Paychex (NASDAQ:PAYX)‘s stock had its “sell” rating restated by investment analysts at Royal Bank Of Canada in a research report issued on Wednesday, November 15th. They presently have a $57.00 price target on the business services provider’s stock. Royal Bank Of Canada’s price objective points to a potential downside of 15.69% from the company’s current price.
A number of other analysts also recently issued reports on PAYX. William Blair downgraded shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Morgan Stanley raised shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price target on the stock in a report on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus reissued a “hold” rating and set a $61.00 price target on shares of Paychex in a report on Friday, August 18th. Finally, Citigroup reaffirmed a “sell” rating and set a $53.00 price objective on shares of Paychex in a report on Monday, October 2nd. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $60.07.
Shares of Paychex (NASDAQ:PAYX) traded up $0.74 during midday trading on Wednesday, reaching $67.61. 2,604,383 shares of the company were exchanged, compared to its average volume of 1,987,681. Paychex has a 12-month low of $54.20 and a 12-month high of $68.56. The stock has a market capitalization of $24,028.35, a P/E ratio of 29.46, a PEG ratio of 3.62 and a beta of 0.99.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The firm had revenue of $816.80 million for the quarter, compared to the consensus estimate of $816.34 million. During the same period in the prior year, the firm posted $0.60 earnings per share. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. analysts forecast that Paychex will post 2.38 EPS for the current year.
In other news, CEO Martin Mucci sold 29,786 shares of the stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $63.17, for a total value of $1,881,581.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Laurie L. Zaucha sold 15,000 shares of the stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $62.00, for a total transaction of $930,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,395 shares of company stock worth $5,914,383. Insiders own 11.70% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Salem Investment Counselors Inc. raised its position in shares of Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares during the last quarter. Dupont Capital Management Corp acquired a new stake in shares of Paychex in the second quarter valued at about $129,000. Sun Life Financial INC raised its position in shares of Paychex by 23,260.0% in the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA acquired a new stake in shares of Paychex in the second quarter valued at about $145,000. Finally, Bank of Nova Scotia Trust Co. acquired a new stake in shares of Paychex in the third quarter valued at about $188,000. Institutional investors and hedge funds own 68.02% of the company’s stock.
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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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