Paychex (NASDAQ:PAYX) was upgraded by BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued on Thursday.

Several other research analysts have also recently issued reports on PAYX. Morgan Stanley raised Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 target price on the stock in a research report on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus reissued a “hold” rating and issued a $61.00 target price on shares of Paychex in a research report on Friday, August 18th. Citigroup reissued a “sell” rating and issued a $53.00 target price on shares of Paychex in a research report on Monday, October 2nd. Robert W. Baird reissued a “hold” rating and issued a $64.00 target price on shares of Paychex in a research report on Wednesday, October 4th. Finally, Royal Bank Of Canada reissued an “underperform” rating and issued a $57.00 target price (up from $54.00) on shares of Paychex in a research report on Wednesday, October 4th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Paychex currently has a consensus rating of “Hold” and an average target price of $61.19.

Paychex (PAYX) opened at $69.01 on Thursday. The stock has a market capitalization of $24,581.71, a PE ratio of 30.14, a price-to-earnings-growth ratio of 3.71 and a beta of 0.99. Paychex has a 12-month low of $54.20 and a 12-month high of $69.14.

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

In related news, CEO Martin Mucci sold 29,786 shares of the business’s stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $63.17, for a total value of $1,881,581.62. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Laurie L. Zaucha sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $62.00, for a total value of $930,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,395 shares of company stock worth $5,914,383. Insiders own 11.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. AXA lifted its holdings in Paychex by 3.4% in the 3rd quarter. AXA now owns 259,299 shares of the business services provider’s stock worth $15,547,000 after purchasing an additional 8,621 shares in the last quarter. Chicago Partners Investment Group LLC lifted its holdings in Paychex by 468.3% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 8,934 shares of the business services provider’s stock worth $536,000 after purchasing an additional 7,362 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new position in Paychex in the 3rd quarter worth approximately $641,000. Gyroscope Capital Management Group LLC purchased a new position in Paychex in the 3rd quarter worth approximately $448,000. Finally, Moors & Cabot Inc. lifted its holdings in Paychex by 20.4% in the 3rd quarter. Moors & Cabot Inc. now owns 8,076 shares of the business services provider’s stock worth $485,000 after purchasing an additional 1,367 shares in the last quarter. 68.02% of the stock is currently owned by institutional investors.

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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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