Brokerages Set Paychex, Inc. (PAYX) Target Price at $62.77

Paychex, Inc. (NASDAQ:PAYX) has received an average recommendation of “Hold” from the fourteen ratings firms that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation and twelve have assigned a hold recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $62.77.

Several research firms recently weighed in on PAYX. BMO Capital Markets restated a “hold” rating and set a $70.00 price target on shares of Paychex in a report on Wednesday, January 24th. BidaskClub lowered Paychex from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Bank of America lowered Paychex from a “buy” rating to a “neutral” rating and set a $73.00 price target on the stock. in a report on Tuesday, January 9th. Stifel Nicolaus restated a “hold” rating and set a $68.00 price target on shares of Paychex in a report on Friday, December 22nd. Finally, Citigroup upgraded Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target on the stock in a report on Monday, December 4th.

In other Paychex news, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total value of $682,900.00. Following the transaction, the vice president now owns 31,578 shares of the company’s stock, valued at approximately $2,156,461.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael E. Gioja sold 34,311 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 63,374 shares in the company, valued at approximately $4,367,102.34. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.

A number of institutional investors have recently made changes to their positions in PAYX. Dimensional Fund Advisors LP grew its position in Paychex by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 984,218 shares of the business services provider’s stock valued at $56,041,000 after acquiring an additional 9,132 shares during the last quarter. Cetera Investment Advisers bought a new position in shares of Paychex during the 2nd quarter worth $872,000. Toronto Dominion Bank grew its position in shares of Paychex by 31.2% during the 2nd quarter. Toronto Dominion Bank now owns 117,056 shares of the business services provider’s stock worth $6,664,000 after buying an additional 27,820 shares in the last quarter. Navellier & Associates Inc grew its position in shares of Paychex by 3.1% during the 2nd quarter. Navellier & Associates Inc now owns 24,636 shares of the business services provider’s stock worth $1,403,000 after buying an additional 743 shares in the last quarter. Finally, Intl Fcstone Inc. bought a new position in shares of Paychex during the 2nd quarter worth $1,335,000. 67.98% of the stock is currently owned by institutional investors.

Shares of Paychex (NASDAQ PAYX) traded up $0.34 on Wednesday, hitting $66.81. The stock had a trading volume of 3,203,700 shares, compared to its average volume of 2,494,673. The stock has a market cap of $23,997.18, a PE ratio of 28.67, a price-to-earnings-growth ratio of 3.59 and a beta of 0.94. Paychex has a twelve month low of $54.20 and a twelve month high of $73.10.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Thursday, December 21st. The business services provider reported $0.59 earnings per share (EPS) for the quarter, hitting 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 business 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 firm earned $0.56 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. equities analysts predict that Paychex will post 2.39 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Wednesday, January 31st. Paychex’s dividend payout ratio (DPR) is presently 85.84%.

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About Paychex

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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