Paychex (NASDAQ:PAYX) Given New $96.00 Price Target at BMO Capital Markets

Paychex (NASDAQ:PAYX) had its target price hoisted by BMO Capital Markets from $93.00 to $96.00 in a research note issued to investors on Wednesday morning, The Fly reports. BMO Capital Markets currently has a market perform rating on the business services provider’s stock.

PAYX has been the subject of a number of other research reports. Jefferies Financial Group reiterated a hold rating and set a $95.00 price objective (up previously from $85.00) on shares of Paychex in a report on Wednesday, December 23rd. Wolfe Research downgraded shares of Paychex from a market perform rating to an underperform rating and set a $94.00 target price on the stock. in a research report on Wednesday. Smith Barney Citigroup raised their target price on shares of Paychex from $93.00 to $105.00 in a research report on Tuesday, January 5th. Moffett Nathanson raised their target price on shares of Paychex from $100.00 to $105.00 in a research report on Monday, December 28th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their target price on shares of Paychex from $93.00 to $105.00 in a research report on Tuesday, January 5th. 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 target price of $93.00.

Shares of PAYX opened at $94.81 on Wednesday. Paychex has a 1-year low of $60.00 and a 1-year high of $101.15. The company has a 50-day moving average of $94.82 and a 200 day moving average of $89.98. The firm has a market capitalization of $34.19 billion, a price-to-earnings ratio of 32.36, a PEG ratio of 3.81 and a beta of 0.90. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.28 and a quick ratio of 1.28.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Monday, April 5th. The business services provider reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. Paychex had a net margin of 26.66% and a return on equity of 37.99%. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the business posted $0.97 EPS. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, equities analysts anticipate that Paychex will post 2.94 earnings per share for the current fiscal year.

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

In other Paychex news, VP John B. Gibson sold 82,488 shares of the business’s stock in a transaction that occurred on Tuesday, February 2nd. The shares were sold at an average price of $89.79, for a total transaction of $7,406,597.52. Also, CEO Martin Mucci sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, February 26th. The stock was sold at an average price of $91.09, for a total transaction of $4,554,500.00. 11.70% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in PAYX. JJJ Advisors Inc. grew its position in Paychex by 857.1% during the 4th quarter. JJJ Advisors Inc. now owns 268 shares of the business services provider’s stock worth $25,000 after purchasing an additional 240 shares during the last quarter. Addison Advisors LLC purchased a new stake in Paychex during the 4th quarter worth approximately $25,000. Reby Advisors LLC purchased a new stake in Paychex during the 4th quarter worth approximately $28,000. Pflug Koory LLC purchased a new stake in Paychex during the 4th quarter worth approximately $30,000. Finally, Birchcreek Wealth Management LLC purchased a new stake in Paychex during the 4th quarter worth approximately $30,000. 70.00% of the stock is currently owned by 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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