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.

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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.

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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