Paychex (PAYX) Price Target Raised to $69.00

Paychex (NASDAQ:PAYX) had its target price raised by Stifel Nicolaus from $66.00 to $69.00 in a research report released on Thursday morning. They currently have a hold rating on the business services provider’s stock.

A number of other equities research analysts have also weighed in on PAYX. BMO Capital Markets dropped their price objective on shares of Paychex from $70.00 to $63.00 and set a positive rating on the stock in a report on Tuesday, March 27th. JPMorgan Chase & Co. dropped their price objective on shares of Paychex from $69.00 to $65.00 and set a neutral rating on the stock in a report on Tuesday, March 27th. Morgan Stanley dropped their price objective on shares of Paychex from $68.00 to $66.00 and set an equal weight rating on the stock in a report on Tuesday, March 27th. Barclays decreased their target price on shares of Paychex from $75.00 to $70.00 and set an equal weight rating for the company in a research report on Tuesday, March 27th. Finally, Citigroup decreased their target price on shares of Paychex from $67.00 to $64.00 and set a neutral rating for the company in a research report on Wednesday, March 28th. One analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Hold and a consensus target price of $67.40.

Shares of PAYX opened at $68.35 on Thursday. The firm has a market cap of $24.56 billion, a PE ratio of 27.90, a P/E/G ratio of 2.94 and a beta of 1.00. Paychex has a 1-year low of $54.20 and a 1-year high of $73.10.

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

In related news, Director Joseph M. Velli sold 3,079 shares of the business’s stock in a transaction on Friday, May 18th. The shares were sold at an average price of $65.00, for a total transaction of $200,135.00. Following the completion of the transaction, the director now directly owns 29,013 shares in the company, valued at $1,885,845. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.70% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Summit Trail Advisors LLC raised its position in shares of Paychex by 17,216.0% in the first quarter. Summit Trail Advisors LLC now owns 116,537 shares of the business services provider’s stock worth $117,000 after acquiring an additional 115,864 shares during the period. Avestar Capital LLC acquired a new position in shares of Paychex in the fourth quarter worth about $126,000. Financial Gravity Companies Inc. acquired a new position in shares of Paychex in the fourth quarter worth about $127,000. Financial Gravity Wealth Inc. acquired a new position in shares of Paychex in the first quarter worth about $137,000. Finally, Silvant Capital Management LLC acquired a new position in shares of Paychex in the first quarter worth about $158,000. Institutional investors and hedge funds own 68.48% of the company’s stock.

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.

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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