Analysts Set Paychex Inc. (PAYX) Price Target at $53.09
Paychex Inc. (NASDAQ:PAYX) has been given a consensus rating of “Hold” by the fifteen research firms that are covering the stock. Seven analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $53.09.
PAYX has been the subject of a number of research reports. Morgan Stanley restated an “underweight” rating and set a $49.00 target price on shares of Paychex in a research report on Tuesday, August 23rd. Zacks Investment Research lowered shares of Paychex from a “hold” rating to a “sell” rating in a research report on Wednesday, August 31st. Finally, Wedbush initiated coverage on shares of Paychex in a research report on Thursday, September 8th. They set a “neutral” rating and a $65.00 target price for the company.
Shares of Paychex (NASDAQ:PAYX) opened at 55.93 on Wednesday. Paychex has a 1-year low of $45.76 and a 1-year high of $61.87. The company has a market capitalization of $20.23 billion, a P/E ratio of 26.51 and a beta of 0.86. The firm has a 50-day moving average of $55.82 and a 200 day moving average of $57.12.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, September 28th. The company reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.03. The business earned $785.50 million during the quarter, compared to analyst estimates of $782.80 million. Paychex had a net margin of 25.38% and a return on equity of 40.10%. The company’s revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 earnings per share. On average, equities research analysts expect that Paychex will post $2.22 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 22nd. Investors of record on Tuesday, November 1st will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 3.29%. The ex-dividend date is Friday, October 28th. Paychex’s dividend payout ratio is presently 87.20%.
A number of hedge funds and other institutional investors have recently bought and sold shares of PAYX. Loomis Sayles & Co. L P increased its position in Paychex by 81.9% in the first quarter. Loomis Sayles & Co. L P now owns 3,217 shares of the company’s stock valued at $174,000 after buying an additional 1,448 shares in the last quarter. Nuveen Asset Management LLC increased its position in Paychex by 46.8% in the first quarter. Nuveen Asset Management LLC now owns 88,947 shares of the company’s stock valued at $4,804,000 after buying an additional 28,371 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Paychex during the first quarter valued at approximately $25,052,000. Legal & General Group Plc increased its position in Paychex by 3.3% in the first quarter. Legal & General Group Plc now owns 1,838,549 shares of the company’s stock valued at $99,280,000 after buying an additional 58,765 shares in the last quarter. Finally, Natixis bought a new position in Paychex during the first quarter valued at approximately $7,412,000. 68.70% of the stock is currently owned by institutional investors.
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.
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