BidaskClub lowered shares of Paychex (NASDAQ:PAYX) from a strong-buy rating to a buy rating in a research report released on Wednesday.
A number of other equities research analysts have also recently issued reports on PAYX. Stifel Nicolaus upped their price objective on shares of Paychex from $66.00 to $69.00 and gave the stock a hold rating in a report on Thursday, June 28th. Citigroup upped their price objective on shares of Paychex from $64.00 to $67.00 and gave the stock a neutral rating in a report on Thursday, June 28th. Wells Fargo & Co upped their price target on shares of Paychex from $64.00 to $67.00 and gave the company a market perform rating in a report on Thursday, June 28th. Robert W. Baird upped their price target on shares of Paychex from $67.00 to $70.00 and gave the company a neutral rating in a report on Thursday, June 28th. Finally, Morgan Stanley upped their price target on shares of Paychex from $66.00 to $67.00 and gave the company an equal weight rating in a report on Thursday, June 28th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. Paychex currently has a consensus rating of Hold and an average price target of $68.42.
Shares of NASDAQ:PAYX opened at $72.90 on Wednesday. The firm has a market capitalization of $26.07 billion, a P/E ratio of 29.65, a price-to-earnings-growth ratio of 3.12 and a beta of 0.94. Paychex has a 1 year low of $56.08 and a 1 year high of $73.40.
Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 27th. The business services provider reported $0.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.01). The business had revenue of $871.10 million during the quarter, compared to the consensus estimate of $868.60 million. Paychex had a return on equity of 44.29% and a net margin of 27.62%. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.54 earnings per share. analysts anticipate that Paychex will post 2.84 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 23rd. Shareholders of record on Wednesday, August 1st were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Tuesday, July 31st. Paychex’s dividend payout ratio (DPR) is 87.84%.
In related news, VP Jennifer R. Vossler sold 4,000 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $70.51, for a total value of $282,040.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephanie L. Schaeffer sold 34,251 shares of the stock in a transaction dated Monday, July 9th. The shares were sold at an average price of $69.98, for a total transaction of $2,396,884.98. Following the completion of the sale, the insider now owns 43,552 shares of the company’s stock, valued at approximately $3,047,768.96. The disclosure for this sale can be found here. Insiders have sold 201,309 shares of company stock valued at $14,126,179 over the last 90 days. Corporate insiders own 11.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PAYX. Advisors Preferred LLC lifted its stake in shares of Paychex by 116.4% in the second quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock valued at $107,000 after buying an additional 843 shares during the period. Clarus Wealth Advisors bought a new stake in shares of Paychex in the second quarter valued at about $109,000. Summit Trail Advisors LLC lifted its stake in shares of Paychex by 17,216.0% in the first quarter. Summit Trail Advisors LLC now owns 116,537 shares of the business services provider’s stock valued at $117,000 after buying an additional 115,864 shares during the period. Fort L.P. bought a new stake in shares of Paychex in the second quarter valued at about $121,000. Finally, Financial Gravity Wealth Inc. bought a new stake in shares of Paychex in the first quarter valued at about $137,000. Institutional investors and hedge funds own 66.94% of the company’s stock.
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 Europe. The company 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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