Paychex, Inc. (PAYX) Stock Rating Lowered by BidaskClub
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.
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.
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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