Paychex (NASDAQ:PAYX) Price Target Cut to $90.00 by Analysts at Morgan Stanley

Paychex (NASDAQ:PAYX) had its price target trimmed by Morgan Stanley from $91.00 to $90.00 in a research report report published on Wednesday, Stock Target Advisor reports. The brokerage currently has an equal weight rating on the business services provider’s stock.

Other research analysts have also issued reports about the company. Wolfe Research lowered Paychex from a market perform rating to an underperform rating and set a $94.00 price objective on the stock. in a report on Wednesday. Robert W. Baird increased their price objective on Paychex from $82.00 to $94.00 and gave the company an outperform rating in a report on Wednesday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price objective on Paychex from $93.00 to $105.00 in a report on Tuesday, January 5th. Wells Fargo & Company started coverage on Paychex in a report on Friday, December 18th. They set an overweight rating and a $105.00 target price on the stock. Finally, Bank of America raised their target price on Paychex from $70.00 to $81.00 in a report on Monday, December 28th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $93.00.

Shares of NASDAQ:PAYX opened at $94.81 on Wednesday. The business’s 50-day moving average is $94.82 and its 200 day moving average is $89.98. Paychex has a 1 year low of $60.00 and a 1 year high of $101.15. The firm has a market capitalization of $34.19 billion, a P/E ratio of 32.36, a P/E/G 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 earnings results on Monday, April 5th. The business services provider reported $0.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.04. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.11 billion. Paychex had a return on equity of 37.99% and a net margin of 26.66%. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.97 EPS. On average, analysts expect that Paychex will post 2.94 EPS 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 given a $0.62 dividend. The ex-dividend date was Friday, January 29th. This represents a $2.48 annualized dividend and a dividend yield of 2.62%. Paychex’s dividend payout ratio (DPR) is presently 82.67%.

In related news, VP John B. Gibson sold 82,488 shares of the stock in a transaction that occurred on Tuesday, February 2nd. The stock was 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 stock in a transaction that occurred on Friday, February 26th. The shares were sold at an average price of $91.09, for a total value of $4,554,500.00. Company insiders own 11.70% of the company’s stock.

Several large investors have recently bought and sold shares of PAYX. Norges Bank acquired a new stake in shares of Paychex in the fourth quarter valued at approximately $195,397,000. Select Equity Group L.P. increased its stake in Paychex by 37.9% during the fourth quarter. Select Equity Group L.P. now owns 6,518,891 shares of the business services provider’s stock worth $607,430,000 after acquiring an additional 1,792,651 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Paychex by 19.8% during the fourth quarter. Bank of New York Mellon Corp now owns 7,418,658 shares of the business services provider’s stock worth $691,270,000 after acquiring an additional 1,224,938 shares during the last quarter. Alliancebernstein L.P. increased its stake in Paychex by 27.6% during the fourth quarter. Alliancebernstein L.P. now owns 1,843,106 shares of the business services provider’s stock worth $171,741,000 after acquiring an additional 398,703 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Paychex by 8.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,554,302 shares of the business services provider’s stock worth $424,370,000 after acquiring an additional 338,582 shares during the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

About Paychex

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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