Paychex (NASDAQ:PAYX) Cut to “Sell” at BidaskClub

BidaskClub cut shares of Paychex (NASDAQ:PAYX) from a hold rating to a sell rating in a research note published on Thursday morning, BidAskClub reports.

Several other equities research analysts also recently issued reports on PAYX. Argus reissued a buy rating and issued a $92.00 price objective on shares of Paychex in a research note on Thursday, October 3rd. ValuEngine cut Paychex from a buy rating to a hold rating in a research note on Wednesday, October 2nd. Cowen initiated coverage on Paychex in a report on Wednesday, September 11th. They issued a market perform rating and a $74.00 target price on the stock. Barclays increased their price target on shares of Paychex from $80.00 to $84.00 and gave the stock an equal weight rating in a research report on Monday, October 7th. Finally, Morgan Stanley cut shares of Paychex from an equal weight rating to an underweight rating and decreased their price target for the stock from $77.00 to $74.00 in a report on Thursday, August 15th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $79.33.

NASDAQ:PAYX traded up $0.71 during trading hours on Thursday, hitting $85.13. 930,270 shares of the stock traded hands, compared to its average volume of 1,742,203. The firm has a 50 day moving average price of $84.44 and a 200 day moving average price of $84.15. The firm has a market cap of $30.27 billion, a price-to-earnings ratio of 29.98, a PEG ratio of 3.96 and a beta of 0.89. Paychex has a fifty-two week low of $61.32 and a fifty-two week high of $88.43. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.35.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, October 2nd. The business services provider reported $0.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.02. Paychex had a return on equity of 41.07% and a net margin of 27.04%. The business had revenue of $992.00 million during the quarter, compared to analysts’ expectations of $991.70 million. During the same quarter last year, the firm posted $0.67 earnings per share. Paychex’s revenue was up 15.0% compared to the same quarter last year. Research analysts predict that Paychex will post 3.11 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Friday, November 1st were issued a dividend of $0.62 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $2.48 annualized dividend and a dividend yield of 2.91%. Paychex’s dividend payout ratio is 87.32%.

In related news, CEO Martin Mucci sold 31,865 shares of the stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $84.86, for a total value of $2,704,063.90. Following the transaction, the chief executive officer now owns 362,806 shares in the company, valued at $30,787,717.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David J. S. Flaschen sold 13,052 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $84.50, for a total value of $1,102,894.00. Following the completion of the transaction, the director now owns 43,564 shares in the company, valued at approximately $3,681,158. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,256 shares of company stock valued at $5,707,113. Insiders own 11.70% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Voloridge Investment Management LLC boosted its holdings in Paychex by 829.0% in the third quarter. Voloridge Investment Management LLC now owns 174,277 shares of the business services provider’s stock worth $14,425,000 after purchasing an additional 155,518 shares in the last quarter. IHT Wealth Management LLC boosted its stake in shares of Paychex by 67.3% during the 3rd quarter. IHT Wealth Management LLC now owns 4,849 shares of the business services provider’s stock worth $401,000 after acquiring an additional 1,951 shares in the last quarter. Wealthsource Partners LLC boosted its stake in shares of Paychex by 4.5% during the 3rd quarter. Wealthsource Partners LLC now owns 16,692 shares of the business services provider’s stock worth $1,382,000 after acquiring an additional 713 shares in the last quarter. National Pension Service boosted its stake in shares of Paychex by 4.9% during the 3rd quarter. National Pension Service now owns 448,974 shares of the business services provider’s stock worth $37,162,000 after acquiring an additional 21,161 shares in the last quarter. Finally, Banco de Sabadell S.A increased its holdings in shares of Paychex by 7.8% during the 3rd quarter. Banco de Sabadell S.A now owns 38,570 shares of the business services provider’s stock valued at $3,178,000 after acquiring an additional 2,789 shares during the last quarter. 69.26% of the stock is owned by institutional investors.

About Paychex

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

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