Stifel Nicolaus Increases Paychex (NASDAQ:PAYX) Price Target to $130.00

Paychex (NASDAQ:PAYX) had its price objective upped by stock analysts at Stifel Nicolaus from $110.00 to $130.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the business services provider’s stock. Stifel Nicolaus’ price target suggests a potential upside of 12.59% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Cantor Fitzgerald reaffirmed an “underweight” rating and set a $107.00 price objective on shares of Paychex in a research report on Monday, July 20th. JPMorgan Chase & Co. raised their target price on Paychex from $100.00 to $105.00 and gave the company an “underweight” rating in a research note on Thursday, June 25th. Weiss Ratings upgraded Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, July 20th. Citigroup upped their price target on Paychex from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Finally, Wells Fargo & Company increased their price objective on Paychex from $95.00 to $111.00 and gave the stock an “underweight” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $113.40.

Paychex Trading Down 1.3%

Shares of PAYX stock traded down $1.46 during trading hours on Wednesday, reaching $115.47. The company’s stock had a trading volume of 418,719 shares, compared to its average volume of 3,474,520. The firm’s fifty day simple moving average is $117.31 and its 200 day simple moving average is $102.38. Paychex has a one year low of $85.45 and a one year high of $135.97. The stock has a market capitalization of $41.07 billion, a P/E ratio of 23.64, a P/E/G ratio of 2.55 and a beta of 0.82. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.22.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.01. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the previous year, the firm earned $1.19 EPS. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Equities research analysts expect that Paychex will post 5.96 EPS for the current year.

Insider Activity at Paychex

In related news, Director Joseph Tucci sold 3,907 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $98.25, for a total value of $383,862.75. Following the sale, the director owned 67,364 shares in the company, valued at $6,618,513. This represents a 5.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Robert Schrader sold 2,600 shares of Paychex stock in a transaction on Monday, July 20th. The shares were sold at an average price of $115.09, for a total value of $299,234.00. Following the transaction, the chief financial officer owned 18,547 shares of the company’s stock, valued at $2,134,574.23. The trade was a 12.29% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.80% of the company’s stock.

Hedge Funds Weigh In On Paychex

Several large investors have recently modified their holdings of the stock. Brighton Jones LLC grew its holdings in shares of Paychex by 26.3% during the fourth quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock valued at $801,000 after buying an additional 1,190 shares during the last quarter. Bison Wealth LLC lifted its position in Paychex by 3.0% in the 4th quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider’s stock valued at $566,000 after acquiring an additional 117 shares in the last quarter. Woodline Partners LP bought a new position in Paychex in the 1st quarter valued at approximately $3,333,000. NewEdge Advisors LLC boosted its stake in Paychex by 3.2% during the 2nd quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider’s stock valued at $5,976,000 after purchasing an additional 1,290 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in shares of Paychex by 47.1% in the 2nd quarter. Sei Investments Co. now owns 156,680 shares of the business services provider’s stock worth $22,790,000 after purchasing an additional 50,169 shares in the last quarter. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Paychex Company Profile

Paychex, Inc provides payroll, human resources, and employee-benefits services to businesses of various sizes. Its offerings include payroll processing, payroll tax administration, time and attendance solutions, human resources administration, employee onboarding, recruiting support, and compliance assistance.

The company also provides retirement services, health insurance and other employee-benefits administration, workers’ compensation solutions, and professional employer organization services.