Paychex (NASDAQ:PAYX) Rating Reiterated by Wolfe Research


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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.

Paychex (NASDAQ:PAYX) last posted its earnings results on Monday, April 5th. The business services provider reported $0.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.04. Paychex had a net margin of 26.66% and a return on equity of 37.99%. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the firm earned $0.97 EPS. The company’s quarterly revenue was down 2.7% compared to the same quarter last year. Equities analysts predict that Paychex will post 2.94 EPS for the current fiscal year.

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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Analyst Recommendations for Paychex (NASDAQ:PAYX)

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