Shares of Paychex, Inc. (NASDAQ:PAYX) have earned a consensus recommendation of “Hold” from the eleven analysts that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $81.60.

Several analysts have weighed in on PAYX shares. ValuEngine cut shares of Paychex from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Morgan Stanley cut shares of Paychex from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $77.00 to $74.00 in a research note on Thursday, August 15th. William Blair reiterated a “market perform” rating on shares of Paychex in a research note on Thursday, June 27th. Cowen initiated coverage on shares of Paychex in a report on Wednesday, September 11th. They issued a “market perform” rating and a $74.00 target price on the stock. Finally, Barclays raised their target price on shares of Paychex from $80.00 to $84.00 and gave the company an “equal weight” rating in a report on Monday, October 7th.

Paychex stock traded up $0.16 during midday trading on Tuesday, hitting $84.86. The company’s stock had a trading volume of 865,691 shares, compared to its average volume of 1,833,477. Paychex has a 1-year low of $61.32 and a 1-year high of $88.43. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.15 and a quick ratio of 1.15. The company has a 50-day moving average price of $82.52 and a two-hundred day moving average price of $83.70. The company has a market cap of $30.29 billion, a price-to-earnings ratio of 29.88, a PEG ratio of 3.03 and a beta of 0.90.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, October 2nd. The business services provider reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.02. Paychex had a net margin of 27.04% and a return on equity of 41.07%. The business had revenue of $992.00 million during the quarter, compared to analysts’ expectations of $991.70 million. During the same quarter in the previous year, the company earned $0.67 EPS. The business’s revenue was up 15.0% on a year-over-year basis. Sell-side analysts forecast that Paychex will post 3.11 EPS for the current year.

In other Paychex news, Director Pamela A. Joseph sold 12,156 shares of the firm’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $85.52, for a total value of $1,039,581.12. Following the transaction, the director now directly owns 18,893 shares of the company’s stock, valued at approximately $1,615,729.36. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Robert L. Schrader sold 609 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $83.88, for a total transaction of $51,082.92. Following the completion of the transaction, the vice president now directly owns 9,166 shares in the company, valued at $768,844.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,855 shares of company stock worth $3,053,821. Insiders own 11.70% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in PAYX. BlackRock Inc. increased its holdings in Paychex by 9.7% in the 2nd quarter. BlackRock Inc. now owns 34,524,333 shares of the business services provider’s stock valued at $2,841,008,000 after buying an additional 3,058,635 shares during the period. Nuveen Asset Management LLC increased its holdings in Paychex by 15,792.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,299,048 shares of the business services provider’s stock valued at $106,899,000 after buying an additional 1,290,874 shares during the period. Wells Fargo & Company MN increased its holdings in Paychex by 11.0% in the 2nd quarter. Wells Fargo & Company MN now owns 9,305,194 shares of the business services provider’s stock valued at $765,725,000 after buying an additional 919,406 shares during the period. APG Asset Management N.V. increased its holdings in Paychex by 73.8% in the 2nd quarter. APG Asset Management N.V. now owns 1,756,381 shares of the business services provider’s stock valued at $126,917,000 after buying an additional 745,800 shares during the period. Finally, Bahl & Gaynor Inc. grew its holdings in shares of Paychex by 27.7% during the 2nd quarter. Bahl & Gaynor Inc. now owns 3,168,024 shares of the business services provider’s stock valued at $260,697,000 after purchasing an additional 686,831 shares during the last quarter. 69.87% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Company Profile

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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