Paychex (NASDAQ:PAYX) Downgraded by BidaskClub

Paychex (NASDAQ:PAYX) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Friday, December 22nd.

PAYX has been the topic of several other reports. Bank of America upped their price target on Paychex from $64.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, October 4th. Royal Bank of Canada reiterated an “underperform” rating and set a $57.00 price target (up from $54.00) on shares of Paychex in a research report on Wednesday, October 4th. Morgan Stanley reiterated an “equal weight” rating and set a $59.00 price target (up from $55.00) on shares of Paychex in a research report on Wednesday, October 4th. Wells Fargo & Co upped their price target on Paychex from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Wednesday, October 4th. Finally, Citigroup upgraded Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target on the stock in a research report on Monday, December 4th. Two research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. Paychex has a consensus rating of “Hold” and a consensus target price of $62.10.

Paychex (PAYX) traded up $0.80 during midday trading on Friday, reaching $67.66. 2,017,295 shares of the company’s stock traded hands, compared to its average volume of 1,899,559. Paychex has a 1-year low of $54.20 and a 1-year high of $70.39. The stock has a market capitalization of $24,015.14, a P/E ratio of 29.04, a PEG ratio of 3.60 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.59. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The firm had revenue of $826.50 million for the quarter, compared to analysts’ expectations of $823.48 million. During the same period in the prior year, the business posted $0.56 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. analysts anticipate that Paychex will post 2.38 earnings per share for the current fiscal year.

In related news, insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total value of $2,364,371.01. Following the transaction, the insider now directly owns 63,374 shares in the company, valued at $4,367,102.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP John B. Gibson sold 6,000 shares of the company’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 transaction of $382,200.00. Following the completion of the transaction, the vice president now owns 21,758 shares in the company, valued at $1,385,984.60. The disclosure for this sale can be found here. 11.70% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PAYX. Janus Henderson Group PLC grew its position in Paychex by 4,105.7% during the second quarter. Janus Henderson Group PLC now owns 1,830,532 shares of the business services provider’s stock valued at $104,230,000 after acquiring an additional 1,787,007 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Paychex by 2,391.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,362,988 shares of the business services provider’s stock valued at $77,609,000 after acquiring an additional 1,308,288 shares during the last quarter. FMR LLC grew its position in Paychex by 6.2% during the second quarter. FMR LLC now owns 10,476,188 shares of the business services provider’s stock valued at $596,514,000 after acquiring an additional 610,088 shares during the last quarter. Vanguard Group Inc. grew its position in Paychex by 2.6% during the second quarter. Vanguard Group Inc. now owns 23,043,348 shares of the business services provider’s stock valued at $1,312,089,000 after acquiring an additional 589,880 shares during the last quarter. Finally, Koch Industries Inc. grew its position in Paychex by 13,529.1% during the second quarter. Koch Industries Inc. now owns 560,975 shares of the business services provider’s stock valued at $551,000 after acquiring an additional 556,859 shares during the last quarter. Institutional investors and hedge funds own 67.85% 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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