Paychex (NASDAQ:PAYX) had its price target raised by stock analysts at Morgan Stanley from $61.00 to $65.00 in a report released on Thursday, BenzingaRatingsTable reports. The firm presently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s price objective points to a potential upside of 2.88% from the stock’s previous close.
Other research analysts also recently issued reports about the stock. JPMorgan Chase & Co. dropped their target price on shares of Paychex from $91.00 to $70.00 and set an “underweight” rating on the stock in a research report on Wednesday, March 18th. Citigroup downgraded shares of Paychex from a “buy” rating to a “neutral” rating and set a $65.00 target price on the stock. in a research report on Wednesday, March 18th. Stifel Nicolaus lowered their price objective on shares of Paychex from $87.00 to $55.00 and set a “hold” rating on the stock in a research report on Tuesday. Robert W. Baird lowered their price objective on shares of Paychex from $87.00 to $67.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, BidaskClub downgraded shares of Paychex from a “hold” rating to a “sell” rating in a research report on Thursday, March 19th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. Paychex has an average rating of “Hold” and an average target price of $73.09.
Shares of NASDAQ PAYX traded up $3.10 during mid-day trading on Thursday, reaching $63.18. The company had a trading volume of 33,311 shares, compared to its average volume of 4,169,481. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. The firm has a 50 day simple moving average of $78.11 and a two-hundred day simple moving average of $83.01. The stock has a market cap of $21.32 billion, a P/E ratio of 21.19, a PEG ratio of 2.76 and a beta of 0.88. Paychex has a 52-week low of $47.87 and a 52-week high of $90.54.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, March 25th. The business services provider reported $0.97 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.02. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.14 billion. Paychex had a net margin of 26.72% and a return on equity of 41.21%. The company’s revenue was up 6.8% on a year-over-year basis. During the same period last year, the firm posted $0.89 EPS. On average, equities analysts expect that Paychex will post 3.08 EPS for the current year.
In related news, VP Michael E. Gioja sold 50,088 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $85.74, for a total value of $4,294,545.12. Following the completion of the sale, the vice president now owns 70,023 shares in the company, valued at $6,003,772.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael E. Gioja sold 17,881 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $85.81, for a total transaction of $1,534,368.61. Following the completion of the sale, the vice president now owns 70,023 shares of the company’s stock, valued at approximately $6,008,673.63. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,823 shares of company stock worth $7,609,568. Insiders own 11.70% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cedar Mountain Advisors LLC bought a new position in shares of Paychex during the 4th quarter valued at about $25,000. Quantum Capital Management bought a new stake in shares of Paychex during the 3rd quarter worth approximately $26,000. Stonebridge Financial Planning Group LLC bought a new stake in shares of Paychex during the 4th quarter worth approximately $26,000. Laurel Wealth Advisors LLC bought a new stake in shares of Paychex during the 4th quarter worth approximately $28,000. Finally, Manchester Financial Inc. bought a new stake in shares of Paychex during the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 69.23% of the company’s stock.
Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.
Further Reading: What is the price-sales ratio?
Receive News & Ratings for Paychex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex and related companies with MarketBeat.com's FREE daily email newsletter.