Royal Bank Of Canada reiterated their underperform rating on shares of Paychex, Inc. (NASDAQ:PAYX) in a research report released on Wednesday. The brokerage currently has a $57.00 price objective on the business services provider’s stock, up from their previous price objective of $54.00.

A number of other research firms also recently issued reports on PAYX. BidaskClub downgraded shares of Paychex from a sell rating to a strong sell rating in a report on Saturday, July 1st. Robert W. Baird reissued a hold rating and issued a $64.00 price objective on shares of Paychex in a report on Wednesday. Wedbush reissued a neutral rating and issued a $61.25 price objective (down previously 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 price objective for the company in a report on Wednesday, August 16th. They noted that the move was a valuation call. Finally, Stifel Nicolaus reissued a hold rating and issued a $61.00 price objective on shares of Paychex in a report on Friday, August 18th. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $60.07.

Shares of Paychex (NASDAQ PAYX) traded up 1.02% on Wednesday, hitting $63.25. 2,401,918 shares of the stock were exchanged. Paychex has a one year low of $52.78 and a one year high of $63.31. The firm has a market capitalization of $22.73 billion, a PE ratio of 28.11 and a beta of 0.98. The company has a 50-day moving average price of $57.82 and a 200-day moving average price of $58.19.

Paychex (NASDAQ:PAYX) last announced its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. The business had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.33%. Paychex’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.60 EPS. Equities research analysts expect that Paychex will post $2.38 earnings per share for the current year.

COPYRIGHT VIOLATION NOTICE: “Paychex’s (PAYX) “Underperform” Rating Reaffirmed at Royal Bank Of Canada” was first published by Watch List News and is owned by of Watch List News. If you are accessing this piece of content on another website, it was copied illegally and reposted in violation of United States & international copyright & trademark law. The original version of this piece of content can be read at https://www.watchlistnews.com/paychexs-payx-underperform-rating-reaffirmed-at-royal-bank-of-canada/1611072.html.

In related news, CEO Martin Mucci sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the transaction, the chief executive officer now directly owns 237,754 shares in the company, valued at approximately $13,561,488.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph M. Tucci sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $57.82, for a total transaction of $346,920.00. Following the transaction, the director now owns 53,621 shares of the company’s stock, valued at $3,100,366.22. The disclosure for this sale can be found here. Insiders sold a total of 112,270 shares of company stock valued at $6,543,888 over the last 90 days. Corporate insiders own 11.70% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in PAYX. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Paychex by 28.4% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,690 shares of the business services provider’s stock worth $1,395,000 after purchasing an additional 5,239 shares in the last quarter. Caldwell & Orkin Inc. acquired a new position in Paychex during the 1st quarter worth approximately $3,481,000. Paragon Capital Management LLC increased its position in Paychex by 8.6% during the 1st quarter. Paragon Capital Management LLC now owns 208,126 shares of the business services provider’s stock worth $12,258,000 after purchasing an additional 16,431 shares in the last quarter. Ameriprise Financial Inc. increased its position in Paychex by 23.8% during the 1st quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock worth $248,742,000 after purchasing an additional 813,930 shares in the last quarter. Finally, Toronto Dominion Bank increased its position in Paychex by 52.1% during the 1st quarter. Toronto Dominion Bank now owns 89,236 shares of the business services provider’s stock worth $5,257,000 after purchasing an additional 30,557 shares in the last quarter. Institutional investors and hedge funds own 67.31% of the company’s stock.

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.