Paychex, Inc. (NASDAQ:PAYX)‘s stock had its “equal weight” rating reaffirmed by analysts at Morgan Stanley in a research report issued on Wednesday, October 4th. They presently have a $59.00 price target on the business services provider’s stock, up from their prior price target of $55.00. Morgan Stanley’s price target indicates a potential downside of 7.45% from the company’s previous close.

A number of other research analysts have also commented on the company. Wells Fargo & Company raised their price target on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, October 4th. Bank of America Corporation raised their price target on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. BMO Capital Markets reissued a “market perform” rating and set a $62.00 price target (up from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Royal Bank Of Canada reissued an “underperform” rating and set a $57.00 price target (up from $54.00) on shares of Paychex in a report on Wednesday, October 4th. Finally, Robert W. Baird reissued a “hold” rating and set a $64.00 price target on shares of Paychex in a report on Wednesday, October 4th. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $60.07.

Paychex (NASDAQ:PAYX) traded down 1.04% during midday trading on Wednesday, reaching $63.75. 2,083,678 shares of the company were exchanged. Paychex has a 52 week low of $52.78 and a 52 week high of $64.75. The company has a market capitalization of $22.91 billion, a PE ratio of 28.33 and a beta of 0.98. The firm has a 50-day moving average price of $59.43 and a 200-day moving average price of $58.32.

Paychex (NASDAQ:PAYX) last posted its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The company had revenue of $816.80 million for the quarter, compared to analysts’ expectations of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business posted $0.60 earnings per share. Equities research analysts anticipate that Paychex will post $2.38 earnings per share for the current fiscal year.

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In other news, VP Jennifer R. Vossler sold 11,155 shares of Paychex stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $63.07, for a total transaction of $703,545.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Laurie L. Zaucha sold 17,354 shares of Paychex stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $64.00, for a total value of $1,110,656.00. The disclosure for this sale can be found here. Insiders have sold a total of 88,395 shares of company stock valued at $5,532,183 over the last 90 days. Corporate insiders own 11.70% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Intl Fcstone Inc. acquired a new stake in shares of Paychex during the 2nd quarter valued at about $1,335,000. Navellier & Associates Inc lifted its holdings 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 valued at $1,403,000 after buying an additional 743 shares during the last quarter. Toronto Dominion Bank lifted its holdings in shares of Paychex by 31.2% during the 2nd quarter. Toronto Dominion Bank now owns 117,056 shares of the business services provider’s stock valued at $6,664,000 after buying an additional 27,820 shares during the last quarter. Oak Associates Ltd. OH lifted its holdings in shares of Paychex by 15.0% during the 2nd quarter. Oak Associates Ltd. OH now owns 169,185 shares of the business services provider’s stock valued at $9,633,000 after buying an additional 22,100 shares during the last quarter. Finally, Cetera Investment Advisers acquired a new stake in shares of Paychex during the 2nd quarter valued at about $872,000. Institutional investors and hedge funds own 67.31% of the company’s stock.

Paychex Company Profile

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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