objective would suggest a potential upside of 5.60% from the company’s previous close.
A number of other equities analysts have also recently commented on PAYX. Cfra Research raised shares of Paychex to a “hold” rating in a research note on Thursday, March 27th. Jefferies Financial Group set a $140.00 price target on shares of Paychex and gave the stock a “hold” rating in a research note on Thursday. Royal Bank Of Canada set a $165.00 price objective on shares of Paychex and gave the company a “sector perform” rating in a report on Tuesday. JPMorgan Chase & Co. boosted their price objective on shares of Paychex from $140.00 to $148.00 and gave the company an “underweight” rating in a research report on Wednesday, June 18th. Finally, Barclays set a $155.00 price objective on shares of Paychex and gave the company an “equal weight” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $149.11.
View Our Latest Analysis on Paychex
Paychex Price Performance
Paychex (NASDAQ:PAYX – Get Free Report) last released its quarterly earnings results on Wednesday, June 25th. The business services provider reported $1.19 EPS for the quarter, hitting analysts’ consensus estimates of $1.19. Paychex had a net margin of 29.75% and a return on equity of 45.01%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the previous year, the company earned $1.12 EPS. Equities research analysts anticipate that Paychex will post 4.99 earnings per share for the current year.
Insider Activity
In other news, Director Joseph M. Velli sold 3,650 shares of the business’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total value of $544,762.50. Following the completion of the sale, the director now owns 78,455 shares in the company, valued at approximately $11,709,408.75. The trade was a 4.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 11.40% of the company’s stock.
Institutional Investors Weigh In On Paychex
Several large investors have recently modified their holdings of the business. AG2R LA Mondiale Gestion D Actifs bought a new stake in shares of Paychex in the 1st quarter valued at about $2,000,000. Swedbank AB raised its holdings in shares of Paychex by 1.7% in the 1st quarter. Swedbank AB now owns 159,590 shares of the business services provider’s stock valued at $24,622,000 after purchasing an additional 2,721 shares in the last quarter. Ridgepath Capital Management LLC raised its holdings in shares of Paychex by 0.6% in the 1st quarter. Ridgepath Capital Management LLC now owns 38,111 shares of the business services provider’s stock valued at $5,880,000 after purchasing an additional 241 shares in the last quarter. eCIO Inc. bought a new stake in shares of Paychex in the 1st quarter valued at about $124,000. Finally, Modern Wealth Management LLC raised its stake in shares of Paychex by 28.7% during the 1st quarter. Modern Wealth Management LLC now owns 13,814 shares of the business services provider’s stock worth $2,131,000 after acquiring an additional 3,079 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.
Paychex Company Profile
Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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