Paychex, Inc. (PAYX) Receives Equal Weight Rating from Morgan Stanley
Morgan Stanley reiterated their equal weight rating on shares of Paychex, Inc. (NASDAQ:PAYX) in a research report report published on Wednesday. The brokerage currently has a $59.00 price objective on the business services provider’s stock, up from their prior price objective of $55.00.
PAYX has been the topic of a number of other reports. Wells Fargo & Company boosted their price target on Paychex from $58.00 to $60.00 and gave the company a market perform rating in a report on Wednesday. Bank of America Corporation boosted their price target on Paychex from $64.00 to $68.00 and gave the stock a buy rating in a research report on Wednesday. BMO Capital Markets reissued a market perform rating and set a $62.00 price target (up previously from $60.00) on shares of Paychex in a research report on Wednesday. Royal Bank Of Canada reissued an underperform rating and set a $57.00 price target (up previously from $54.00) on shares of Paychex in a research report on Wednesday. Finally, Robert W. Baird reissued a hold rating and set a $64.00 price target on shares of Paychex in a research report on Wednesday. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $60.07.
Shares of Paychex (PAYX) traded up 0.88% during midday trading on Wednesday, hitting $63.16. The stock had a trading volume of 1,849,832 shares. The firm’s 50-day moving average price is $57.82 and its 200-day moving average price is $58.19. Paychex has a one year low of $52.78 and a one year high of $63.31. The firm has a market capitalization of $22.70 billion, a PE ratio of 28.07 and a beta of 0.98.
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. Paychex had a return on equity of 43.33% and a net margin of 26.01%. The firm had revenue of $816.80 million during the quarter, compared to analysts’ expectations of $816.34 million. During the same period in the previous year, the firm earned $0.60 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. On average, equities analysts predict that Paychex will post $2.38 EPS for the current year.
In other Paychex news, VP Laurie L. Zaucha sold 15,000 shares of the business’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $62.00, for a total value of $930,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Martin Mucci sold 30,000 shares of the business’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the sale, the chief executive officer now directly owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The disclosure for this sale can be found here. Insiders have sold a total of 112,270 shares of company stock valued at $6,543,888 over the last 90 days. Company insiders own 11.70% of the company’s stock.
A number of institutional investors have recently bought and sold shares of PAYX. Northwest Quadrant Wealth Management LLC raised its stake in shares of Paychex by 0.6% during 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 acquiring an additional 24 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Paychex by 4.3% during the first quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock valued at $599,000 after buying an additional 417 shares during the period. Shelton Capital Management increased its position in shares of Paychex by 72.6% during the first quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock valued at $6,024,000 after buying an additional 43,033 shares during the period. JPMorgan Chase & Co. increased its position in shares of Paychex by 314.1% during the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock valued at $59,014,000 after buying an additional 759,973 shares during the period. Finally, Burney Co. increased its position in shares of Paychex by 28.9% during the first quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock valued at $2,398,000 after buying an additional 9,135 shares during the period. 67.31% of the stock is owned by institutional investors and hedge funds.
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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