Paychex (NASDAQ:PAYX) PT Raised to $132.00

Paychex (NASDAQ:PAYX) had its price objective boosted by Barclays from $118.00 to $132.00 in a report released on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the business services provider’s stock. Barclays‘s price target would suggest a potential downside of 1.22% from the company’s current price.

A number of other analysts have also issued reports on PAYX. Bank of America increased their target price on Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a report on Thursday, June 27th. Robert W. Baird decreased their price objective on Paychex from $126.00 to $124.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. JPMorgan Chase & Co. upped their target price on Paychex from $120.00 to $128.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Royal Bank of Canada restated a “sector perform” rating and set a $130.00 price target on shares of Paychex in a report on Thursday, June 27th. Finally, Morgan Stanley dropped their price objective on shares of Paychex from $125.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, June 27th. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat.com, Paychex currently has a consensus rating of “Hold” and a consensus target price of $124.08.

Paychex Price Performance

PAYX stock opened at $133.63 on Monday. Paychex has a one year low of $106.27 and a one year high of $137.40. The firm has a 50-day moving average of $128.47 and a two-hundred day moving average of $124.03. The firm has a market capitalization of $48.10 billion, a PE ratio of 28.61, a P/E/G ratio of 3.58 and a beta of 1.00. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.21.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, June 26th. The business services provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.10 by $0.02. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. On average, analysts forecast that Paychex will post 4.99 earnings per share for the current year.

Insider Buying and Selling at Paychex

In other news, Chairman Martin Mucci sold 101,490 shares of Paychex stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $117.27, for a total value of $11,901,732.30. Following the transaction, the chairman now directly owns 437,345 shares in the company, valued at $51,287,448.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Martin Mucci sold 101,490 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $117.27, for a total value of $11,901,732.30. Following the sale, the chairman now owns 437,345 shares in the company, valued at $51,287,448.15. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David J. S. Flaschen sold 14,434 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the transaction, the director now directly owns 5,383 shares in the company, valued at approximately $674,005.43. The disclosure for this sale can be found here. Insiders sold 147,163 shares of company stock worth $17,537,817 over the last ninety days. Company insiders own 11.50% of the company’s stock.

Institutional Investors Weigh In On Paychex

Institutional investors have recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Paychex by 30.0% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 143,047 shares of the business services provider’s stock worth $16,960,000 after purchasing an additional 33,047 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Paychex in the 2nd quarter valued at $10,038,000. Clear Rock Advisors LLC lifted its holdings in shares of Paychex by 5.4% during the 2nd quarter. Clear Rock Advisors LLC now owns 23,139 shares of the business services provider’s stock worth $2,743,000 after acquiring an additional 1,195 shares during the period. New Century Financial Group LLC boosted its position in shares of Paychex by 158.5% during the 2nd quarter. New Century Financial Group LLC now owns 5,116 shares of the business services provider’s stock valued at $607,000 after acquiring an additional 3,137 shares in the last quarter. Finally, Founders Financial Alliance LLC bought a new stake in Paychex in the second quarter valued at about $235,000. 83.47% of the stock is owned by institutional investors and hedge funds.

Paychex Company Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.