Paychex’s (PAYX) Sector Perform Rating Reaffirmed at Royal Bank Of Canada

Paychex (NASDAQ:PAYX)‘s stock had its “sector perform” rating reissued by analysts at Royal Bank Of Canada in a research note issued on Thursday, September 24th, Benzinga reports. They currently have a $130.00 price target on the business services provider’s stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 31.98% from the stock’s previous close.

Other analysts have also issued reports about the company. Cantor Fitzgerald reissued an “underweight” rating and issued a $107.00 price objective on shares of Paychex in a report on Monday, July 20th. Jefferies Financial Group lowered their price objective on Paychex from $120.00 to $110.00 and set a “hold” rating for the company in a report on Thursday, September 24th. Bank of America lowered their price objective on Paychex from $450.00 to $225.00 in a report on Wednesday, July 15th. Stephens lowered their target price on Paychex from $132.00 to $113.00 and set an “equal weight” rating for the company in a report on Thursday, September 24th. Finally, Wolfe Research raised Paychex from an “underperform” rating to a “peer perform” rating in a report on Wednesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $127.59.

Paychex Trading Down 0.8%

Shares of PAYX opened at $98.50 on Thursday. The stock’s 50-day moving average is $117.70 and its two-hundred day moving average is $104.23. The stock has a market cap of $35.06 billion, a PE ratio of 19.54, a P/E/G ratio of 2.08 and a beta of 0.82. Paychex has a 12 month low of $85.45 and a 12 month high of $129.24. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.28 and a quick ratio of 1.28.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, September 23rd. The business services provider reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.02. Paychex had a return on equity of 52.78% and a net margin of 27.35%.The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the company earned $1.22 earnings per share. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.896-6.006 EPS. Equities analysts forecast that Paychex will post 5.96 earnings per share for the current fiscal year.

Insider Transactions at Paychex

In other Paychex news, CFO Robert Schrader sold 2,600 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $115.09, for a total value of $299,234.00. Following the completion of the sale, the chief financial officer directly owned 18,547 shares in the company, valued at $2,134,574.23. This represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Paychex

A number of institutional investors have recently added to or reduced their stakes in the company. State Street Corp lifted its position in Paychex by 2.6% in the second quarter. State Street Corp now owns 14,411,341 shares of the business services provider’s stock worth $1,417,067,000 after purchasing an additional 361,713 shares during the period. Talon Private Wealth LLC acquired a new stake in shares of Paychex during the 2nd quarter valued at $220,000. Rench Wealth Management Inc. lifted its position in shares of Paychex by 1.2% during the 2nd quarter. Rench Wealth Management Inc. now owns 56,948 shares of the business services provider’s stock valued at $5,600,000 after acquiring an additional 650 shares during the last quarter. Cidel Asset Management Inc. lifted its position in shares of Paychex by 15.2% during the 2nd quarter. Cidel Asset Management Inc. now owns 2,529 shares of the business services provider’s stock valued at $249,000 after acquiring an additional 333 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its position in shares of Paychex by 19.5% during the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 13,720 shares of the business services provider’s stock valued at $1,349,000 after acquiring an additional 2,238 shares during the last quarter. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Company Profile

Paychex, Inc (NASDAQ: PAYX) provides payroll, human resources and employee benefits solutions for businesses of varying sizes. Its services are designed to help employers manage workforce administration, compliance and employee-related processes through integrated software and professional support.

The company’s offerings include payroll processing, time and attendance tracking, human resources administration, recruiting and onboarding tools, benefits administration, retirement services, workers’ compensation and business insurance solutions.