Paychex, Inc. (NASDAQ:PAYX)‘s stock had its “sell” rating reaffirmed by stock analysts at Royal Bank Of Canada in a report issued on Wednesday. They presently have a $57.00 price objective on the business services provider’s stock. Royal Bank Of Canada’s target price indicates a potential downside of 12.80% from the company’s current price.
A number of other brokerages have also commented on PAYX. William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. BidaskClub raised shares of Paychex from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Morgan Stanley raised shares of Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price objective for the company in a research report on Wednesday, August 16th. They noted that the move was a valuation call. Stifel Nicolaus reaffirmed a “hold” rating and set a $61.00 price objective on shares of Paychex in a research report on Friday, August 18th. Finally, Citigroup Inc. reaffirmed a “sell” rating and set a $53.00 price objective on shares of Paychex in a research report on Monday, October 2nd. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. Paychex has a consensus rating of “Hold” and an average price target of $60.07.
Paychex (NASDAQ PAYX) opened at $65.37 on Wednesday. The firm has a market cap of $23,201.89, a price-to-earnings ratio of 28.44, a price-to-earnings-growth ratio of 3.50 and a beta of 0.99. Paychex has a 52-week low of $54.20 and a 52-week high of $65.62.
Paychex (NASDAQ:PAYX) last released its earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $816.80 million during the quarter, compared to analyst estimates of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 EPS. equities research analysts anticipate that Paychex will post 2.38 earnings per share for the current year.
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In other Paychex news, VP John B. Gibson sold 6,000 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total transaction of $382,200.00. Following the sale, the vice president now directly owns 21,758 shares of the company’s stock, valued at $1,385,984.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Martin Mucci sold 29,786 shares of the company’s stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $63.17, for a total transaction of $1,881,581.62. The disclosure for this sale can be found here. Insiders have sold 94,395 shares of company stock worth $5,914,383 over the last ninety days. Insiders own 11.70% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Salem Investment Counselors Inc. grew its stake in Paychex by 0.6% during the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock worth $102,000 after buying an additional 11 shares during the last quarter. Dupont Capital Management Corp bought a new stake in shares of Paychex during the second quarter valued at approximately $129,000. Sun Life Financial INC grew its stake in shares of Paychex by 23,260.0% during the second quarter. Sun Life Financial INC now owns 2,336 shares of the business services provider’s stock valued at $133,000 after purchasing an additional 2,326 shares during the last quarter. San Francisco Sentry Investment Group CA bought a new stake in shares of Paychex during the second quarter valued at approximately $145,000. Finally, Bank of Nova Scotia Trust Co. bought a new stake in shares of Paychex during the third quarter valued at approximately $188,000. 67.02% of the stock is currently owned by hedge funds and other institutional investors.
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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