Paychex (NASDAQ:PAYX) Price Target Raised to $111.00 at Bank of America

Paychex (NASDAQ:PAYXGet Free Report) had its target price hoisted by analysts at Bank of America from $108.00 to $111.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “underperform” rating on the business services provider’s stock. Bank of America‘s price objective would indicate a potential downside of 8.14% from the company’s current price.

PAYX has been the topic of several other reports. TD Cowen decreased their price target on shares of Paychex from $122.00 to $121.00 and set a “hold” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. lowered their price objective on Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a research note on Friday, December 22nd. Citigroup cut their target price on Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, December 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a report on Wednesday. Finally, Stifel Nicolaus lifted their target price on Paychex from $124.00 to $130.00 and gave the company a “hold” rating in a research report on Friday, December 22nd. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to data from MarketBeat, Paychex presently has a consensus rating of “Hold” and an average price target of $123.00.

View Our Latest Stock Report on Paychex

Paychex Stock Performance

Shares of PAYX stock traded down $1.25 during trading on Wednesday, reaching $120.83. 1,298,834 shares of the company’s stock were exchanged, compared to its average volume of 1,740,842. The firm’s fifty day moving average price is $121.98 and its 200-day moving average price is $119.61. Paychex has a twelve month low of $104.09 and a twelve month high of $129.70. The stock has a market capitalization of $43.48 billion, a PE ratio of 26.87, a PEG ratio of 3.29 and a beta of 0.93. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.23.

Paychex (NASDAQ:PAYXGet Free Report) last posted its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 EPS for the quarter, beating the consensus estimate of $1.37 by $0.01. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.46 billion. Paychex had a return on equity of 46.37% and a net margin of 31.62%. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.29 earnings per share. As a group, sell-side analysts anticipate that Paychex will post 4.72 EPS for the current year.

Paychex declared that its board has authorized a stock buyback program on Friday, January 19th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the business services provider to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Paychex

In related news, VP Mark Anthony Bottini sold 15,481 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $120.53, for a total transaction of $1,865,924.93. Following the sale, the vice president now owns 82,690 shares in the company, valued at approximately $9,966,625.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 11.50% of the company’s stock.

Hedge Funds Weigh In On Paychex

Several hedge funds have recently bought and sold shares of PAYX. BKM Wealth Management LLC bought a new stake in shares of Paychex during the fourth quarter valued at approximately $1,229,000. Nordea Investment Management AB lifted its holdings in shares of Paychex by 218.8% in the 4th quarter. Nordea Investment Management AB now owns 680,257 shares of the business services provider’s stock worth $80,794,000 after buying an additional 466,890 shares during the period. NBC Securities Inc. bought a new position in shares of Paychex during the 3rd quarter worth $3,311,000. Comerica Bank purchased a new position in shares of Paychex during the second quarter valued at $8,123,000. Finally, Virginia Retirement Systems ET AL bought a new stake in shares of Paychex in the second quarter valued at about $5,940,000. Institutional investors own 83.47% of the company’s stock.

About Paychex

(Get Free Report)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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