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.

Paychex (NASDAQ:PAYX) last posted its quarterly earnings data on Thursday, December 21st. The business services provider reported $0.59 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.59. The business had revenue of $826.50 million during the quarter, compared to the consensus estimate of $823.48 million. Paychex had a return on equity of 44.49% and a net margin of 26.26%. The company’s revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.56 earnings per share. research analysts anticipate that Paychex will post 2.39 EPS for the current fiscal year.

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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About Paychex

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.

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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