Paychex (NASDAQ:PAYX)‘s stock had its “underperform” rating reissued by investment analysts at Wolfe Research in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $94.00 target price on the business services provider’s stock. Wolfe Research’s price objective would indicate a potential downside of 2.58% from the company’s current price.
A number of other research firms have also commented on PAYX. BMO Capital Markets boosted their price target on shares of Paychex from $93.00 to $96.00 and gave the company a “market perform” rating in a research report on Tuesday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their target price on shares of Paychex from $93.00 to $105.00 in a research report on Tuesday, January 5th. The Goldman Sachs Group boosted their price target on shares of Paychex from $85.00 to $89.00 and gave the stock a “sell” rating in a research note on Tuesday. Wells Fargo & Company initiated coverage on shares of Paychex in a research note on Friday, December 18th. They set an “overweight” rating and a $105.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Paychex from $81.00 to $98.00 and gave the stock a “hold” rating in a report on Monday, January 4th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $93.00.
Shares of PAYX traded up $0.64 during trading hours on Tuesday, hitting $96.49. The stock had a trading volume of 57,790 shares, compared to its average volume of 1,963,851. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.28 and a quick ratio of 1.28. The firm has a 50 day simple moving average of $95.42 and a 200-day simple moving average of $90.45. The firm has a market capitalization of $34.77 billion, a P/E ratio of 32.87, a price-to-earnings-growth ratio of 3.81 and a beta of 0.90. Paychex has a 1-year low of $60.00 and a 1-year high of $101.15.
In other Paychex news, VP John B. Gibson sold 82,488 shares of the firm’s stock in a transaction that occurred on Tuesday, February 2nd. The shares were sold at an average price of $89.79, for a total transaction of $7,406,597.52. Also, CEO Martin Mucci sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 26th. The stock was sold at an average price of $91.09, for a total transaction of $4,554,500.00. Corporate insiders own 11.70% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Paychex during the 4th quarter worth $195,397,000. Select Equity Group L.P. grew its holdings in Paychex by 37.9% in the 4th quarter. Select Equity Group L.P. now owns 6,518,891 shares of the business services provider’s stock valued at $607,430,000 after buying an additional 1,792,651 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Paychex by 19.8% during the 4th quarter. Bank of New York Mellon Corp now owns 7,418,658 shares of the business services provider’s stock worth $691,270,000 after purchasing an additional 1,224,938 shares during the period. Alliancebernstein L.P. boosted its holdings in Paychex by 27.6% in the 4th quarter. Alliancebernstein L.P. now owns 1,843,106 shares of the business services provider’s stock worth $171,741,000 after acquiring an additional 398,703 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Paychex by 8.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,554,302 shares of the business services provider’s stock valued at $424,370,000 after purchasing an additional 338,582 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.
Paychex Company Profile
Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small- to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
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