Shares of Paychex, Inc. (NASDAQ:PAYX) have been assigned an average rating of “Hold” from the fifteen research firms that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $68.00.

PAYX has been the topic of several research analyst reports. BidaskClub cut shares of Paychex from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 31st. Robert W. Baird increased their target price on Paychex from $67.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, June 28th. Credit Suisse Group initiated coverage on Paychex in a research note on Friday, August 10th. They issued a “neutral” rating and a $72.00 target price on the stock. JPMorgan Chase & Co. cut Paychex from a “neutral” rating to an “underweight” rating and set a $65.00 target price on the stock. in a research note on Tuesday, August 14th. Finally, Guggenheim initiated coverage on Paychex in a research note on Monday, August 20th. They issued a “neutral” rating and a $75.00 target price on the stock.

In related news, VP John B. Gibson sold 47,250 shares of the stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $73.50, for a total value of $3,472,875.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Laurie L. Zaucha sold 13,320 shares of the stock in a transaction on Wednesday, July 25th. The shares were sold at an average price of $72.00, for a total value of $959,040.00. Following the completion of the transaction, the vice president now directly owns 40,022 shares in the company, valued at approximately $2,881,584. The disclosure for this sale can be found here. In the last three months, insiders sold 248,559 shares of company stock worth $17,599,054. 11.70% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisors Preferred LLC grew its stake in shares of Paychex by 116.4% during the second quarter. Advisors Preferred LLC now owns 1,567 shares of the business services provider’s stock valued at $107,000 after buying an additional 843 shares during the last quarter. Clarus Wealth Advisors bought a new position in shares of Paychex during the second quarter valued at about $109,000. Fort L.P. bought a new position in shares of Paychex during the second quarter valued at about $121,000. Rational Advisors LLC bought a new position in shares of Paychex during the second quarter valued at about $151,000. Finally, Financial Gravity Wealth Inc. bought a new position in shares of Paychex during the first quarter valued at about $137,000. 66.99% of the stock is currently owned by institutional investors and hedge funds.

Shares of Paychex stock traded up $0.17 during trading on Monday, hitting $74.21. The stock had a trading volume of 1,294,000 shares, compared to its average volume of 2,152,109. The stock has a market cap of $26.58 billion, a P/E ratio of 29.12, a PEG ratio of 3.18 and a beta of 0.96. Paychex has a 12 month low of $57.09 and a 12 month high of $74.92.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Wednesday, June 27th. The business services provider reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.01). The firm had revenue of $871.10 million during the quarter, compared to the consensus estimate of $868.60 million. Paychex had a return on equity of 44.29% and a net margin of 27.62%. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 EPS. equities research analysts forecast that Paychex will post 2.84 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 23rd. Investors of record on Wednesday, August 1st were paid a $0.56 dividend. The ex-dividend date was Tuesday, July 31st. This represents a $2.24 dividend on an annualized basis and a yield of 3.02%. Paychex’s dividend payout ratio is presently 87.84%.

About Paychex

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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Analyst Recommendations for Paychex (NASDAQ:PAYX)

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