Stifel Nicolaus reiterated their hold rating on shares of Paychex, Inc. (NASDAQ:PAYX) in a research note issued to investors on Friday morning. They currently have a $61.00 target price on the business services provider’s stock.
A number of other equities research analysts have also recently weighed in on PAYX. Wedbush restated a neutral rating and issued a $61.25 price target (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) cut Paychex from a buy rating to a neutral rating and dropped their price target for the company from $68.00 to $64.00 in a research note on Tuesday, June 20th. BMO Capital Markets restated a hold rating and issued a $60.00 price target on shares of Paychex in a research note on Thursday, June 29th. Robert W. Baird dropped their price target on Paychex from $63.00 to $60.00 and set a neutral rating on the stock in a research note on Friday, June 30th. Finally, Morgan Stanley dropped their price target on Paychex from $56.00 to $55.00 and set an underweight rating on the stock in a research note on Friday, June 30th. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $59.28.
Shares of Paychex (NASDAQ:PAYX) opened at 55.77 on Friday. Paychex has a 1-year low of $52.78 and a 1-year high of $63.03. The firm has a 50-day moving average of $56.59 and a 200-day moving average of $58.75. The firm has a market capitalization of $20.04 billion, a PE ratio of 24.79 and a beta of 0.96.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Paychex had a return on equity of 42.65% and a net margin of 25.93%. The business had revenue of $799 million for the quarter, compared to analysts’ expectations of $797.70 million. During the same quarter in the prior year, the business earned $0.49 EPS. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, equities research analysts anticipate that Paychex will post $2.37 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Tuesday, August 1st will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, July 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.59%. This is a boost from Paychex’s previous quarterly dividend of $0.46.
In related news, CEO Martin Mucci sold 30,000 shares of the firm’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total value of $1,711,200.00. Following the transaction, the chief executive officer now owns 237,754 shares in the company, valued at $13,561,488.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael E. Gioja sold 7,343 shares of the firm’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $57.40, for a total value of $421,488.20. Following the completion of the transaction, the insider now owns 55,632 shares in the company, valued at approximately $3,193,276.80. The disclosure for this sale can be found here. Insiders sold 92,497 shares of company stock worth $5,300,889 in the last 90 days. 11.60% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Toronto Dominion Bank boosted its position in shares of Paychex by 31.2% in the second quarter. Toronto Dominion Bank now owns 117,056 shares of the business services provider’s stock worth $6,664,000 after buying an additional 27,820 shares during the last quarter. Oak Associates Ltd. OH boosted its position in shares of Paychex by 15.0% in the second quarter. Oak Associates Ltd. OH now owns 169,185 shares of the business services provider’s stock worth $9,633,000 after buying an additional 22,100 shares during the last quarter. Cetera Investment Advisers bought a new position in shares of Paychex during the second quarter worth approximately $872,000. WINTON GROUP Ltd boosted its position in shares of Paychex by 44.1% in the second quarter. WINTON GROUP Ltd now owns 164,212 shares of the business services provider’s stock worth $9,350,000 after buying an additional 50,270 shares during the last quarter. Finally, Covington Capital Management boosted its position in shares of Paychex by 6.0% in the second quarter. Covington Capital Management now owns 121,338 shares of the business services provider’s stock worth $6,909,000 after buying an additional 6,887 shares during the last quarter. Institutional investors own 68.68% of the company’s stock.
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.
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