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.

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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.

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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