Shares of Paychex, Inc. (NASDAQ:PAYX) have been given an average recommendation of “Hold” by the fourteen brokerages that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $62.77.
A number of equities analysts recently weighed in on PAYX shares. Royal Bank of Canada reaffirmed a “sell” rating and issued a $57.00 target price on shares of Paychex in a research note on Wednesday, November 15th. BidaskClub raised shares of Paychex from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 7th. Bank of America upped their target price on shares of Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, December 5th. Citigroup raised shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 target price for the company in a research note on Monday, December 4th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $68.00 target price on shares of Paychex in a research note on Friday, December 22nd.
Shares of Paychex (NASDAQ:PAYX) traded up $0.34 during midday trading on Wednesday, reaching $66.81. 3,200,000 shares of the company were exchanged, compared to its average volume of 2,614,634. The firm has a market cap of $23,875.06, a price-to-earnings ratio of 28.67, a PEG ratio of 3.57 and a beta of 0.94. Paychex has a 12-month low of $54.20 and a 12-month high of $73.10.
The firm also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st were given a dividend of $0.50 per share. The ex-dividend date was Wednesday, January 31st. This represents a $2.00 annualized dividend and a yield of 2.99%. Paychex’s dividend payout ratio (DPR) is presently 85.84%.
In other Paychex news, VP Jennifer R. Vossler sold 10,000 shares of the business’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $68.29, for a total transaction of $682,900.00. Following the sale, the vice president now directly owns 31,578 shares of the company’s stock, valued at approximately $2,156,461.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael E. Gioja sold 34,311 shares of the business’s stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the sale, the insider now directly owns 63,374 shares in the company, valued at $4,367,102.34. The disclosure for this sale can be found here. Insiders own 11.70% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its position in Paychex by 0.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,901,485 shares of the business services provider’s stock worth $473,772,000 after buying an additional 64,254 shares in the last quarter. American International Group Inc. lifted its position in Paychex by 1,975.5% during the 4th quarter. American International Group Inc. now owns 7,203,048 shares of the business services provider’s stock worth $490,384,000 after buying an additional 6,856,001 shares in the last quarter. Geode Capital Management LLC lifted its position in Paychex by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 4,134,880 shares of the business services provider’s stock worth $281,020,000 after buying an additional 129,431 shares in the last quarter. UBS Asset Management Americas Inc. lifted its position in Paychex by 0.8% during the 4th quarter. UBS Asset Management Americas Inc. now owns 2,147,293 shares of the business services provider’s stock worth $146,188,000 after buying an additional 16,395 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Paychex by 4.0% in the 3rd quarter. Legal & General Group Plc now owns 2,029,653 shares of the business services provider’s stock valued at $121,718,000 after purchasing an additional 78,937 shares during the period. 67.98% of the stock is currently owned by hedge funds and other institutional investors.
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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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