Paychex (PAYX) Rating Lowered to Neutral at Bank of America

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.

Paychex (NASDAQ:PAYX) last released its earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.59. The company had revenue of $826.50 million during the quarter, compared to analyst estimates of $823.48 million. Paychex had a return on equity of 42.80% and a net margin of 26.02%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.56 earnings per share. equities analysts anticipate that Paychex will post 2.38 earnings per share for the current year.

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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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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