Paychex (NASDAQ:PAYX) had its price target upped by research analysts at Bank of America from $68.00 to $73.00 in a report issued on Tuesday. The firm currently has a “buy” rating on the business services provider’s stock. Bank of America’s price objective indicates a potential upside of 7.97% from the company’s previous close.
Several other equities research analysts also recently issued reports on the company. Royal Bank Of Canada reissued a “sell” rating and issued a $57.00 price objective on shares of Paychex in a research note on Wednesday, November 15th. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective for the company in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Citigroup reaffirmed a “sell” rating and set a $53.00 price target on shares of Paychex in a research note on Monday, October 2nd. Wells Fargo & Company raised their price target on Paychex from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 4th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $61.00 price target on shares of Paychex in a research note on Friday, August 18th. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the company. Paychex presently has a consensus rating of “Hold” and a consensus price target of $60.37.
Shares of Paychex (PAYX) traded up $0.74 during midday trading on Tuesday, hitting $67.61. The stock had a trading volume of 2,604,300 shares, compared to its average volume of 1,987,681. Paychex has a twelve month low of $54.20 and a twelve month high of $68.56. The stock has a market capitalization of $24,028.35, a P/E ratio of 29.46, a price-to-earnings-growth ratio of 3.62 and a beta of 0.99.
In other Paychex news, VP Laurie L. Zaucha sold 17,354 shares of the firm’s stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $64.00, for a total value of $1,110,656.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP John B. Gibson sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total value of $382,200.00. Following the completion of the sale, the vice president now owns 21,758 shares of the company’s stock, valued at approximately $1,385,984.60. The disclosure for this sale can be found here. Insiders sold a total of 94,395 shares of company stock valued at $5,914,383 in the last quarter. Corporate insiders own 11.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in the business. Salem Investment Counselors Inc. lifted its position in shares of Paychex by 0.6% during the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after buying an additional 11 shares during the period. Dupont Capital Management Corp bought a new position in shares of Paychex during the 2nd quarter worth approximately $129,000. Sun Life Financial INC lifted its position in shares of Paychex by 23,260.0% during the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after buying an additional 2,326 shares during the period. San Francisco Sentry Investment Group CA bought a new position in shares of Paychex during the 2nd quarter worth approximately $145,000. Finally, Bank of Nova Scotia Trust Co. bought a new position in shares of Paychex during the 3rd quarter worth approximately $188,000. Institutional investors own 68.02% of the company’s stock.
Paychex Company Profile
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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