Paychex (PAYX) Downgraded to “Hold” at BidaskClub

Paychex (NASDAQ:PAYX) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Wednesday.

A number of other analysts have also issued reports on the stock. Royal Bank of Canada reissued a “sell” rating and issued a $57.00 price target on shares of Paychex in a research report on Wednesday, November 15th. Bank of America increased their price target on shares of Paychex from $68.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, December 5th. Citigroup raised shares of Paychex from a “sell” rating to a “neutral” rating and set a $67.00 price target for the company in a research report on Monday, December 4th. Wells Fargo & Co increased their price target on shares of Paychex from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 4th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $59.00 price target (up from $55.00) on shares of Paychex in a research report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating and thirteen have assigned a hold rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $61.87.

Paychex (NASDAQ:PAYX) opened at $67.82 on Wednesday. Paychex has a fifty-two week low of $54.20 and a fifty-two week high of $70.39. The company has a market cap of $24,350.00, a PE ratio of 29.11, a price-to-earnings-growth ratio of 3.71 and a beta of 0.99.

Paychex (NASDAQ:PAYX) last announced its earnings results on Thursday, December 21st. The business services provider reported $0.59 EPS for the quarter, hitting the consensus estimate of $0.59. The company had revenue of $826.50 million during the quarter, compared to analysts’ expectations of $823.48 million. Paychex had a net margin of 26.02% and a return on equity of 42.80%. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period last year, the company posted $0.56 earnings per share. equities research analysts expect that Paychex will post 2.38 EPS for the current fiscal year.

In related news, insider Michael E. Gioja sold 34,311 shares of the firm’s stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $68.91, for a total transaction of $2,364,371.01. Following the transaction, the insider now owns 63,374 shares of the company’s stock, valued at $4,367,102.34. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP John B. Gibson sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $63.70, for a total transaction of $382,200.00. Following the transaction, the vice president now directly owns 21,758 shares in the company, valued at approximately $1,385,984.60. The disclosure for this sale can be found here. 11.70% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of PAYX. DnB Asset Management AS grew its holdings in Paychex by 8.2% during the fourth quarter. DnB Asset Management AS now owns 46,027 shares of the business services provider’s stock valued at $3,134,000 after purchasing an additional 3,500 shares during the last quarter. Confluence Investment Management LLC grew its holdings in Paychex by 1.9% during the fourth quarter. Confluence Investment Management LLC now owns 1,735,799 shares of the business services provider’s stock valued at $118,173,000 after purchasing an additional 31,635 shares during the last quarter. Atlantic Trust Group LLC grew its holdings in Paychex by 22.7% during the third quarter. Atlantic Trust Group LLC now owns 34,831 shares of the business services provider’s stock valued at $2,088,000 after purchasing an additional 6,451 shares during the last quarter. Parametric Portfolio Associates LLC grew its holdings in Paychex by 5.5% during the third quarter. Parametric Portfolio Associates LLC now owns 693,182 shares of the business services provider’s stock valued at $41,563,000 after purchasing an additional 36,202 shares during the last quarter. Finally, AXA grew its holdings in Paychex by 3.4% during the third quarter. AXA now owns 259,299 shares of the business services provider’s stock valued at $15,547,000 after purchasing an additional 8,621 shares during the last quarter. 67.85% of the stock is currently owned by hedge funds and other institutional investors.

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Paychex Company Profile

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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