Paychex (NASDAQ:PAYX) Given New $68.00 Price Target at Jefferies Financial Group

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.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Wednesday, March 25th. The business services provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.02. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.14 billion. Paychex had a return on equity of 41.21% and a net margin of 26.72%. The company’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.89 earnings per share. On average, sell-side analysts expect that Paychex will post 3.09 earnings per share for the current fiscal year.

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.

Featured Story: 52-Week High/Low

The Fly

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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.