Analysts Set Paychex, Inc. (NASDAQ:PAYX) PT at $93.00

Paychex, Inc. (NASDAQ:PAYX) has received an average recommendation of “Hold” from the seventeen ratings firms that are presently covering the firm, MarketBeat.com reports. Three equities 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 average 1-year price target among brokers that have updated their coverage on the stock in the last year is $93.00.

Several equities analysts have commented on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Paychex from $81.00 to $98.00 and gave the company a “hold” rating in a report on Monday, January 4th. Wells Fargo & Company assumed coverage on shares of Paychex in a report on Friday, December 18th. They issued an “overweight” rating and a $105.00 price objective on the stock. Moffett Nathanson upped their price objective on shares of Paychex from $100.00 to $105.00 in a report on Monday, December 28th. Wolfe Research reiterated an “underperform” rating and issued a $94.00 price objective on shares of Paychex in a report on Tuesday. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price objective on shares of Paychex from $93.00 to $105.00 in a report on Tuesday, January 5th.

Shares of NASDAQ PAYX traded down $0.28 during midday trading on Friday, reaching $96.47. The company’s stock had a trading volume of 73,540 shares, compared to its average volume of 1,953,163. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.28. Paychex has a fifty-two week low of $60.00 and a fifty-two week high of $101.15. The stock has a market capitalization of $34.76 billion, a price-to-earnings ratio of 32.98, a PEG ratio of 3.81 and a beta of 0.90. The stock has a 50 day simple moving average of $95.65 and a 200-day simple moving average of $90.64.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Monday, April 5th. The business services provider reported $0.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 for the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the company earned $0.97 earnings per share. The firm’s revenue was down 2.7% compared to the same quarter last year. As a group, equities analysts anticipate that Paychex will post 2.94 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 25th. Investors of record on Monday, February 1st were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Friday, January 29th. This represents a $2.48 annualized dividend and a yield of 2.57%. Paychex’s dividend payout ratio is 82.67%.

In other news, VP John B. Gibson sold 82,488 shares of the company’s 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 company’s 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. Insiders have sold 167,782 shares of company stock valued at $15,332,733 in the last ninety days. 11.70% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its stake in shares of Paychex by 0.9% in the fourth quarter. Wells Fargo & Company MN now owns 9,806,799 shares of the business services provider’s stock valued at $913,796,000 after buying an additional 91,717 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Paychex by 19.8% in the fourth quarter. Bank of New York Mellon Corp now owns 7,418,658 shares of the business services provider’s stock valued at $691,270,000 after buying an additional 1,224,938 shares during the period. Select Equity Group L.P. increased its stake in shares of Paychex by 37.9% in the fourth quarter. Select Equity Group L.P. now owns 6,518,891 shares of the business services provider’s stock valued at $607,430,000 after buying an additional 1,792,651 shares during the period. Charles Schwab Investment Management Inc. increased its position in Paychex by 8.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,554,302 shares of the business services provider’s stock valued at $424,370,000 after purchasing an additional 338,582 shares during the period. Finally, Norges Bank acquired a new stake in Paychex during the 4th quarter valued at approximately $195,397,000. 70.00% of the stock is 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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