Paychex, Inc. (PAYX) Price Target Cut to $60.00

Paychex, Inc. (NASDAQ:PAYX) had its price objective reduced by analysts at Robert W. Baird from $63.00 to $60.00 in a research note issued on Friday, June 30th. The brokerage currently has a “neutral” rating on the business services provider’s stock. Robert W. Baird’s price target would suggest a potential upside of 3.88% from the company’s previous close.

PAYX has been the subject of a number of other research reports. BMO Capital Markets reaffirmed a “hold” rating and issued a $60.00 price objective on shares of Paychex in a research note on Thursday, June 29th. Goldman Sachs Group, Inc. (The) lowered shares of Paychex from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $68.00 to $64.00 in a research note on Tuesday, June 20th. Wedbush reiterated a “neutral” rating and issued a $61.25 target price (down previously from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. Finally, Jefferies Group LLC restated a “sell” rating and set a $50.00 price target on shares of Paychex in a report on Tuesday, March 21st. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the company. Paychex has a consensus rating of “Hold” and an average target price of $59.16.

Shares of Paychex (NASDAQ:PAYX) traded down 3.15% during mid-day trading on Friday, hitting $57.76. The stock had a trading volume of 4,069,135 shares. The firm has a market cap of $20.76 billion, a PE ratio of 25.67 and a beta of 0.96. Paychex has a 52-week low of $52.78 and a 52-week high of $63.03. The firm has a 50 day moving average price of $58.26 and a 200 day moving average price of $59.36.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. The firm had revenue of $799 million during the quarter, compared to analysts’ expectations of $797.70 million. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the firm posted $0.49 earnings per share. Equities analysts predict that Paychex will post $2.37 EPS for the current year.

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In other news, CEO Martin Mucci sold 33,294 shares of the company’s stock in a transaction that occurred on Sunday, July 9th. The shares were sold at an average price of $57.40, for a total value of $1,911,075.60. Following the completion of the transaction, the chief executive officer now owns 254,618 shares in the company, valued at $14,615,073.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael E. Gioja sold 7,343 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $57.40, for a total transaction of $421,488.20. Following the completion of the transaction, the insider now owns 55,632 shares of the company’s stock, valued at approximately $3,193,276.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,151 shares of company stock valued at $6,503,758. 11.60% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Pacad Investment Ltd. purchased a new stake in Paychex during the fourth quarter valued at about $134,000. Parkside Financial Bank & Trust raised its position in shares of Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after buying an additional 564 shares during the last quarter. Kernodle & Katon Asset Management Group LLC raised its position in shares of Paychex by 37.7% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 3,166 shares of the business services provider’s stock valued at $186,000 after buying an additional 867 shares during the last quarter. Koshinski Asset Management Inc. bought a new position in shares of Paychex during the second quarter valued at $201,000. Finally, Denver Investment Advisors LLC raised its position in shares of Paychex by 7.7% in the first quarter. Denver Investment Advisors LLC now owns 3,791 shares of the business services provider’s stock valued at $223,000 after buying an additional 271 shares during the last quarter. Institutional investors and hedge funds own 68.44% 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)

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