Paychex, Inc. (PAYX) Receives Equal Weight Rating from Morgan Stanley
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.
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