Cowen Cuts Paychex (NASDAQ:PAYX) Price Target to $140.00

Paychex (NASDAQ:PAYXGet Rating) had its price objective reduced by Cowen from $151.00 to $140.00 in a research note released on Tuesday morning, Stock Target Advisor reports. They currently have an outperform rating on the business services provider’s stock.

PAYX has been the subject of several other research reports. Citigroup boosted their target price on shares of Paychex from $140.00 to $145.00 and gave the company a neutral rating in a research note on Wednesday, April 6th. Cowen lowered their target price on shares of Paychex from $151.00 to $140.00 in a research note on Tuesday. StockNews.com assumed coverage on shares of Paychex in a research report on Thursday, March 31st. They set a hold rating for the company. Bank of America upgraded shares of Paychex from an underperform rating to a neutral rating and set a $125.00 price target for the company in a research report on Wednesday, March 9th. Finally, Jefferies Financial Group lowered their price target on shares of Paychex from $140.00 to $130.00 in a research report on Monday, May 23rd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $128.67.

Shares of NASDAQ:PAYX opened at $117.31 on Tuesday. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.24. Paychex has a 12-month low of $103.34 and a 12-month high of $141.92. The company has a fifty day simple moving average of $123.62 and a 200 day simple moving average of $124.96. The firm has a market cap of $42.35 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 3.81 and a beta of 0.98.

Paychex (NASDAQ:PAYXGet Rating) last released its earnings results on Wednesday, March 30th. The business services provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.11. Paychex had a net margin of 30.23% and a return on equity of 43.02%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the firm earned $0.96 earnings per share. The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. As a group, equities research analysts forecast that Paychex will post 3.75 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 26th. Shareholders of record on Thursday, May 12th were paid a dividend of $0.79 per share. The ex-dividend date was Wednesday, May 11th. This is a positive change from Paychex’s previous quarterly dividend of $0.66. This represents a $3.16 dividend on an annualized basis and a yield of 2.69%. Paychex’s dividend payout ratio is currently 84.27%.

In other news, VP Karen E. Saunders-Mcclendon sold 203 shares of the company’s stock in a transaction dated Friday, April 15th. The stock was sold at an average price of $136.69, for a total value of $27,748.07. Following the transaction, the vice president now owns 2,994 shares in the company, valued at approximately $409,249.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael E. Gioja sold 26,000 shares of the company’s stock in a transaction dated Tuesday, April 5th. The shares were sold at an average price of $141.26, for a total value of $3,672,760.00. Following the completion of the transaction, the vice president now owns 52,349 shares in the company, valued at approximately $7,394,819.74. The disclosure for this sale can be found here. 11.50% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Rather & Kittrell Inc. acquired a new position in shares of Paychex in the 4th quarter valued at about $25,000. MCF Advisors LLC acquired a new position in Paychex in the first quarter worth approximately $25,000. Enterprise Trust & Investment Co acquired a new position in Paychex in the fourth quarter worth approximately $27,000. Clear Investment Research LLC acquired a new position in Paychex in the first quarter worth approximately $27,000. Finally, Princeton Global Asset Management LLC bought a new stake in Paychex during the first quarter worth approximately $27,000. Institutional investors own 80.43% of the company’s stock.

About Paychex (Get Rating)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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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