Paychex’s (PAYX) Sell Rating Reiterated at Royal Bank Of Canada

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.

About Paychex

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.

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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