Morgan Stanley Boosts Paychex (PAYX) Price Target to $67.00

Paychex (NASDAQ:PAYX) had its price target raised by Morgan Stanley from $66.00 to $67.00 in a research note released on Thursday. They currently have an equal weight rating on the business services provider’s stock.

PAYX has been the topic of a number of other reports. BidaskClub raised shares of Paychex from a buy rating to a strong-buy rating in a report on Friday, June 8th. Royal Bank of Canada reissued a sector perform rating and issued a $63.00 price target on shares of Paychex in a report on Monday, April 2nd. Bank of America downgraded shares of Paychex from a neutral rating to an underperform rating in a report on Tuesday, April 17th. Robert W. Baird boosted their price target on shares of Paychex from $67.00 to $70.00 and gave the stock a neutral rating in a report on Thursday. Finally, Barclays cut their price target on shares of Paychex from $75.00 to $70.00 and set an equal weight rating on the stock in a report on Tuesday, March 27th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Paychex has an average rating of Hold and an average price target of $67.40.

Shares of Paychex opened at $68.35 on Thursday, Marketbeat Ratings reports. The stock has a market capitalization of $24.56 billion, a P/E ratio of 27.90, a P/E/G ratio of 2.94 and a beta of 1.00. Paychex has a fifty-two week low of $54.20 and a fifty-two week high of $73.10.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, June 27th. The business services provider reported $0.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.01). The company had revenue of $871.10 million during the quarter, compared to analysts’ expectations of $868.60 million. Paychex had a return on equity of 44.29% and a net margin of 27.62%. Paychex’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period last year, the firm posted $0.54 earnings per share. analysts predict that Paychex will post 2.84 earnings per share for the current fiscal year.

In other Paychex news, Director Joseph M. Velli sold 3,079 shares of the company’s stock in a transaction dated Friday, May 18th. The shares were sold at an average price of $65.00, for a total transaction of $200,135.00. Following the sale, the director now directly owns 29,013 shares of the company’s stock, valued at $1,885,845. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 11.70% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Select Equity Group L.P. lifted its holdings in Paychex by 12.9% during the first quarter. Select Equity Group L.P. now owns 8,689,359 shares of the business services provider’s stock valued at $535,178,000 after purchasing an additional 995,527 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Paychex by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 4,134,880 shares of the business services provider’s stock valued at $281,020,000 after purchasing an additional 129,431 shares during the last quarter. Mcdonald Capital Investors Inc. CA lifted its holdings in Paychex by 1.2% during the first quarter. Mcdonald Capital Investors Inc. CA now owns 2,082,948 shares of the business services provider’s stock valued at $128,289,000 after purchasing an additional 24,383 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Paychex by 18.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,935,855 shares of the business services provider’s stock valued at $119,230,000 after purchasing an additional 306,547 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Paychex by 0.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,070,308 shares of the business services provider’s stock valued at $65,920,000 after purchasing an additional 6,991 shares during the last quarter. 68.48% of the stock is currently owned by institutional investors and hedge funds.

About Paychex

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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