Bank of America Boosts Paychex (PAYX) Price Target to $73.00

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.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.60 EPS. sell-side analysts expect that Paychex will post 2.38 EPS for the current year.

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.

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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.

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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