Paychex (NASDAQ:PAYX) had its price objective dropped by analysts at Robert W. Baird from $87.00 to $67.00 in a report issued on Thursday, BenzingaRatingsTable reports. The firm presently has a “neutral” rating on the business services provider’s stock. Robert W. Baird’s target price points to a potential upside of 11.52% from the company’s previous close.

Several other brokerages have also commented on PAYX. Morgan Stanley dropped their price target on shares of Paychex from $67.00 to $61.00 and set an “equal weight” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. dropped their price target on shares of Paychex from $91.00 to $70.00 and set an “underweight” rating for the company in a research report on Wednesday, March 18th. Stifel Nicolaus dropped their price target on shares of Paychex from $87.00 to $55.00 and set a “hold” rating for the company in a research report on Tuesday. Jefferies Financial Group decreased 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. Finally, BidaskClub downgraded shares of Paychex from a “hold” rating to a “sell” rating in a research note on Thursday, March 19th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $72.00.

Shares of PAYX stock opened at $60.08 on Thursday. Paychex has a one year low of $47.87 and a one year high of $90.54. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 1.17. The company has a 50 day moving average price of $78.11 and a 200 day moving average price of $83.01. The firm has a market capitalization of $21.32 billion, a price-to-earnings ratio of 20.09, a price-to-earnings-growth ratio of 2.76 and a beta of 0.88.

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

In other news, VP Michael E. Gioja sold 17,881 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $85.81, for a total value of $1,534,368.61. Following the completion of the transaction, the vice president now directly owns 70,023 shares in the company, valued at $6,008,673.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael E. Gioja sold 50,088 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $85.74, for a total transaction of $4,294,545.12. Following the completion of the transaction, the vice president now owns 70,023 shares of the company’s stock, valued at $6,003,772.02. The disclosure for this sale can be found here. Insiders sold 87,823 shares of company stock valued at $7,609,568 over the last 90 days. 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 business. Cedar Mountain Advisors LLC acquired a new stake in shares of Paychex in the 4th quarter worth about $25,000. Quantum Capital Management acquired a new stake in shares of Paychex in the 3rd quarter worth about $26,000. Stonebridge Financial Planning Group LLC acquired a new stake in shares of Paychex in the 4th quarter worth about $26,000. Laurel Wealth Advisors LLC acquired a new stake in shares of Paychex in the 4th quarter worth about $28,000. Finally, Manchester Financial Inc. acquired a new stake in shares of Paychex in the 4th quarter worth about $30,000. Hedge funds and other institutional investors own 69.23% 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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