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.

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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.

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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