Barclays started coverage on shares of Paychex (NASDAQ:PAYX) in a report published on Wednesday, The Fly reports. The firm issued an equal weight rating and a $70.00 price target on the business services provider’s stock.
Other equities analysts have also issued research reports about the stock. Wolfe Research began coverage on shares of Paychex in a report on Tuesday, July 17th. They issued a market perform rating on the stock. Morgan Stanley lifted their price target on shares of Paychex from $67.00 to $73.00 and gave the company an equal weight rating in a report on Wednesday, October 3rd. Credit Suisse Group began coverage on shares of Paychex in a report on Friday, August 10th. They issued a neutral rating and a $72.00 price target on the stock. BMO Capital Markets lifted their price target on shares of Paychex from $70.00 to $77.00 and gave the company a market perform rating in a report on Wednesday, October 3rd. Finally, JPMorgan Chase & Co. downgraded shares of Paychex from a neutral rating to an underweight rating and set a $65.00 target price on the stock. in a research note on Tuesday, August 14th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company. Paychex currently has an average rating of Hold and a consensus price target of $72.93.
Shares of PAYX traded up $0.91 during mid-day trading on Wednesday, reaching $68.85. The company had a trading volume of 1,977,619 shares, compared to its average volume of 2,427,252. The firm has a market cap of $23.96 billion, a PE ratio of 27.00, a price-to-earnings-growth ratio of 2.76 and a beta of 1.02. Paychex has a fifty-two week low of $59.36 and a fifty-two week high of $76.02.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.02. The company had revenue of $862.80 million for the quarter, compared to analyst estimates of $850.39 million. Paychex had a net margin of 27.71% and a return on equity of 42.87%. Paychex’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the business earned $0.62 EPS. Equities research analysts anticipate that Paychex will post 2.85 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Thursday, November 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend was Wednesday, October 31st. Paychex’s dividend payout ratio is presently 87.84%.
In other news, VP John B. Gibson sold 47,250 shares of the firm’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $73.50, for a total value of $3,472,875.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joseph Doody bought 1,000 shares of the business’s stock in a transaction dated Tuesday, October 23rd. The stock was acquired at an average cost of $66.50 per share, for a total transaction of $66,500.00. Following the purchase, the director now owns 16,639 shares in the company, valued at approximately $1,106,493.50. The disclosure for this purchase can be found here. Company insiders own 11.80% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in PAYX. Xact Kapitalforvaltning AB increased its stake in Paychex by 10.4% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 60,790 shares of the business services provider’s stock worth $4,155,000 after buying an additional 5,711 shares during the period. Bank of Montreal Can increased its stake in Paychex by 7.8% during the 2nd quarter. Bank of Montreal Can now owns 412,448 shares of the business services provider’s stock worth $28,191,000 after buying an additional 29,988 shares during the period. Capital One National Association increased its stake in Paychex by 33.9% during the 2nd quarter. Capital One National Association now owns 25,623 shares of the business services provider’s stock worth $1,751,000 after buying an additional 6,486 shares during the period. Nwam LLC purchased a new stake in Paychex during the 2nd quarter worth $210,000. Finally, Fox Run Management L.L.C. purchased a new stake in Paychex during the 2nd quarter worth $648,000. 67.84% 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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