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.
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.
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.
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