Paychex (NASDAQ:PAYX) had its price target decreased by equities researchers at Jefferies Financial Group from $82.00 to $68.00 in a note issued to investors on Wednesday, The Fly reports. The firm currently has a “hold” rating on the business services provider’s stock. Jefferies Financial Group’s price objective indicates a potential upside of 13.18% from the stock’s previous close.
Several other research analysts have also recently commented on PAYX. Morgan Stanley lowered their target price on Paychex from $67.00 to $61.00 and set an “equal weight” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. reduced their price target on Paychex from $91.00 to $70.00 and set an “underweight” rating on the stock in a research report on Wednesday, March 18th. Citigroup cut Paychex from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a research note on Wednesday, March 18th. BidaskClub downgraded Paychex from a “hold” rating to a “sell” rating in a research report on Thursday, March 19th. Finally, Robert W. Baird boosted their price objective on Paychex from $83.00 to $87.00 and gave the stock a “neutral” rating in a research report on Thursday, December 19th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. Paychex presently has a consensus rating of “Hold” and a consensus price target of $74.00.
PAYX stock traded up $0.52 during midday trading on Wednesday, hitting $60.08. The company’s stock had a trading volume of 5,903,897 shares, compared to its average volume of 2,399,216. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.35. Paychex has a 52-week low of $47.87 and a 52-week high of $90.54. The firm has a market capitalization of $18.04 billion, a P/E ratio of 20.09, a PEG ratio of 2.33 and a beta of 0.88. The firm has a 50-day simple moving average of $78.11 and a 200-day simple moving average of $83.01.
In other Paychex news, VP Michael E. Gioja sold 17,881 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $85.81, for a total value of $1,534,368.61. Following the transaction, the vice president now directly owns 70,023 shares in the company, valued at $6,008,673.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Laurie L. Zaucha sold 19,579 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $89.72, for a total transaction of $1,756,627.88. Following the completion of the transaction, the vice president now owns 48,086 shares in the company, valued at $4,314,275.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 87,823 shares of company stock worth $7,609,568. 11.70% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the company. Quadrant Capital Group LLC boosted its stake in Paychex by 388.1% in the fourth quarter. Quadrant Capital Group LLC now owns 493 shares of the business services provider’s stock valued at $37,000 after acquiring an additional 392 shares in the last quarter. Macquarie Group Ltd. grew its holdings in shares of Paychex by 19.2% during the fourth quarter. Macquarie Group Ltd. now owns 14,540 shares of the business services provider’s stock worth $1,237,000 after purchasing an additional 2,340 shares during the last quarter. TFG Advisers LLC purchased a new position in shares of Paychex during the fourth quarter worth about $416,000. Franklin Resources Inc. increased its position in shares of Paychex by 3.3% during the fourth quarter. Franklin Resources Inc. now owns 218,445 shares of the business services provider’s stock worth $18,581,000 after purchasing an additional 7,075 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in shares of Paychex by 3.7% during the fourth quarter. Nuveen Asset Management LLC now owns 1,313,047 shares of the business services provider’s stock worth $111,688,000 after purchasing an additional 47,377 shares in the last quarter. Institutional investors and hedge funds own 69.23% 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 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.
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