Paychex (NASDAQ:PAYX) Given New $94.00 Price Target at Robert W. Baird

Paychex (NASDAQ:PAYX) had its price objective upped by Robert W. Baird from $82.00 to $94.00 in a research note published on Wednesday morning, The Fly reports. They currently have an outperform rating on the business services provider’s stock.

Other equities analysts also recently issued reports about the company. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their target price on Paychex from $93.00 to $105.00 in a research report on Tuesday, January 5th. Jefferies Financial Group reissued a hold rating and issued a $95.00 target price (up from $85.00) on shares of Paychex in a research report on Wednesday, December 23rd. Wolfe Research downgraded Paychex from a market perform rating to an underperform rating and set a $94.00 price target on the stock. in a research report on Wednesday. Wells Fargo & Company assumed coverage on Paychex in a research report on Friday, December 18th. They set an overweight rating and a $105.00 price target on the stock. Finally, Morgan Stanley increased their price target on Paychex from $76.00 to $91.00 and gave the stock an equal weight rating in a research report on Thursday, December 24th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. Paychex has an average rating of Hold and a consensus price target of $93.00.

NASDAQ PAYX opened at $94.81 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.28 and a quick ratio of 1.28. The stock’s fifty day moving average price is $94.82 and its 200 day moving average price is $89.98. Paychex has a 1 year low of $60.00 and a 1 year high of $101.15. The company has a market cap of $34.19 billion, a price-to-earnings ratio of 32.36, a PEG ratio of 3.81 and a beta of 0.90.

Paychex (NASDAQ:PAYX) last released its earnings results on Monday, April 5th. The business services provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.04. Paychex had a return on equity of 37.99% and a net margin of 26.66%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the firm earned $0.97 EPS. The firm’s revenue was down 2.7% on a year-over-year basis. Research analysts expect that Paychex will post 2.94 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, February 25th. Stockholders of record on Monday, February 1st were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 2.62%. The ex-dividend date was Friday, January 29th. Paychex’s payout ratio is currently 82.67%.

In related news, VP John B. Gibson sold 82,488 shares of the firm’s stock in a transaction dated Tuesday, February 2nd. The shares were sold at an average price of $89.79, for a total value of $7,406,597.52. Also, CEO Martin Mucci sold 50,000 shares of the firm’s stock in a transaction dated Friday, February 26th. The shares were sold at an average price of $91.09, for a total transaction of $4,554,500.00. Corporate insiders own 11.70% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. JJJ Advisors Inc. lifted its stake in Paychex by 857.1% in the 4th quarter. JJJ Advisors Inc. now owns 268 shares of the business services provider’s stock valued at $25,000 after buying an additional 240 shares in the last quarter. Addison Advisors LLC purchased a new position in Paychex in the 4th quarter valued at about $25,000. Reby Advisors LLC purchased a new position in Paychex in the 4th quarter valued at about $28,000. Pflug Koory LLC purchased a new position in Paychex in the 4th quarter valued at about $30,000. Finally, International Assets Investment Management LLC purchased a new position in Paychex in the 4th quarter valued at about $30,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Company Profile

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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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Analyst Recommendations for Paychex (NASDAQ:PAYX)

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