Paychex (NASDAQ:PAYX) had its price objective upped by Bank of America from $68.00 to $73.00 in a report released on Tuesday morning. Bank of America currently has a buy rating on the business services provider’s stock.

A number of other analysts have also commented on PAYX. Citigroup raised Paychex from a sell rating to a neutral rating and set a $67.00 price objective on the stock in a research note on Monday. BMO Capital Markets reaffirmed a market perform rating and set a $62.00 price objective (up previously from $60.00) on shares of Paychex in a research note on Wednesday, October 4th. Morgan Stanley reaffirmed an equal weight rating and set a $59.00 price objective (up previously from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Robert W. Baird reaffirmed a hold rating and set a $64.00 price objective on shares of Paychex in a research note on Wednesday, October 4th. Finally, Stifel Nicolaus reaffirmed a hold rating and set a $61.00 price objective on shares of Paychex in a research note on Friday, August 18th. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $61.19.

Paychex (PAYX) traded up $0.33 on Tuesday, hitting $67.94. The company had a trading volume of 2,878,000 shares, compared to its average volume of 1,991,486. The firm has a market capitalization of $24,294.25, a price-to-earnings ratio of 29.78, a P/E/G ratio of 3.66 and a beta of 0.99. Paychex has a fifty-two week low of $54.20 and a fifty-two week high of $68.56.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The business had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.60 earnings per share. research analysts predict that Paychex will post 2.38 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st were issued a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.94%. Paychex’s dividend payout ratio (DPR) is 87.34%.

In other news, VP John B. Gibson sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total value of $382,200.00. Following the transaction, the vice president now directly owns 21,758 shares in the company, valued at approximately $1,385,984.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Laurie L. Zaucha sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $62.00, for a total value of $930,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 94,395 shares of company stock worth $5,914,383. Company insiders own 11.70% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Carnick & Kubik Group LLC purchased a new stake in shares of Paychex during the 3rd quarter valued at about $1,332,000. Paragon Capital Management LLC raised its holdings in shares of Paychex by 2.4% during the 2nd quarter. Paragon Capital Management LLC now owns 213,047 shares of the business services provider’s stock valued at $12,130,000 after buying an additional 4,921 shares during the period. Chilton Investment Co. LLC raised its holdings in shares of Paychex by 16.0% during the 2nd quarter. Chilton Investment Co. LLC now owns 44,872 shares of the business services provider’s stock valued at $2,555,000 after buying an additional 6,184 shares during the period. Hourglass Capital LLC raised its holdings in shares of Paychex by 0.9% during the 2nd quarter. Hourglass Capital LLC now owns 84,029 shares of the business services provider’s stock valued at $4,785,000 after buying an additional 730 shares during the period. Finally, Schaper Benz & Wise Investment Counsel Inc. WI raised its holdings in shares of Paychex by 1.4% during the 3rd quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 213,833 shares of the business services provider’s stock valued at $12,821,000 after buying an additional 2,855 shares during the period. Institutional investors own 68.02% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: This report was first published by Watch List News and is owned by of Watch List News. If you are viewing this report on another website, it was illegally stolen and republished in violation of U.S. and international copyright and trademark laws. The legal version of this report can be accessed at https://www.watchlistnews.com/paychex-payx-given-new-73-00-price-target-at-bank-of-america/1747914.html.

About Paychex

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)

Receive News & Ratings for Paychex Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.