Paychex (PAYX) Given New $73.00 Price Target at Bank of America
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.
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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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