BidaskClub upgraded shares of Paychex, Inc. (NASDAQ:PAYX) from a strong sell rating to a sell rating in a research report released on Monday, July 31st.
A number of other equities research analysts have also weighed in on PAYX. William Blair lowered Paychex from an outperform rating to a market perform rating in a research note on Friday, July 21st. J P Morgan Chase & Co restated a neutral rating and set a $60.00 price objective (down previously from $62.00) on shares of Paychex in a research note on Friday, June 30th. Morgan Stanley decreased their target price on Paychex from $56.00 to $55.00 and set an underweight rating for the company in a research report on Friday, June 30th. Robert W. Baird decreased their target price on Paychex from $63.00 to $60.00 and set a neutral rating for the company in a research report on Friday, June 30th. Finally, BMO Capital Markets reiterated a hold rating and issued a $60.00 target price on shares of Paychex in a research report on Thursday, June 29th. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has given a buy rating to the stock. The stock has an average rating of Hold and an average price target of $59.28.
Shares of Paychex (NASDAQ:PAYX) traded up 0.02% during mid-day trading on Monday, hitting $54.99. 2,041,361 shares of the stock were exchanged. Paychex has a 52-week low of $52.78 and a 52-week high of $63.03. The firm has a market cap of $19.76 billion, a price-to-earnings ratio of 24.44 and a beta of 0.96. The stock has a 50-day moving average price of $56.62 and a 200 day moving average price of $58.78.
Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $799 million for the quarter, compared to the consensus estimate of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period last year, the business posted $0.49 EPS. On average, equities research analysts expect that Paychex will post $2.37 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors 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 3.64%. This is a positive change from Paychex’s previous quarterly dividend of $0.46. The ex-dividend date is Friday, July 28th.
In other news, insider Michael E. Gioja sold 7,343 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total value of $421,488.20. Following the sale, the insider now directly owns 55,632 shares in the company, valued at approximately $3,193,276.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Laurie L. Zaucha sold 2,884 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $57.39, for a total value of $165,512.76. Following the completion of the transaction, the vice president now directly owns 32,906 shares in the company, valued at $1,888,475.34. The disclosure for this sale can be found here. Insiders have sold 92,497 shares of company stock worth $5,300,889 over the last 90 days. Corporate insiders own 11.60% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in PAYX. Teachers Advisors LLC increased its position in shares of 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 Paychex during the fourth quarter valued at about $1,422,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Paychex during the fourth quarter valued at about $634,000. Macquarie Group Ltd. increased its position in Paychex by 46.1% in the fourth quarter. Macquarie Group Ltd. now owns 20,600 shares of the business services provider’s stock valued at $1,254,000 after buying an additional 6,500 shares in the last quarter. Finally, Bath Savings Trust Co increased its position in 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 during the period. 68.68% of the stock is currently owned by institutional investors and hedge funds.
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.
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