Paychex’s (PAYX) Hold Rating Reiterated at Robert W. Baird
Robert W. Baird restated their hold rating on shares of Paychex, Inc. (NASDAQ:PAYX) in a report released on Wednesday morning. They currently have a $64.00 target price on the business services provider’s stock.
PAYX has been the subject of a number of other reports. BidaskClub raised shares of Paychex from a strong sell rating to a sell rating in a report on Monday, July 31st. William Blair lowered shares of Paychex from an outperform rating to a market perform rating in a report on Friday, July 21st. Wedbush reissued a neutral rating and issued a $61.25 target price (down from $65.00) on shares of Paychex in a report on Tuesday, June 6th. Morgan Stanley raised shares of Paychex from an underweight rating to an equal weight rating and set a $55.00 target price for the company in a report on Wednesday, August 16th. They noted that the move was a valuation call. Finally, BMO Capital Markets restated a hold rating and issued a $60.00 price target on shares of Paychex in a research report on Thursday, June 29th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $60.07.
Shares of Paychex (NASDAQ:PAYX) traded up 0.58% during midday trading on Wednesday, hitting $63.62. 3,306,287 shares of the stock were exchanged. The firm has a market cap of $22.86 billion, a PE ratio of 28.28 and a beta of 0.98. Paychex has a 52-week low of $52.78 and a 52-week high of $63.68. The firm’s 50-day moving average is $58.27 and its 200 day moving average is $58.24.
Paychex (NASDAQ:PAYX) last posted its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The firm had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. During the same period last year, the firm posted $0.60 earnings per share. Paychex’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, analysts forecast that Paychex will post $2.38 earnings per share for the current year.
In other news, insider Efrain Rivera sold 5,837 shares of Paychex stock in a transaction on Sunday, July 9th. The stock was sold at an average price of $57.39, for a total transaction of $334,985.43. Following the completion of the sale, the insider now directly owns 53,395 shares in the company, valued at $3,064,339.05. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Laurie L. Zaucha sold 15,000 shares of Paychex stock in a transaction on 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 quarter, insiders have sold 112,270 shares of company stock valued at $6,543,888. Corporate insiders own 11.70% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Northwest Quadrant Wealth Management LLC lifted its position 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 worth $228,000 after purchasing an additional 24 shares during the last quarter. Pacer Advisors Inc. lifted 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 worth $599,000 after purchasing an additional 417 shares during the last quarter. Shelton Capital Management lifted 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 worth $6,024,000 after purchasing an additional 43,033 shares during the last quarter. JPMorgan Chase & Co. lifted 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 worth $59,014,000 after purchasing an additional 759,973 shares during the last quarter. Finally, Burney Co. lifted 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 worth $2,398,000 after purchasing an additional 9,135 shares during the last quarter. Institutional investors and hedge funds own 67.31% of the company’s stock.
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.
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