Paychex, Inc. (PAYX) Receives $62.77 Consensus Target Price from Analysts

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.

Paychex (NASDAQ:PAYX) last announced its earnings results on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.59. The firm had revenue of $826.50 million during the quarter, compared to analyst estimates of $823.48 million. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.56 EPS. research analysts anticipate that Paychex will post 2.39 earnings per share for the current year.

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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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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