Paychex, Inc. (NASDAQ:PAYX) has been given a consensus recommendation of “Hold” by the twelve research firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, nine have given a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $64.56.
PAYX has been the subject of several analyst reports. BidaskClub raised shares of Paychex from a “hold” rating to a “buy” rating in a report on Friday, May 18th. Barclays reduced their price target on shares of Paychex from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Tuesday, March 27th. Morgan Stanley reduced their price target on shares of Paychex from $68.00 to $66.00 and set an “equal weight” rating for the company in a report on Tuesday, March 27th. Stifel Nicolaus reissued a “hold” rating and set a $66.00 price target (down previously from $68.00) on shares of Paychex in a report on Tuesday, March 27th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Paychex from $69.00 to $65.00 and set a “neutral” rating for the company in a report on Tuesday, March 27th.
In related news, Director Joseph M. Velli sold 3,079 shares of Paychex stock in a transaction dated Friday, May 18th. The shares were sold at an average price of $65.00, for a total transaction of $200,135.00. Following the sale, the director now directly owns 29,013 shares in the company, valued at $1,885,845. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael E. Gioja sold 110,000 shares of Paychex stock in a transaction dated Thursday, March 29th. The shares were sold at an average price of $61.63, for a total transaction of $6,779,300.00. Following the sale, the insider now owns 170,974 shares in the company, valued at $10,537,127.62. The disclosure for this sale can be found here. 11.70% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of PAYX. Summit Trail Advisors LLC raised its stake in shares of Paychex by 17,216.0% during the first quarter. Summit Trail Advisors LLC now owns 116,537 shares of the business services provider’s stock valued at $117,000 after purchasing an additional 115,864 shares in the last quarter. Avestar Capital LLC bought a new stake in Paychex in the fourth quarter worth about $126,000. Financial Gravity Companies Inc. bought a new stake in Paychex in the fourth quarter worth about $127,000. Financial Gravity Wealth Inc. bought a new stake in Paychex in the first quarter worth about $137,000. Finally, Silvant Capital Management LLC bought a new stake in Paychex in the first quarter worth about $158,000. Institutional investors and hedge funds own 68.45% of the company’s stock.
Paychex stock traded up $0.51 during mid-day trading on Tuesday, reaching $70.22. The company’s stock had a trading volume of 2,270,809 shares, compared to its average volume of 1,779,283. The company has a market cap of $25.05 billion, a PE ratio of 31.92, a P/E/G ratio of 3.08 and a beta of 1.00. Paychex has a twelve month low of $54.20 and a twelve month high of $73.10.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Monday, March 26th. The business services provider reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. The firm had revenue of $866.50 million during the quarter, compared to the consensus estimate of $853.99 million. Paychex had a net margin of 27.22% and a return on equity of 43.42%. The firm’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.55 earnings per share. research analysts predict that Paychex will post 2.46 EPS for the current year.
Paychex Company Profile
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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