Paychex (NASDAQ:PAYX) had its target price upped by analysts at Morgan Stanley from $61.00 to $65.00 in a research note issued on Thursday, BenzingaRatingsTable reports. The firm presently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 2.88% from the stock’s current price.

PAYX has been the subject of several other research reports. BidaskClub lowered shares of Paychex from a “hold” rating to a “sell” rating in a research report on Thursday, March 19th. Robert W. Baird cut their price target on shares of Paychex from $87.00 to $67.00 and set a “neutral” rating for the company in a report on Thursday. Stifel Nicolaus reduced their price objective on shares of Paychex from $87.00 to $55.00 and set a “hold” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. reduced their price objective on shares of Paychex from $91.00 to $70.00 and set an “underweight” rating for the company in a research note on Wednesday, March 18th. Finally, Jefferies Financial Group reduced their price objective on shares of Paychex from $82.00 to $68.00 and set a “hold” rating for the company in a research note on Wednesday. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $73.09.

Shares of Paychex stock traded up $3.10 during mid-day trading on Thursday, hitting $63.18. The stock had a trading volume of 33,311 shares, compared to its average volume of 4,169,481. The firm has a 50-day moving average of $78.11 and a two-hundred day moving average of $83.01. Paychex has a 12-month low of $47.87 and a 12-month high of $90.54. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.35. The firm has a market cap of $21.32 billion, a P/E ratio of 21.19, a price-to-earnings-growth ratio of 2.76 and a beta of 0.88.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, March 25th. The business services provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.02. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Paychex had a net margin of 26.72% and a return on equity of 41.21%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.89 earnings per share. Sell-side analysts expect that Paychex will post 3.08 earnings per share for the current year.

In other Paychex news, VP Laurie L. Zaucha sold 19,579 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $89.72, for a total transaction of $1,756,627.88. Following the transaction, the vice president now owns 48,086 shares of the company’s stock, valued at approximately $4,314,275.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael E. Gioja sold 17,881 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $85.81, for a total value of $1,534,368.61. Following the transaction, the vice president now directly owns 70,023 shares in the company, valued at $6,008,673.63. The disclosure for this sale can be found here. Over the last quarter, insiders sold 87,823 shares of company stock valued at $7,609,568. Corporate insiders own 11.70% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. Cornerstone Advisors Inc. raised its stake in shares of Paychex by 35.2% during the fourth quarter. Cornerstone Advisors Inc. now owns 446 shares of the business services provider’s stock valued at $38,000 after acquiring an additional 116 shares in the last quarter. Legacy Advisors LLC grew its stake in Paychex by 2.5% during the 4th quarter. Legacy Advisors LLC now owns 4,827 shares of the business services provider’s stock valued at $411,000 after acquiring an additional 117 shares in the last quarter. Signet Financial Management LLC grew its stake in Paychex by 0.3% during the 4th quarter. Signet Financial Management LLC now owns 38,059 shares of the business services provider’s stock valued at $3,237,000 after acquiring an additional 121 shares in the last quarter. Checchi Capital Advisers LLC grew its stake in Paychex by 2.8% during the 4th quarter. Checchi Capital Advisers LLC now owns 4,563 shares of the business services provider’s stock valued at $388,000 after acquiring an additional 126 shares in the last quarter. Finally, Global Retirement Partners LLC grew its stake in Paychex by 11.9% during the 4th quarter. Global Retirement Partners LLC now owns 1,213 shares of the business services provider’s stock valued at $103,000 after acquiring an additional 129 shares in the last quarter. 69.23% of the stock is currently owned by institutional investors and hedge funds.

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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