Paychex, Inc. (NASDAQ:PAYX)‘s stock had its “sell” rating reaffirmed by stock analysts at Jefferies Group LLC in a report issued on Tuesday. They presently have a $50.00 price objective on the stock. Jefferies Group LLC’s price objective indicates a potential downside of 19.76% from the stock’s current price.
Several other brokerages have also commented on PAYX. Argus restated a “buy” rating and set a $70.00 price target on shares of Paychex in a research note on Friday, December 23rd. Deutsche Bank AG restated a “hold” rating and set a $62.00 price target (up from $56.00) on shares of Paychex in a research note on Friday, December 23rd. Wells Fargo & Co restated a “market perform” rating and set a $61.00 price target (up from $57.00) on shares of Paychex in a research note on Friday, December 23rd. Barclays PLC assumed coverage on Paychex in a research note on Tuesday, December 20th. They set an “equal weight” rating and a $63.00 price target for the company. Finally, Royal Bank of Canada set a $55.00 price target on Paychex and gave the stock a “sell” rating in a research note on Saturday, January 21st. Six research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. Paychex has an average rating of “Hold” and an average target price of $57.87.
Paychex (NASDAQ:PAYX) opened at 62.31 on Tuesday. The firm has a market cap of $22.36 billion, a price-to-earnings ratio of 28.98 and a beta of 0.86. The firm’s 50-day moving average price is $60.56 and its 200 day moving average price is $59.14. Paychex has a 52-week low of $51.06 and a 52-week high of $63.03.
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In related news, VP Jennifer R. Vossler sold 5,876 shares of the stock in a transaction dated Wednesday, January 25th. The stock was sold at an average price of $62.01, for a total value of $364,370.76. Following the completion of the transaction, the vice president now owns 23,483 shares of the company’s stock, valued at $1,456,180.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pamela A. Joseph sold 18,500 shares of the stock in a transaction dated Tuesday, January 10th. The shares were sold at an average price of $61.20, for a total value of $1,132,200.00. Following the completion of the transaction, the director now directly owns 25,791 shares of the company’s stock, valued at approximately $1,578,409.20. The disclosure for this sale can be found here. Insiders sold 70,202 shares of company stock valued at $4,290,754 in the last ninety days. Company insiders own 11.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Motco increased its position in shares of Paychex by 17.4% in the third quarter. Motco now owns 1,861 shares of the company’s stock worth $108,000 after buying an additional 276 shares in the last quarter. Financial Architects Inc increased its position in shares of Paychex by 4.1% in the third quarter. Financial Architects Inc now owns 1,914 shares of the company’s stock worth $111,000 after buying an additional 76 shares in the last quarter. Ropes Wealth Advisors LLC increased its position in shares of Paychex by 4.2% in the third quarter. Ropes Wealth Advisors LLC now owns 1,921 shares of the company’s stock worth $111,000 after buying an additional 78 shares in the last quarter. Kernodle & Katon Asset Management Group LLC increased its position in shares of Paychex by 4.6% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 2,068 shares of the company’s stock worth $120,000 after buying an additional 90 shares in the last quarter. Finally, Pacad Investment Ltd. acquired a new position in shares of Paychex during the fourth quarter worth approximately $134,000. 69.28% of the stock is owned by hedge funds and other institutional investors.
Paychex Company Profile
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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