Paychex, Inc. (NASDAQ:PAYX) was downgraded by equities researchers at William Blair from an “outperform” rating to a “market perform” rating in a research note issued on Friday.

Other analysts have also issued reports about the company. BMO Capital Markets reaffirmed a “hold” rating and issued a $60.00 price objective on shares of Paychex in a research note on Thursday, June 29th. Robert W. Baird reduced their price objective on Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Goldman Sachs Group, Inc. (The) lowered Paychex from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $68.00 to $64.00 in a research note on Tuesday, June 20th. Wedbush reaffirmed a “neutral” rating and issued a $61.25 price objective (down from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. Finally, J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $60.00 price objective (down from $62.00) on shares of Paychex in a research note on Friday, June 30th. Five analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $59.16.

Paychex (NASDAQ PAYX) opened at 57.19 on Friday. The company’s 50-day moving average is $58.50 and its 200 day moving average is $59.49. Paychex has a 12 month low of $52.78 and a 12 month high of $63.03. The firm has a market cap of $20.55 billion, a P/E ratio of 25.42 and a beta of 0.96.

Paychex (NASDAQ:PAYX) last released its quarterly earnings data on Wednesday, June 28th. The business services provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The business had revenue of $799 million for the quarter, compared to analyst estimates of $797.70 million. Paychex had a return on equity of 42.65% and a net margin of 25.93%. Paychex’s revenue was up 6.0% compared to the same quarter last year. During the same period last year, the firm posted $0.49 earnings per share. Equities research analysts expect that Paychex will post $2.37 EPS for the current fiscal year.

ILLEGAL ACTIVITY WARNING: This news story was originally published by Daily Political and is the sole property of of Daily Political. If you are reading this news story on another domain, it was copied illegally and reposted in violation of U.S. & international copyright & trademark legislation. The legal version of this news story can be read at https://www.dailypolitical.com/2017/07/21/paychex-inc-payx-downgraded-by-william-blair-to-market-perform.html.

In other news, CEO Martin Mucci sold 33,294 shares of the firm’s stock in a transaction dated Sunday, July 9th. The stock was sold at an average price of $57.40, for a total transaction of $1,911,075.60. Following the completion of the transaction, the chief executive officer now directly owns 254,618 shares in the company, valued at $14,615,073.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael E. Gioja sold 7,343 shares of the firm’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $57.40, for a total value of $421,488.20. Following the transaction, the insider now owns 55,632 shares of the company’s stock, valued at $3,193,276.80. The disclosure for this sale can be found here. Insiders have sold 148,151 shares of company stock valued at $8,604,108 over the last 90 days. 11.60% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the company. Northwest Quadrant Wealth Management LLC increased its position in shares of Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock worth $228,000 after buying an additional 24 shares during the period. Pacer Advisors Inc. increased its position in shares of Paychex by 4.3% in the first quarter. Pacer Advisors Inc. now owns 10,174 shares of the business services provider’s stock worth $599,000 after buying an additional 417 shares during the period. JPMorgan Chase & Co. increased its position in shares of Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock worth $59,014,000 after buying an additional 759,973 shares during the period. Franklin Street Advisors Inc. NC increased its position in shares of Paychex by 7.1% in the first quarter. Franklin Street Advisors Inc. NC now owns 99,336 shares of the business services provider’s stock worth $5,851,000 after buying an additional 6,623 shares during the period. Finally, First Financial Bank N.A. Trust Division increased its position in shares of Paychex by 4.0% in the first quarter. First Financial Bank N.A. Trust Division now owns 76,113 shares of the business services provider’s stock worth $4,483,000 after buying an additional 2,948 shares during the period. Institutional investors own 68.51% of the company’s stock.

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)

Receive News & Ratings for Paychex Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paychex Inc. and related companies with MarketBeat.com's FREE daily email newsletter.