Bank of America lowered shares of Paychex (NASDAQ:PAYX) from a buy rating to a neutral rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The firm currently has $73.00 price target on the business services provider’s stock.
Several other analysts have also issued reports on PAYX. Citigroup reiterated a sell rating and set a $53.00 price objective on shares of Paychex in a report on Monday, October 2nd. Robert W. Baird reiterated a hold rating and set a $64.00 price objective on shares of Paychex in a report on Wednesday, October 4th. Royal Bank of Canada reiterated an underperform rating and set a $57.00 price objective (up from $54.00) on shares of Paychex in a report on Wednesday, October 4th. BMO Capital Markets restated a market perform rating and set a $62.00 target price (up from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Finally, Wells Fargo & Co raised their target price on Paychex from $58.00 to $60.00 and gave the company a market perform rating in a report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating and thirteen have assigned a hold rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $61.87.
Paychex (PAYX) traded down $0.28 on Tuesday, hitting $67.54. The stock had a trading volume of 1,883,800 shares, compared to its average volume of 2,130,000. The stock has a market capitalization of $24,250.00, a price-to-earnings ratio of 28.99, a P/E/G ratio of 3.71 and a beta of 0.99. Paychex has a one year low of $54.20 and a one year high of $70.39.
In related news, insider Michael E. Gioja sold 34,311 shares of Paychex stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the sale, the insider now directly owns 63,374 shares of the company’s stock, valued at $4,367,102.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP John B. Gibson sold 6,000 shares of Paychex stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $63.70, for a total value of $382,200.00. Following the sale, the vice president now directly 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 owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in PAYX. Engineers Gate Manager LP acquired a new stake in Paychex during the second quarter valued at approximately $581,000. CIBC World Markets Inc. boosted its holdings in Paychex by 17.4% during the second quarter. CIBC World Markets Inc. now owns 18,556 shares of the business services provider’s stock valued at $1,057,000 after purchasing an additional 2,751 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Paychex by 9.3% during the second quarter. Franklin Resources Inc. now owns 156,887 shares of the business services provider’s stock valued at $8,934,000 after purchasing an additional 13,372 shares in the last quarter. Aberdeen Asset Management PLC UK boosted its holdings in Paychex by 6.9% during the second quarter. Aberdeen Asset Management PLC UK now owns 302,126 shares of the business services provider’s stock valued at $17,202,000 after purchasing an additional 19,614 shares in the last quarter. Finally, Riverhead Capital Management LLC boosted its holdings in Paychex by 2.5% during the second quarter. Riverhead Capital Management LLC now owns 32,503 shares of the business services provider’s stock valued at $1,851,000 after purchasing an additional 794 shares in the last quarter. 67.85% of the stock is currently owned by institutional investors and hedge funds.
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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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