Analysts Set Paychex (PAYX) PT at $64.94

Shares of Paychex (NASDAQ:PAYX) have earned a consensus rating of “Hold” from the fourteen research firms that are covering the company, Marketbeat.com reports. Thirteen research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $64.94.

A number of research analysts have issued reports on PAYX shares. Royal Bank of Canada reissued a “sector perform” rating and set a $63.00 target price on shares of Paychex in a research note on Monday, April 2nd. Stifel Nicolaus reissued a “hold” rating and set a $68.00 target price on shares of Paychex in a research note on Friday, December 22nd. BMO Capital Markets reissued a “hold” rating and set a $70.00 target price on shares of Paychex in a research note on Wednesday, January 24th. JPMorgan Chase reduced their target price on shares of Paychex from $69.00 to $65.00 and set a “neutral” rating for the company in a research note on Tuesday, March 27th. Finally, Barclays reduced their target price on shares of Paychex from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 27th.

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In other news, insider Michael E. Gioja sold 110,000 shares of the company’s stock in a transaction that occurred on Thursday, March 29th. The shares were sold at an average price of $61.63, for a total value of $6,779,300.00. Following the completion of the sale, the insider now directly owns 170,974 shares of the company’s stock, valued at approximately $10,537,127.62. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Jennifer R. Vossler sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $68.29, for a total transaction of $682,900.00. Following the completion of the sale, the vice president now directly owns 31,578 shares of the company’s stock, valued at $2,156,461.62. The disclosure for this sale can be found here. Corporate insiders own 11.70% of the company’s stock.

Several large investors have recently modified their holdings of PAYX. New York State Common Retirement Fund lifted its stake in shares of Paychex by 2.7% in the 3rd quarter. New York State Common Retirement Fund now owns 944,900 shares of the business services provider’s stock worth $56,656,000 after acquiring an additional 25,100 shares during the period. Nordea Investment Management AB lifted its stake in shares of Paychex by 2.5% in the 3rd quarter. Nordea Investment Management AB now owns 37,802 shares of the business services provider’s stock worth $2,267,000 after acquiring an additional 921 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Paychex by 0.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 988,623 shares of the business services provider’s stock worth $59,280,000 after acquiring an additional 4,405 shares during the period. KBC Group NV lifted its stake in Paychex by 4.2% during the third quarter. KBC Group NV now owns 44,889 shares of the business services provider’s stock valued at $2,692,000 after purchasing an additional 1,808 shares during the last quarter. Finally, Stifel Financial Corp lifted its stake in Paychex by 130.0% during the third quarter. Stifel Financial Corp now owns 253,259 shares of the business services provider’s stock valued at $15,184,000 after purchasing an additional 143,130 shares during the last quarter. 68.71% of the stock is owned by institutional investors.

Paychex stock opened at $60.72 on Thursday. The stock has a market cap of $21,815.18, a price-to-earnings ratio of 25.51, a PEG ratio of 3.13 and a beta of 0.98. Paychex has a 52-week low of $54.20 and a 52-week high of $73.10.

Paychex (NASDAQ:PAYX) last posted its earnings results on Monday, March 26th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The firm had revenue of $866.50 million during the quarter, compared to analyst estimates of $853.99 million. Paychex had a net margin of 27.22% and a return on equity of 43.42%. Paychex’s revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.55 EPS. equities research analysts predict that Paychex will post 2.49 earnings per share for the current fiscal year.

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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 Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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