Paychex (NASDAQ:PAYX) PT Raised to $65.00

Paychex (NASDAQ:PAYX) had its price target boosted by stock analysts at Cowen from $60.00 to $65.00 in a report issued on Wednesday, BenzingaRatingsTable reports. The brokerage currently has a “market perform” rating on the business services provider’s stock. Cowen’s price target points to a potential downside of 3.00% from the company’s current price.

PAYX has been the topic of a number of other reports. Jefferies Financial Group decreased their target price on Paychex from $82.00 to $68.00 and set a “hold” rating on the stock in a report on Wednesday, March 25th. JPMorgan Chase & Co. cut their price objective on Paychex from $91.00 to $70.00 and set an “underweight” rating for the company in a research report on Wednesday, March 18th. BidaskClub lowered Paychex from a “hold” rating to a “sell” rating in a research report on Thursday, March 19th. Stifel Nicolaus dropped their price target on Paychex from $87.00 to $55.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Finally, Citigroup lowered Paychex from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a research report on Wednesday, March 18th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $70.82.

Shares of NASDAQ:PAYX traded down $0.39 during trading on Wednesday, hitting $67.01. The stock had a trading volume of 535,082 shares, compared to its average volume of 2,485,038. Paychex has a 12 month low of $47.87 and a 12 month high of $90.54. The company has a market capitalization of $24.32 billion, a PE ratio of 21.95, a PEG ratio of 2.82 and a beta of 0.96. The firm’s fifty day moving average is $65.62 and its 200 day moving average is $78.08. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.33.

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

In other Paychex news, Director Tom Bonadio purchased 1,650 shares of Paychex stock in a transaction dated 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 completion of the transaction, the director now owns 15,157 shares in the company, valued at approximately $918,362.63. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 11.70% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. State Street Corp raised its position in shares of Paychex by 0.8% in the fourth quarter. State Street Corp now owns 14,298,785 shares of the business services provider’s stock worth $1,216,255,000 after acquiring an additional 117,610 shares during the period. Geode Capital Management LLC raised its position in shares of Paychex by 2.2% during the 1st quarter. Geode Capital Management LLC now owns 6,247,886 shares of the business services provider’s stock worth $392,816,000 after purchasing an additional 136,294 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Paychex by 5.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,233,795 shares of the business services provider’s stock worth $275,067,000 after purchasing an additional 181,275 shares during the last quarter. Norges Bank acquired a new position in shares of Paychex during the 4th quarter worth about $266,992,000. Finally, California Public Employees Retirement System raised its position in shares of Paychex by 0.9% during the 1st quarter. California Public Employees Retirement System now owns 2,717,390 shares of the business services provider’s stock worth $170,978,000 after purchasing an additional 24,376 shares during the last quarter. 67.99% of the stock is currently 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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