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.

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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