Analysts at Barclays assumed coverage on shares of Paychex (NASDAQ:PAYX) in a report issued on Wednesday, The Fly reports. The brokerage set an “equal weight” rating and a $70.00 price target on the business services provider’s stock. Barclays’ price objective suggests a potential upside of 3.03% from the company’s current price.

Several other analysts also recently weighed in on the company. Moffett Nathanson assumed coverage on Paychex in a research report on Thursday, October 4th. They set a “neutral” rating and a $79.00 target price for the company. Morgan Stanley lifted their target price on Paychex from $67.00 to $73.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 3rd. Deutsche Bank lifted their target price on Paychex from $68.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, October 3rd. Stifel Nicolaus lifted their target price on Paychex from $69.00 to $73.00 and gave the stock a “hold” rating in a research report on Wednesday, October 3rd. Finally, Citigroup lifted their target price on Paychex from $67.00 to $73.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 3rd. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $72.93.

NASDAQ:PAYX opened at $67.94 on Wednesday. Paychex has a twelve month low of $59.36 and a twelve month high of $76.02. The firm has a market cap of $24.40 billion, a PE ratio of 26.64, a price-to-earnings-growth ratio of 2.81 and a beta of 1.02.

Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 2nd. The business services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.02. Paychex had a return on equity of 42.87% and a net margin of 27.71%. The business had revenue of $862.80 million during the quarter, compared to the consensus estimate of $850.39 million. During the same period last year, the company earned $0.62 earnings per share. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, equities research analysts predict that Paychex will post 2.85 EPS for the current year.

In related news, VP John B. Gibson sold 47,250 shares of Paychex stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total value of $3,472,875.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Doody acquired 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 23rd. The stock was purchased at an average price of $66.50 per share, with a total value of $66,500.00. Following the completion of the acquisition, the director now directly owns 16,639 shares of the company’s stock, valued at $1,106,493.50. The disclosure for this purchase can be found here. Insiders own 11.80% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of PAYX. Xact Kapitalforvaltning AB grew its stake in Paychex by 10.4% in the second quarter. Xact Kapitalforvaltning AB now owns 60,790 shares of the business services provider’s stock valued at $4,155,000 after purchasing an additional 5,711 shares during the last quarter. Bank of Montreal Can grew its stake in Paychex by 7.8% in the second quarter. Bank of Montreal Can now owns 412,448 shares of the business services provider’s stock valued at $28,191,000 after purchasing an additional 29,988 shares during the last quarter. Capital One National Association grew its stake in Paychex by 33.9% in the second quarter. Capital One National Association now owns 25,623 shares of the business services provider’s stock valued at $1,751,000 after purchasing an additional 6,486 shares during the last quarter. Nwam LLC purchased a new position in Paychex in the second quarter valued at about $210,000. Finally, Fox Run Management L.L.C. purchased a new position in Paychex in the second quarter valued at about $648,000. Institutional investors own 67.84% of the company’s stock.

About Paychex

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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Analyst Recommendations for Paychex (NASDAQ:PAYX)

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