Credit Suisse Group Begins Coverage on Paychex (PAYX)

Credit Suisse Group started coverage on shares of Paychex (NASDAQ:PAYX) in a report issued on Friday. The firm set a “neutral” rating and a $72.00 price target on the business services provider’s stock. Credit Suisse Group’s target price would indicate a potential upside of 1.38% from the stock’s current price.

A number of other research analysts have also commented on PAYX. Stifel Nicolaus increased their price objective on Paychex from $66.00 to $69.00 and gave the company a “hold” rating in a report on Thursday, June 28th. BidaskClub raised Paychex from a “buy” rating to a “strong-buy” rating in a report on Friday. ValuEngine raised Paychex from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. Citigroup increased their price objective on Paychex from $64.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, June 28th. Finally, Morgan Stanley raised their target price on Paychex from $66.00 to $67.00 and gave the company an “equal weight” rating in a report on Thursday, June 28th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $67.82.

Shares of NASDAQ PAYX opened at $71.02 on Friday. The stock has a market cap of $25.58 billion, a PE ratio of 27.85, a P/E/G ratio of 3.06 and a beta of 0.94. Paychex has a 52 week low of $54.20 and a 52 week high of $73.10.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Wednesday, June 27th. The business services provider reported $0.61 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.01). The company had revenue of $871.10 million for the quarter, compared to analyst estimates of $868.60 million. Paychex had a net margin of 27.62% and a return on equity of 44.29%. The business’s revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 EPS. analysts expect that Paychex will post 2.84 earnings per share for the current year.

In other Paychex news, Director David J. S. Flaschen sold 6,250 shares of the firm’s stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $69.62, for a total value of $435,125.00. Following the sale, the director now owns 32,787 shares of the company’s stock, valued at approximately $2,282,630.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark Anthony Bottini sold 30,000 shares of Paychex stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $71.03, for a total value of $2,130,900.00. The disclosure for this sale can be found here. Insiders sold a total of 200,388 shares of company stock worth $14,044,274 in the last ninety days. Insiders own 11.70% of the company’s stock.

Large investors have recently made changes to their positions in the company. Advisors Preferred LLC grew its holdings in shares of Paychex by 116.4% during the 2nd quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock worth $107,000 after purchasing an additional 843 shares in the last quarter. Clarus Wealth Advisors acquired a new stake in shares of Paychex during the 2nd quarter worth approximately $109,000. Rational Advisors LLC acquired a new stake in shares of Paychex during the 2nd quarter worth approximately $151,000. Financial Gravity Wealth Inc. acquired a new stake in shares of Paychex during the 1st quarter worth approximately $137,000. Finally, Whitnell & Co. acquired a new stake in shares of Paychex during the 2nd quarter worth approximately $171,000. 68.62% of the stock is currently owned by institutional investors.

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 Germany. The company offers payroll processing services that include 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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