Paychex (PAYX) Stock Rating Lowered by BidaskClub
BidaskClub downgraded shares of Paychex (NASDAQ:PAYX) from a strong-buy rating to a buy rating in a report released on Friday morning.
Several other brokerages also recently weighed in on PAYX. Robert W. Baird reaffirmed a hold rating and set a $64.00 price target on shares of Paychex in a report on Wednesday, October 4th. Bank of America increased their price target on Paychex from $68.00 to $73.00 and gave the stock a buy rating in a report on Tuesday, December 5th. BMO Capital Markets reaffirmed a market perform rating and set a $62.00 price target (up from $60.00) on shares of Paychex in a report on Wednesday, October 4th. Citigroup raised Paychex from a sell rating to a neutral rating and set a $67.00 price target for the company in a report on Monday, December 4th. Finally, Morgan Stanley reaffirmed an equal weight rating and set a $59.00 price target (up from $55.00) on shares of Paychex in a report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company. Paychex has an average rating of Hold and an average target price of $61.87.
Shares of Paychex (NASDAQ:PAYX) opened at $68.27 on Friday. The firm has a market capitalization of $24,510.00, a P/E ratio of 29.30, a PEG ratio of 3.71 and a beta of 0.99. Paychex has a fifty-two week low of $54.20 and a fifty-two week high of $70.39.
In other news, VP Laurie L. Zaucha sold 15,000 shares of the firm’s stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $62.00, for a total value of $930,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer R. Vossler sold 11,155 shares of the firm’s stock in a transaction on Friday, October 6th. The shares were sold at an average price of $63.07, for a total value of $703,545.85. The disclosure for this sale can be found here. Insiders sold 79,395 shares of company stock valued at $5,014,383 in the last quarter. 11.70% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of PAYX. Dupont Capital Management Corp acquired a new position in shares of Paychex in the 2nd quarter valued at about $129,000. Alps Advisors Inc. lifted its stake in shares of Paychex by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 7,685 shares of the business services provider’s stock valued at $438,000 after purchasing an additional 20 shares in the last quarter. RiverPoint Capital Management LLC lifted its stake in shares of Paychex by 16.5% in the 2nd quarter. RiverPoint Capital Management LLC now owns 55,320 shares of the business services provider’s stock valued at $3,150,000 after purchasing an additional 7,834 shares in the last quarter. Cobblestone Capital Advisors LLC NY raised its holdings in shares of Paychex by 9.0% during the 2nd quarter. Cobblestone Capital Advisors LLC NY now owns 45,857 shares of the business services provider’s stock valued at $2,611,000 after buying an additional 3,805 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Paychex by 0.4% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,102,734 shares of the business services provider’s stock valued at $62,790,000 after buying an additional 4,647 shares during the period. 67.82% of the stock is currently owned by institutional investors and hedge funds.
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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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