Citigroup Upgrades Paychex (PAYX) to Neutral

Paychex (NASDAQ:PAYX) was upgraded by Citigroup from a “sell” rating to a “neutral” rating in a research note issued to investors on Monday. The brokerage currently has a $67.00 price target on the business services provider’s stock. Citigroup’s price objective suggests a potential downside of 1.38% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Stifel Nicolaus reiterated a “hold” rating and issued a $61.00 price target on shares of Paychex in a research note on Friday, August 18th. BMO Capital Markets reiterated a “market perform” rating and issued a $62.00 price target (up previously from $60.00) on shares of Paychex in a research note on Wednesday, October 4th. BidaskClub cut Paychex from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 6th. Robert W. Baird reiterated a “hold” rating and issued a $64.00 price target on shares of Paychex in a research note on Wednesday, October 4th. Finally, Morgan Stanley upgraded Paychex from an “underweight” rating to an “equal weight” rating and set a $55.00 price target on the stock in a research note on Wednesday, August 16th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $61.19.

Paychex (NASDAQ:PAYX) opened at $67.94 on Monday. The company has a market capitalization of $24,294.25, a PE ratio of 29.78, a price-to-earnings-growth ratio of 3.66 and a beta of 0.99. Paychex has a one year low of $54.20 and a one year high of $68.56.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The company had revenue of $816.80 million for the quarter, compared to analysts’ expectations of $816.34 million. During the same quarter in the previous year, the firm posted $0.60 earnings per share. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. research analysts forecast that Paychex will post 2.38 earnings per share for the current fiscal year.

In other Paychex news, VP Laurie L. Zaucha sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $60.00, for a total transaction of $900,000.00. Following the sale, the vice president now owns 51,360 shares in the company, valued at $3,081,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP John B. Gibson sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total value of $382,200.00. Following the sale, the vice president now owns 21,758 shares in the company, valued at approximately $1,385,984.60. The disclosure for this sale can be found here. Insiders have sold 94,395 shares of company stock worth $5,914,383 in the last 90 days. 11.70% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of the company. Salem Investment Counselors Inc. grew its holdings in shares of Paychex by 0.6% during the second quarter. Salem Investment Counselors Inc. now owns 1,796 shares of the business services provider’s stock valued at $102,000 after purchasing an additional 11 shares during the last quarter. Alps Advisors Inc. grew its holdings in shares of Paychex by 0.3% during the second quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock valued at $438,000 after purchasing an additional 20 shares during the last quarter. Northwest Quadrant Wealth Management LLC grew its holdings in shares of Paychex by 0.6% during the second quarter. Northwest Quadrant Wealth Management LLC now owns 3,948 shares of the business services provider’s stock valued at $217,000 after purchasing an additional 25 shares during the last quarter. Bruderman Asset Management LLC grew its holdings in shares of Paychex by 0.6% during the second quarter. Bruderman Asset Management LLC now owns 6,834 shares of the business services provider’s stock valued at $389,000 after purchasing an additional 40 shares during the last quarter. Finally, Flagship Harbor Advisors LLC grew its holdings in shares of Paychex by 1.1% during the second quarter. Flagship Harbor Advisors LLC now owns 4,245 shares of the business services provider’s stock valued at $248,000 after purchasing an additional 46 shares during the last quarter. 68.02% of the stock is owned by institutional investors.

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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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