Shares of Paychex, Inc. (NASDAQ:PAYX) have received an average rating of “Hold” from the eighteen brokerages that are presently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has given a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $59.28.

A number of analysts have commented on the stock. Stifel Nicolaus reiterated a “hold” rating and issued a $61.00 price objective on shares of Paychex in a report on Friday, August 18th. Morgan Stanley raised shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price target for the company in a research note on Wednesday, August 16th. They noted that the move was a valuation call. BidaskClub cut shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 6th. Robert W. Baird dropped their price target on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Finally, Goldman Sachs Group, Inc. (The) cut shares of Paychex from a “buy” rating to a “neutral” rating and dropped their price target for the company from $68.00 to $64.00 in a research note on Tuesday, June 20th.

Paychex (PAYX) traded down 0.61% during trading on Wednesday, hitting $55.77. The stock had a trading volume of 1,301,712 shares. The company has a 50-day moving average of $56.59 and a 200 day moving average of $58.75. The firm has a market cap of $20.04 billion, a P/E ratio of 24.79 and a beta of 0.96. Paychex has a 52-week low of $52.78 and a 52-week high of $63.03.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. The company had revenue of $799 million during the quarter, compared to the consensus estimate of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. Paychex’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.49 EPS. On average, equities research analysts predict that Paychex will post $2.37 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.59%. The ex-dividend date of this dividend is Friday, July 28th. This is a boost from Paychex’s previous quarterly dividend of $0.46.

In related news, CEO Martin Mucci sold 30,000 shares of Paychex stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the sale, the chief executive officer now directly owns 237,754 shares in the company, valued at approximately $13,561,488.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael E. Gioja sold 7,343 shares of Paychex stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total transaction of $421,488.20. Following the sale, the insider now owns 55,632 shares in the company, valued at $3,193,276.80. The disclosure for this sale can be found here. Insiders sold a total of 92,497 shares of company stock valued at $5,300,889 in the last three months. 11.60% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the company. Salem Investment Counselors Inc. raised its stake in shares of Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares in the last quarter. Bruderman Asset Management LLC raised its stake in shares of Paychex by 0.3% in the first quarter. Bruderman Asset Management LLC now owns 6,794 shares of the business services provider’s stock valued at $400,000 after buying an additional 20 shares in the last quarter. Alps Advisors Inc. raised its stake in shares of Paychex by 0.3% in the second quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock valued at $438,000 after buying an additional 20 shares in the last quarter. Northwest Quadrant Wealth Management LLC raised its stake in shares of Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after buying an additional 24 shares in the last quarter. Finally, King Wealth Management Group LLC raised its stake in shares of Paychex by 0.8% in the first quarter. King Wealth Management Group LLC now owns 3,793 shares of the business services provider’s stock valued at $223,000 after buying an additional 30 shares in the last quarter. Hedge funds and other institutional investors own 68.68% of the company’s stock.

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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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