Paychex, Inc. (PAYX) Rating Reiterated by Citigroup Inc.
Paychex, Inc. (NASDAQ:PAYX)‘s stock had its “sell” rating restated by investment analysts at Citigroup Inc. in a research note issued on Monday. They presently have a $53.00 price target on the business services provider’s stock. Citigroup Inc.’s target price would suggest a potential downside of 14.50% from the stock’s previous close.
A number of other equities analysts have also recently issued reports on the company. Stifel Nicolaus reiterated a “hold” rating and issued a $61.00 target price on shares of Paychex in a report on Friday, August 18th. Morgan Stanley upgraded shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price target for the company in a research note on Wednesday, August 16th. They noted that the move was a valuation call. BidaskClub lowered shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 6th. William Blair downgraded shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Finally, J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 price objective (down previously from $62.00) on shares of Paychex in a report on Friday, June 30th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company’s stock. Paychex presently has an average rating of “Hold” and a consensus price target of $58.89.
Paychex (NASDAQ:PAYX) opened at 61.99 on Monday. The company has a market cap of $22.28 billion, a P/E ratio of 27.55 and a beta of 0.98. The company has a 50-day moving average of $57.62 and a 200-day moving average of $58.16. Paychex has a 52-week low of $52.78 and a 52-week high of $63.03.
Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, September 26th. The business services provider reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million during the quarter, compared to analysts’ expectations of $816.34 million. Paychex had a return on equity of 42.48% and a net margin of 25.93%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.60 earnings per share. On average, equities research analysts expect that Paychex will post $2.37 earnings per share for the current fiscal year.
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In related news, CEO Martin Mucci sold 30,000 shares of the stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the sale, the chief executive officer now directly owns 237,754 shares of the company’s stock, valued at $13,561,488.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Laurie L. Zaucha sold 15,000 shares of the stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $60.00, for a total value of $900,000.00. Following the sale, the vice president now directly owns 51,360 shares of the company’s stock, valued at $3,081,600. The disclosure for this sale can be found here. Insiders sold a total of 107,497 shares of company stock worth $6,200,889 in the last 90 days. Company insiders own 11.70% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Salem Investment Counselors Inc. increased its position in shares of Paychex by 0.6% during the 2nd quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after purchasing an additional 11 shares during the last quarter. Dupont Capital Management Corp bought a new stake in shares of Paychex during the 2nd quarter worth $129,000. Sun Life Financial INC raised its stake in shares of Paychex by 23,260.0% during the 2nd quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock worth $133,000 after purchasing an additional 2,326 shares during the period. San Francisco Sentry Investment Group CA bought a new stake in shares of Paychex during the 2nd quarter worth $145,000. Finally, Parkside Financial Bank & Trust raised its stake in shares of Paychex by 23.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 2,935 shares of the business services provider’s stock worth $173,000 after purchasing an additional 564 shares during the period. 67.31% of the stock is currently owned by institutional investors and hedge funds.
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.
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