Paychex (PAYX) Raised to Neutral at Citigroup
Citigroup upgraded shares of Paychex (NASDAQ:PAYX) from a sell rating to a neutral rating in a report published on Monday morning, Marketbeat Ratings reports. They currently have $67.00 price objective on the business services provider’s stock.
Several other research firms have also commented on PAYX. Royal Bank Of Canada reaffirmed a sell rating and issued a $57.00 price target on shares of Paychex in a report on Wednesday, November 15th. Morgan Stanley reaffirmed an equal weight rating and issued a $59.00 price target (up from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Wells Fargo & Company lifted their price target on shares of Paychex from $58.00 to $60.00 and gave the company a market perform rating in a report on Wednesday, October 4th. Bank of America lifted their price target on shares of Paychex from $64.00 to $68.00 and gave the company a buy rating in a report on Wednesday, October 4th. Finally, BMO Capital Markets reaffirmed a market perform rating and issued a $62.00 price target (up from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $61.19.
Paychex (PAYX) opened at $68.41 on Monday. Paychex has a fifty-two week low of $54.20 and a fifty-two week high of $68.67. The company has a market cap of $24,294.25, a PE ratio of 29.78, a PEG ratio of 3.66 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. During the same period in the previous year, the business posted $0.60 EPS. The company’s quarterly revenue was up 4.0% on a year-over-year basis. research analysts predict that Paychex will post 2.38 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were given a $0.50 dividend. The ex-dividend date was Tuesday, October 31st. This represents a $2.00 annualized dividend and a yield of 2.92%. Paychex’s dividend payout ratio is presently 87.34%.
In related news, VP John B. Gibson sold 6,000 shares of Paychex stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total value of $382,200.00. Following the sale, the vice president now directly owns 21,758 shares in the company, valued at approximately $1,385,984.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Martin Mucci sold 29,786 shares of Paychex stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $63.17, for a total transaction of $1,881,581.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,395 shares of company stock worth $5,914,383. 11.70% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. Salem Investment Counselors Inc. raised its position in shares of Paychex by 0.6% during the 2nd 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 in the last quarter. Dupont Capital Management Corp bought a new stake in shares of Paychex during the 2nd quarter worth about $129,000. Sun Life Financial INC raised its position in shares of Paychex by 23,260.0% during the 2nd 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 in the last quarter. San Francisco Sentry Investment Group CA bought a new stake in shares of Paychex during the 2nd quarter worth about $145,000. Finally, Bank of Nova Scotia Trust Co. bought a new stake in shares of Paychex during the 3rd quarter worth about $188,000. Institutional investors own 68.02% of the company’s stock.
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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