Paychex (PAYX) Downgraded to “Neutral” at Bank of America
Bank of America downgraded shares of Paychex (NASDAQ:PAYX) from a buy rating to a neutral rating in a report issued on Tuesday morning, Marketbeat Ratings reports. They currently have $73.00 target price on the business services provider’s stock.
Several other analysts also recently weighed in on the stock. Stifel Nicolaus reaffirmed a hold rating and set a $68.00 price target on shares of Paychex in a research note on Friday, December 22nd. BidaskClub lowered shares of Paychex from a strong-buy rating to a buy rating in a report on Friday, December 22nd. Citigroup raised shares of Paychex from a sell rating to a neutral rating and set a $67.00 price objective on the stock in a report on Monday, December 4th. Royal Bank of Canada reissued a sell rating and set a $57.00 price objective on shares of Paychex in a report on Wednesday, November 15th. Finally, Morgan Stanley reissued an equal weight rating and set a $59.00 price objective (up from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Two analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $62.10.
Paychex (PAYX) traded up $0.80 during trading on Tuesday, hitting $67.66. 2,020,000 shares of the stock traded hands, compared to its average volume of 2,170,000. Paychex has a 1 year low of $54.20 and a 1 year high of $70.39. The company has a market capitalization of $24,290.00, a P/E ratio of 29.04, a PEG ratio of 3.71 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.59. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The firm had revenue of $826.50 million during the quarter, compared to the consensus estimate of $823.48 million. During the same quarter in the previous year, the firm posted $0.56 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. equities research analysts forecast that Paychex will post 2.38 earnings per share for the current year.
In other Paychex news, insider Michael E. Gioja sold 34,311 shares of Paychex stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total value of $2,364,371.01. Following the transaction, the insider now directly owns 63,374 shares of the company’s stock, valued at $4,367,102.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John B. Gibson sold 6,000 shares of Paychex stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total transaction of $382,200.00. Following the completion of the transaction, the vice president now directly owns 21,758 shares in the company, valued at $1,385,984.60. The disclosure for this sale can be found here. 11.70% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the company. Salem Investment Counselors Inc. lifted its stake in shares of Paychex by 0.6% during the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after buying an additional 11 shares during the period. Sun Life Financial INC lifted its stake in shares of Paychex by 23,260.0% during the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after buying an additional 2,326 shares during the period. San Francisco Sentry Investment Group CA acquired a new stake in shares of Paychex during the second quarter worth $145,000. Bank of Nova Scotia Trust Co. acquired a new stake in shares of Paychex during the third quarter worth $188,000. Finally, Yorktown Management & Research Co Inc acquired a new stake in shares of Paychex during the third quarter worth $210,000. Institutional investors and hedge funds own 67.85% of the company’s stock.
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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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