Paychex, Inc. (PAYX) Receives $59.28 Consensus Price Target from Analysts

Shares of Paychex, Inc. (NASDAQ:PAYX) have been assigned a consensus recommendation of “Hold” from the seventeen analysts that are presently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, twelve have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $59.28.

Several analysts recently commented on PAYX shares. BidaskClub cut shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 1st. Robert W. Baird reduced their price objective on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Wedbush reiterated a “neutral” rating and issued a $61.25 price objective (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Morgan Stanley upgraded shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective for the company in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $61.00 price objective on shares of Paychex in a research note on Friday, August 18th.

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Paychex (PAYX) traded up 0.76% during midday trading on Friday, hitting $58.51. 1,662,160 shares of the stock traded hands. The company has a 50-day moving average price of $56.38 and a 200 day moving average price of $58.35. The stock has a market cap of $21.03 billion, a price-to-earnings ratio of 26.00 and a beta of 0.96. Paychex has a one year low of $52.78 and a one year high of $63.03.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.48%. The firm had revenue of $799.00 million during the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter last year, the business earned $0.49 earnings per share. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. Equities research analysts anticipate that Paychex will post $2.37 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Tuesday, August 1st were issued a dividend of $0.50 per share. This is an increase from Paychex’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend was Friday, July 28th. Paychex’s dividend payout ratio (DPR) is 88.50%.

In other news, CEO Martin Mucci sold 33,294 shares of Paychex stock in a transaction dated Sunday, July 9th. The shares were sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the completion of the sale, the chief executive officer now directly owns 254,618 shares in the company, valued at $14,615,073.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph M. Tucci sold 6,000 shares of Paychex stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $57.82, for a total transaction of $346,920.00. Following the sale, the director now owns 53,621 shares of the company’s stock, valued at $3,100,366.22. The disclosure for this sale can be found here. Insiders have sold a total of 92,497 shares of company stock valued at $5,300,889 over the last 90 days. 11.70% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of PAYX. Acadian Asset Management LLC purchased a new stake in shares of Paychex during the first quarter worth about $225,000. Russell Investments Group Ltd. grew its holdings in shares of Paychex by 44.9% during the first quarter. Russell Investments Group Ltd. now owns 120,718 shares of the business services provider’s stock worth $7,113,000 after buying an additional 37,420 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Paychex by 0.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,098,087 shares of the business services provider’s stock worth $64,677,000 after buying an additional 7,832 shares in the last quarter. Nwam LLC purchased a new stake in shares of Paychex during the first quarter worth about $277,000. Finally, Elkhorn Investments LLC purchased a new stake in shares of Paychex during the first quarter worth about $1,188,000. Institutional investors and hedge funds own 67.31% of the company’s stock.

Paychex Company Profile

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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