Cantor Fitzgerald Cuts Paychex (NASDAQ:PAYX) Price Target to $96.00

Paychex (NASDAQ:PAYX) had its price target lowered by Cantor Fitzgerald from $112.00 to $96.00 in a report issued on Monday,Benzinga reports. The firm currently has an underweight rating on the business services provider’s stock.

A number of other analysts also recently commented on PAYX. Guggenheim reiterated a “neutral” rating on shares of Paychex in a research report on Thursday, September 17th. Royal Bank Of Canada restated a “sector perform” rating and set a $130.00 price target on shares of Paychex in a research report on Thursday, September 24th. Jefferies Financial Group lowered their price objective on shares of Paychex from $120.00 to $110.00 and set a “hold” rating for the company in a research report on Thursday, September 24th. Wolfe Research raised shares of Paychex from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, September 16th. Finally, Stephens cut their target price on Paychex from $132.00 to $113.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Paychex has an average rating of “Hold” and an average target price of $127.59.

Paychex Price Performance

Shares of Paychex stock opened at $98.50 on Monday. Paychex has a 1-year low of $85.45 and a 1-year high of $129.24. The firm has a fifty day simple moving average of $117.70 and a 200-day simple moving average of $104.23. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $35.06 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 2.08 and a beta of 0.82.

Paychex (NASDAQ:PAYX) last announced its earnings results on Wednesday, September 23rd. The business services provider reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.02. Paychex had a return on equity of 52.78% and a net margin of 27.35%.The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the company earned $1.22 EPS. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.896-6.006 EPS. On average, sell-side analysts expect that Paychex will post 5.96 earnings per share for the current year.

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th were given a dividend of $1.19 per share. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $4.76 dividend on an annualized basis and a yield of 4.8%. Paychex’s dividend payout ratio is 94.44%.

Insider Buying and Selling at Paychex

In related news, CFO Robert Schrader sold 2,600 shares of Paychex stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $115.09, for a total value of $299,234.00. Following the sale, the chief financial officer owned 18,547 shares of the company’s stock, valued at approximately $2,134,574.23. The trade was a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Paychex

A number of institutional investors have recently added to or reduced their stakes in PAYX. Hilton Head Capital Partners LLC acquired a new position in shares of Paychex during the 4th quarter worth about $31,000. Leonteq Securities AG increased its stake in shares of Paychex by 2,669.2% during the first quarter. Leonteq Securities AG now owns 360 shares of the business services provider’s stock worth $33,000 after purchasing an additional 347 shares during the period. Field & Main Bank acquired a new stake in shares of Paychex during the second quarter worth $33,000. Castleark Management LLC acquired a new stake in Paychex in the 2nd quarter worth about $35,000. Finally, Elevation Wealth Partners LLC boosted its stake in shares of Paychex by 45.5% in the second quarter. Elevation Wealth Partners LLC now owns 400 shares of the business services provider’s stock valued at $39,000 after buying an additional 125 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Company Profile

Paychex, Inc (NASDAQ: PAYX) provides payroll, human resources and employee benefits solutions for businesses of varying sizes. Its services are designed to help employers manage workforce administration, compliance and employee-related processes through integrated software and professional support.

The company’s offerings include payroll processing, time and attendance tracking, human resources administration, recruiting and onboarding tools, benefits administration, retirement services, workers’ compensation and business insurance solutions.