Paychex (PAYX) Hits New 52-Week High on Analyst Upgrade

Paychex, Inc. (NASDAQ:PAYX)’s share price hit a new 52-week high on Wednesday after BidaskClub upgraded the stock from a buy rating to a strong-buy rating. The company traded as high as $68.59 and last traded at $67.94, with a volume of 2878000 shares. The stock had previously closed at $67.61.

A number of other equities analysts also recently commented on PAYX. 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. Stifel Nicolaus restated a “hold” rating and set a $61.00 price objective on shares of Paychex in a research note on Friday, August 18th. Citigroup restated a “sell” rating and set a $53.00 price objective on shares of Paychex in a research note on Monday, October 2nd. Robert W. Baird restated a “hold” rating and set a $64.00 price objective on shares of Paychex in a research note on Wednesday, October 4th. Finally, Royal Bank Of Canada restated an “underperform” rating and set a $57.00 price objective (up from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $61.19.

In other news, CEO Martin Mucci sold 29,786 shares of the company’s stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $63.17, for a total value of $1,881,581.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Laurie L. Zaucha sold 15,000 shares of the company’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $60.00, for a total transaction of $900,000.00. Following the completion of the sale, the vice president now directly owns 51,360 shares in the company, valued at $3,081,600. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 94,395 shares of company stock worth $5,914,383. 11.70% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in PAYX. Salem Investment Counselors Inc. raised its holdings in Paychex by 0.6% in the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after acquiring an additional 11 shares during the period. Dupont Capital Management Corp bought a new position in Paychex in the 2nd quarter valued at about $129,000. Sun Life Financial INC raised its holdings in Paychex by 23,260.0% in the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after acquiring an additional 2,326 shares during the period. San Francisco Sentry Investment Group CA bought a new position in Paychex in the 2nd quarter valued at about $145,000. Finally, Bank of Nova Scotia Trust Co. bought a new position in Paychex in the 3rd quarter valued at about $188,000. 68.02% of the stock is currently owned by hedge funds and other institutional investors.

The stock has a market cap of $24,412.83, a price-to-earnings ratio of 29.93, a price-to-earnings-growth ratio of 3.68 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million for the quarter, compared to analysts’ expectations of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 EPS. analysts predict that Paychex, Inc. will post 2.38 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, October 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.92%. Paychex’s payout ratio is presently 87.34%.

TRADEMARK VIOLATION WARNING: This piece of content was reported by Ticker Report and is the property of of Ticker Report. If you are accessing this piece of content on another domain, it was illegally stolen and republished in violation of U.S. & international copyright and trademark laws. The legal version of this piece of content can be accessed at https://www.tickerreport.com/banking-finance/3080819/paychex-payx-hits-new-52-week-high-on-analyst-upgrade.html.

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.

Receive News & Ratings for Paychex Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

How to Trade on Forex – 8 Steps for Beginners
How to Trade on Forex – 8 Steps for Beginners
Super Nintendo World Theme Park Officially Starts Construction
Super Nintendo World Theme Park Officially Starts Construction
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Camera Zooms In and Can Recognize Faces
Camera Zooms In and Can Recognize Faces
Netflix Could See 150 Million Worldwide Subscribers
Netflix Could See 150 Million Worldwide Subscribers
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back


Leave a Reply

© 2006-2017 Ticker Report. Google+.