Paychex, Inc. (PAYX) PT Raised to $68.00 at Bank of America Corporation
Paychex, Inc. (NASDAQ:PAYX) had its price target boosted by Bank of America Corporation from $64.00 to $68.00 in a research report issued on Wednesday. The firm currently has a “buy” rating on the business services provider’s stock. Bank of America Corporation’s target price would suggest a potential upside of 7.51% from the company’s previous close.
PAYX has been the subject of a number of other research reports. BidaskClub upgraded shares of Paychex from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. William Blair cut shares of Paychex from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Royal Bank Of Canada restated an “underperform” rating and set a $57.00 price objective (up previously from $54.00) on shares of Paychex in a report on Wednesday. Wedbush restated a “neutral” rating and set a $61.25 price objective (down previously from $65.00) on shares of Paychex in a report on Tuesday, June 6th. Finally, Morgan Stanley upgraded shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective for the company in a report on Wednesday, August 16th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company’s stock. Paychex has an average rating of “Hold” and an average price target of $60.07.
Shares of Paychex (PAYX) traded up 0.28% during midday trading on Wednesday, hitting $63.43. 1,306,045 shares of the company traded hands. The stock’s 50-day moving average is $58.02 and its 200 day moving average is $58.23. Paychex has a 12-month low of $52.78 and a 12-month high of $63.45. The stock has a market capitalization of $22.80 billion, a P/E ratio of 28.19 and a beta of 0.98.
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, 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 net margin of 26.01% and a return on equity of 43.01%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.60 earnings per share. On average, analysts expect that Paychex will post $2.38 earnings per share for the current year.
In other news, VP Laurie L. Zaucha sold 15,000 shares of the business’s stock in a transaction 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 owns 51,360 shares of the company’s stock, valued at $3,081,600. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Mark Anthony Bottini sold 7,139 shares of the business’s stock in a transaction on Sunday, July 9th. The stock was sold at an average price of $57.39, for a total transaction of $409,707.21. Following the completion of the sale, the vice president now directly owns 46,548 shares in the company, valued at approximately $2,671,389.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,270 shares of company stock worth $6,543,888. Insiders own 11.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Intl Fcstone Inc. bought a new stake in shares of Paychex in the second quarter worth $1,335,000. Navellier & Associates Inc lifted its position in shares of Paychex by 3.1% in the second quarter. Navellier & Associates Inc now owns 24,636 shares of the business services provider’s stock worth $1,403,000 after purchasing an additional 743 shares in the last quarter. Toronto Dominion Bank lifted its position in shares of Paychex by 31.2% in the second quarter. Toronto Dominion Bank now owns 117,056 shares of the business services provider’s stock worth $6,664,000 after purchasing an additional 27,820 shares in the last quarter. Oak Associates Ltd. OH lifted its position in shares of Paychex by 15.0% in the second quarter. Oak Associates Ltd. OH now owns 169,185 shares of the business services provider’s stock worth $9,633,000 after purchasing an additional 22,100 shares in the last quarter. Finally, Cetera Investment Advisers bought a new stake in shares of Paychex in the second quarter worth $872,000. 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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