Morgan Stanley Increases Paychex (NASDAQ:PAYX) Price Target to $68.00

Paychex (NASDAQ:PAYX) had its price objective hoisted by research analysts at Morgan Stanley from $64.00 to $68.00 in a research note issued on Wednesday, AnalystRatings.com reports. The brokerage currently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 1.49% from the company’s current price.

A number of other equities analysts have also issued reports on the company. Jefferies Financial Group cut their target price on Paychex from $82.00 to $68.00 and set a “hold” rating on the stock in a research report on Wednesday, March 25th. BidaskClub lowered Paychex from a “hold” rating to a “sell” rating in a research report on Thursday, March 19th. Deutsche Bank cut their target price on Paychex from $80.00 to $75.00 and set a “hold” rating on the stock in a research report on Wednesday. Robert W. Baird cut their target price on Paychex from $87.00 to $67.00 and set a “neutral” rating on the stock in a research report on Thursday, March 26th. Finally, JPMorgan Chase & Co. cut their target price on Paychex from $91.00 to $70.00 and set an “underweight” rating on the stock in a research report on Wednesday, March 18th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $70.82.

NASDAQ PAYX traded down $0.40 on Wednesday, reaching $67.00. The company had a trading volume of 58,880 shares, compared to its average volume of 2,485,038. The firm has a market capitalization of $24.32 billion, a PE ratio of 21.95, a P/E/G ratio of 2.82 and a beta of 0.96. Paychex has a 1 year low of $47.87 and a 1 year high of $90.54. The firm has a 50-day moving average of $65.62 and a 200-day moving average of $78.08. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.19 and a quick ratio of 1.19.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, March 25th. The business services provider reported $0.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.02. The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Paychex had a return on equity of 41.68% and a net margin of 26.98%. Paychex’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.89 EPS. As a group, sell-side analysts expect that Paychex will post 3 EPS for the current fiscal year.

In other news, Director Tom Bonadio purchased 1,650 shares of the company’s stock in a transaction that occurred on Friday, March 27th. The shares were acquired at an average cost of $60.59 per share, with a total value of $99,973.50. Following the transaction, the director now owns 15,157 shares in the company, valued at approximately $918,362.63. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 11.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. APG Asset Management N.V. increased its position in Paychex by 8.6% in the first quarter. APG Asset Management N.V. now owns 1,620,959 shares of the business services provider’s stock worth $101,991,000 after buying an additional 129,034 shares during the period. Prana Capital Management LP acquired a new stake in Paychex in the first quarter worth $4,128,000. Voloridge Investment Management LLC increased its position in Paychex by 101.7% in the first quarter. Voloridge Investment Management LLC now owns 116,542 shares of the business services provider’s stock worth $7,333,000 after buying an additional 58,759 shares during the period. Waddell & Reed Financial Inc. increased its position in Paychex by 9.4% in the first quarter. Waddell & Reed Financial Inc. now owns 290,017 shares of the business services provider’s stock worth $18,248,000 after buying an additional 24,863 shares during the period. Finally, Advisor Group Holdings Inc. acquired a new stake in Paychex in the first quarter worth $15,614,000. 67.99% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Company Profile

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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Analyst Recommendations for Paychex (NASDAQ:PAYX)

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