Paychex (NASDAQ:PAYX) PT Lowered to $75.00 at Deutsche Bank

Paychex (NASDAQ:PAYX) had its target price reduced by Deutsche Bank from $80.00 to $75.00 in a report issued on Wednesday morning, The Fly reports. They currently have a hold rating on the business services provider’s stock.

Several other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Paychex from $91.00 to $70.00 and set an underweight rating on the stock in a research report on Wednesday, March 18th. Jefferies Financial Group reduced their price target on shares of Paychex from $82.00 to $68.00 and set a hold rating on the stock in a research report on Wednesday, March 25th. BMO Capital Markets reduced their price target on shares of Paychex from $87.00 to $70.00 and set a market perform rating on the stock in a research report on Thursday, March 26th. BidaskClub downgraded shares of Paychex from a hold rating to a sell rating in a research report on Thursday, March 19th. Finally, Robert W. Baird reduced their price target on shares of Paychex from $87.00 to $67.00 and set a neutral rating on the stock in a research report on Thursday, March 26th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $70.82.

Shares of NASDAQ:PAYX traded up $0.18 on Wednesday, hitting $67.58. The stock had a trading volume of 1,370,639 shares, compared to its average volume of 2,460,043. Paychex has a twelve month low of $47.87 and a twelve month high of $90.54. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.19 and a current ratio of 1.19. The firm’s 50 day moving average price is $65.71 and its 200-day moving average price is $78.00. The company has a market capitalization of $24.18 billion, a price-to-earnings ratio of 22.01, a price-to-earnings-growth ratio of 2.81 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, March 25th. The business services provider reported $0.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.02. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.14 billion. Paychex had a net margin of 26.98% and a return on equity of 41.68%. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.89 EPS. As a group, sell-side analysts predict that Paychex will post 3 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 28th. Shareholders of record on Friday, May 15th will be issued a dividend of $0.62 per share. The ex-dividend date is Thursday, May 14th. This represents a $2.48 annualized dividend and a yield of 3.67%. Paychex’s dividend payout ratio is currently 87.32%.

In related news, Director Tom Bonadio purchased 1,650 shares of the stock in a transaction dated Friday, March 27th. The stock was bought at an average cost of $60.59 per share, with a total value of $99,973.50. Following the purchase, the director now directly owns 15,157 shares in the company, valued at approximately $918,362.63. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.70% of the company’s stock.

Several hedge funds have recently made changes to their positions in PAYX. Cedar Mountain Advisors LLC bought a new stake in shares of Paychex in the 4th quarter valued at about $25,000. Stonebridge Financial Planning Group LLC bought a new stake in shares of Paychex in the 4th quarter valued at about $26,000. Laurel Wealth Advisors LLC bought a new stake in shares of Paychex in the 4th quarter valued at about $28,000. Raab & Moskowitz Asset Management LLC bought a new stake in shares of Paychex in the 4th quarter valued at about $32,000. Finally, Bainco International Investors bought a new stake in shares of Paychex in the 1st quarter valued at about $32,000. 67.99% of the stock is owned by institutional investors.

About Paychex

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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