Robert W. Baird reaffirmed their hold rating on shares of Paychex, Inc. (NASDAQ:PAYX) in a report released on Wednesday. They currently have a $64.00 price target on the business services provider’s stock.

A number of other equities research analysts have also recently issued reports on PAYX. Citigroup Inc. reiterated a sell rating and issued a $53.00 price objective on shares of Paychex in a report on Monday. Stifel Nicolaus reiterated a hold rating and issued a $61.00 price objective on shares of Paychex in a report on Friday, August 18th. BidaskClub cut shares of Paychex from a sell rating to a strong sell rating in a report on Sunday, August 6th. Goldman Sachs Group, Inc. (The) cut shares of Paychex from a buy rating to a neutral rating and decreased their price objective for the stock from $68.00 to $64.00 in a report on Tuesday, June 20th. Finally, J P Morgan Chase & Co restated a neutral rating and set a $60.00 price target (down from $62.00) on shares of Paychex in a report on Friday, June 30th. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $60.07.

Shares of Paychex (PAYX) traded up 1.02% on Wednesday, hitting $63.25. The company’s stock had a trading volume of 2,401,918 shares. The stock’s 50 day moving average price is $57.82 and its 200 day moving average price is $58.19. The stock has a market capitalization of $22.73 billion, a P/E ratio of 28.11 and a beta of 0.98. Paychex has a 52 week low of $52.78 and a 52 week high of $63.31.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping 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 net margin of 26.01% and a return on equity of 43.33%. Paychex’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.60 earnings per share. On average, analysts forecast that Paychex will post $2.38 earnings per share for the current fiscal year.

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In related news, VP Laurie L. Zaucha sold 15,000 shares of the stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $62.00, for a total value of $930,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Efrain Rivera sold 5,837 shares of the stock in a transaction dated Sunday, July 9th. The shares were sold at an average price of $57.39, for a total transaction of $334,985.43. Following the completion of the sale, the insider now owns 53,395 shares of the company’s stock, valued at approximately $3,064,339.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,270 shares of company stock valued at $6,543,888. 11.70% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PAYX. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Paychex by 28.4% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,690 shares of the business services provider’s stock valued at $1,395,000 after buying an additional 5,239 shares during the period. Caldwell & Orkin Inc. bought a new stake in shares of Paychex in the first quarter valued at about $3,481,000. Paragon Capital Management LLC lifted its stake in shares of Paychex by 8.6% in the first quarter. Paragon Capital Management LLC now owns 208,126 shares of the business services provider’s stock valued at $12,258,000 after buying an additional 16,431 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Paychex by 23.8% in the first quarter. Ameriprise Financial Inc. now owns 4,237,537 shares of the business services provider’s stock valued at $248,742,000 after buying an additional 813,930 shares during the period. Finally, Toronto Dominion Bank lifted its stake in shares of Paychex by 52.1% in the first quarter. Toronto Dominion Bank now owns 89,236 shares of the business services provider’s stock valued at $5,257,000 after buying an additional 30,557 shares during the period. Institutional investors and hedge funds own 67.31% of the company’s stock.

About Paychex

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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