Paychex, Inc. (NASDAQ:PAYX) was downgraded by research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Sunday.

PAYX has been the topic of several other research reports. Wedbush reissued a “neutral” rating and set a $61.25 price objective (down previously from $65.00) on shares of Paychex in a research note on Tuesday, June 6th. William Blair lowered shares of Paychex from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. BMO Capital Markets reissued a “hold” rating and set 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 shares of Paychex from $63.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Finally, Morgan Stanley reduced their price objective on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating on the stock in a research note on Friday, June 30th. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $59.16.

Paychex (PAYX) opened at 55.94 on Friday. The firm has a 50-day moving average of $58.16 and a 200 day moving average of $59.28. Paychex has a 1-year low of $52.78 and a 1-year high of $63.03. The firm has a market cap of $20.10 billion, a price-to-earnings ratio of 24.86 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, topping the consensus estimate of $0.53 by $0.01. Paychex had a net margin of 25.93% and a return on equity of 42.65%. The business had revenue of $799 million for the quarter, compared to analyst estimates of $797.70 million. During the same quarter last year, the firm earned $0.49 EPS. Paychex’s quarterly revenue was up 6.0% compared to the same quarter last year. Analysts expect that Paychex will post $2.37 earnings per share for the current fiscal year.

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In other news, VP Laurie L. Zaucha sold 2,884 shares of the business’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $57.39, for a total value of $165,512.76. Following the sale, the vice president now owns 32,906 shares of the company’s stock, valued at $1,888,475.34. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Martin Mucci sold 30,000 shares of the business’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $57.04, for a total transaction of $1,711,200.00. Following the completion of the sale, the chief executive officer now directly owns 237,754 shares in the company, valued at approximately $13,561,488.16. The disclosure for this sale can be found here. In the last three months, insiders sold 103,151 shares of company stock worth $5,916,158. 11.60% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Paychex by 2,782.5% in the first quarter. BlackRock Inc. now owns 25,717,903 shares of the business services provider’s stock worth $1,514,786,000 after buying an additional 24,825,695 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Paychex by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,453,468 shares of the business services provider’s stock worth $1,322,509,000 after buying an additional 573,036 shares in the last quarter. State Street Corp raised its stake in shares of Paychex by 2.2% in the first quarter. State Street Corp now owns 14,205,592 shares of the business services provider’s stock worth $836,708,000 after buying an additional 309,889 shares in the last quarter. FMR LLC raised its stake in shares of Paychex by 6.3% in the first quarter. FMR LLC now owns 9,866,100 shares of the business services provider’s stock worth $581,112,000 after buying an additional 588,027 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Paychex by 1.2% in the first quarter. Wells Fargo & Company MN now owns 8,482,489 shares of the business services provider’s stock worth $499,618,000 after buying an additional 104,154 shares in the last quarter. 68.60% of the stock is currently owned by institutional investors and hedge funds.

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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