Stifel Nicolaus Reaffirms “Hold” Rating for Paychex, Inc. (PAYX)
Stifel Nicolaus reiterated their hold rating on shares of Paychex, Inc. (NASDAQ:PAYX) in a research report report published on Friday morning. Stifel Nicolaus currently has a $61.00 price target on the business services provider’s stock.
Other equities analysts have also issued research reports about the company. Morgan Stanley upgraded Paychex from an underweight rating to an equal weight rating and set a $55.00 target price for the company in a research note on Wednesday, August 16th. They noted that the move was a valuation call. BMO Capital Markets restated a hold rating and issued a $60.00 target price on shares of Paychex in a research note on Thursday, June 29th. William Blair lowered Paychex from an outperform rating to a market perform rating in a research note on Friday, July 21st. Goldman Sachs Group, Inc. (The) lowered Paychex from a buy rating to a neutral rating and reduced their target price for the stock from $68.00 to $64.00 in a research note on Tuesday, June 20th. Finally, Wedbush restated a neutral rating and issued a $61.25 target price (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $59.28.
Paychex (NASDAQ:PAYX) opened at 54.99 on Friday. The company has a market cap of $19.76 billion, a price-to-earnings ratio of 24.44 and a beta of 0.96. Paychex has a 52 week low of $52.78 and a 52 week high of $63.03. The stock has a 50 day moving average of $56.62 and a 200 day moving average of $58.78.
Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. The company had revenue of $799 million during the quarter, compared to analyst estimates of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the business posted $0.49 EPS. Equities research analysts predict that Paychex will post $2.37 earnings per share for the current fiscal year.
TRADEMARK VIOLATION WARNING: “Stifel Nicolaus Reaffirms “Hold” Rating for Paychex, Inc. (PAYX)” was originally published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this article on another domain, it was stolen and republished in violation of US & international copyright law. The correct version of this article can be viewed at https://www.thecerbatgem.com/2017/08/21/stifel-nicolaus-reaffirms-hold-rating-for-paychex-inc-payx.html.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend is Friday, July 28th. This is a positive change from Paychex’s previous quarterly dividend of $0.46.
In related news, insider Michael E. Gioja sold 7,343 shares of Paychex stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $57.40, for a total value of $421,488.20. Following the sale, the insider now directly owns 55,632 shares in the company, valued at approximately $3,193,276.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Martin Mucci sold 33,294 shares of Paychex stock in a transaction dated Sunday, July 9th. The stock was sold at an average price of $57.40, for a total value of $1,911,075.60. Following the completion of the sale, the chief executive officer now owns 254,618 shares in the company, valued at $14,615,073.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 92,497 shares of company stock worth $5,300,889. 11.60% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of PAYX. Salem Investment Counselors Inc. boosted its position in shares of Paychex by 0.6% in the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after buying an additional 11 shares in the last quarter. Dupont Capital Management Corp bought a new position in shares of Paychex during the second quarter valued at $129,000. Sun Life Financial INC boosted its position in shares of Paychex by 23,260.0% in the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after buying an additional 2,326 shares in the last quarter. San Francisco Sentry Investment Group CA bought a new position in shares of Paychex during the second quarter valued at $145,000. Finally, Parkside Financial Bank & Trust boosted its position in shares of Paychex by 23.8% in the first quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock valued at $173,000 after buying an additional 564 shares in the last quarter. Institutional investors own 68.68% of the company’s stock.
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 & Stock 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 stocks with our FREE daily email newsletter.