Paychex (NASDAQ:PAYX) was upgraded by Citigroup from a “sell” rating to a “neutral” rating in a report issued on Monday.

PAYX has been the subject of several other research reports. Wells Fargo & Company boosted their price target on shares of Paychex from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 4th. Royal Bank Of Canada restated a “sell” rating and issued a $57.00 price target on shares of Paychex in a research note on Wednesday, November 15th. Bank of America boosted their price target on shares of Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Morgan Stanley restated an “equal weight” rating and issued a $59.00 price target (up previously from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. Finally, BidaskClub downgraded shares of Paychex from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 6th. Four equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $60.07.

Paychex (NASDAQ PAYX) traded down $0.44 during trading on Monday, reaching $66.87. 2,489,500 shares of the company traded hands, compared to its average volume of 1,985,023. Paychex has a 12-month low of $54.20 and a 12-month high of $67.88. The firm has a market cap of $24,028.35, a P/E ratio of 29.46, a PEG ratio of 3.62 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last posted its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.60 EPS. analysts predict that Paychex will post 2.38 EPS for the current year.

In related 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 completion of the sale, the vice president now directly owns 51,360 shares of the company’s stock, valued at $3,081,600. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP John B. Gibson sold 6,000 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total transaction of $382,200.00. Following the completion of the sale, the vice president now directly owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 94,395 shares of company stock valued at $5,914,383. Insiders own 11.70% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Paychex by 2.6% in the second quarter. Vanguard Group Inc. now owns 23,043,348 shares of the business services provider’s stock valued at $1,312,089,000 after acquiring an additional 589,880 shares during the last quarter. FMR LLC lifted its position in Paychex by 6.2% in the second quarter. FMR LLC now owns 10,476,188 shares of the business services provider’s stock valued at $596,514,000 after acquiring an additional 610,088 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Paychex by 0.8% in the third quarter. Bank of New York Mellon Corp now owns 7,901,485 shares of the business services provider’s stock valued at $473,772,000 after acquiring an additional 64,254 shares during the last quarter. Royal Bank of Canada lifted its position in Paychex by 3.3% in the second quarter. Royal Bank of Canada now owns 3,081,752 shares of the business services provider’s stock valued at $175,475,000 after acquiring an additional 97,170 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its holdings in shares of Paychex by 2.7% in the second quarter. UBS Asset Management Americas Inc. now owns 2,191,736 shares of the business services provider’s stock valued at $124,797,000 after buying an additional 57,610 shares during the last quarter. 68.02% of the stock is owned by hedge funds and other institutional investors.

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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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