Paychex, Inc. (PAYX) Raised to Sell at BidaskClub

BidaskClub upgraded shares of Paychex, Inc. (NASDAQ:PAYX) from a strong sell rating to a sell rating in a report released on Monday, July 31st.

A number of other brokerages also recently issued reports on PAYX. Goldman Sachs Group, Inc. (The) downgraded shares of Paychex from a buy rating to a neutral rating and lowered their price target for the stock from $68.00 to $64.00 in a report on Tuesday, June 20th. Wedbush reissued a neutral rating and set a $61.25 price target (down from $65.00) on shares of Paychex in a report on Tuesday, June 6th. BMO Capital Markets restated a hold rating and set a $60.00 price objective on shares of Paychex in a research report on Thursday, June 29th. William Blair cut shares of Paychex from an outperform rating to a market perform rating in a research report on Friday, July 21st. Finally, J P Morgan Chase & Co restated a neutral rating and set a $60.00 price objective (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. Five research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $59.16.

Shares of Paychex (NASDAQ PAYX) traded down 0.99% during mid-day trading on Monday, hitting $54.24. 1,789,422 shares of the stock traded hands. The firm has a 50 day moving average of $57.19 and a 200 day moving average of $59.04. The stock has a market cap of $19.49 billion, a price-to-earnings ratio of 24.11 and a beta of 0.96. Paychex has a 12 month low of $52.78 and a 12 month high of $63.03.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The firm had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. During the same period in the prior year, the firm posted $0.49 earnings per share. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, equities analysts expect that Paychex will post $2.37 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend is Friday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.46.

In other Paychex news, CEO Martin Mucci sold 30,000 shares of the stock in a transaction dated Thursday, July 13th. The shares were sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the transaction, the chief executive officer now owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph M. Tucci sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $57.82, for a total transaction of $346,920.00. Following the completion of the transaction, the director now directly owns 53,621 shares of the company’s stock, valued at approximately $3,100,366.22. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,497 shares of company stock valued at $5,300,889. 11.60% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Teachers Advisors LLC raised its position in Paychex by 13.4% in the fourth quarter. Teachers Advisors LLC now owns 391,570 shares of the business services provider’s stock valued at $23,839,000 after buying an additional 46,364 shares during the last quarter. Kentucky Retirement Systems purchased a new position in shares of Paychex during the fourth quarter worth about $1,422,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Paychex during the fourth quarter worth about $634,000. Macquarie Group Ltd. increased its position in shares of Paychex by 46.1% in the fourth quarter. Macquarie Group Ltd. now owns 20,600 shares of the business services provider’s stock worth $1,254,000 after buying an additional 6,500 shares in the last quarter. Finally, Bath Savings Trust Co increased its position in shares of Paychex by 2.4% in the first quarter. Bath Savings Trust Co now owns 38,402 shares of the business services provider’s stock worth $2,262,000 after buying an additional 883 shares in the last quarter. 68.60% of the stock is owned by institutional investors and hedge funds.

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.

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