Paychex (NASDAQ:PAYX) Price Target Raised to $109.00

Paychex (NASDAQ:PAYX) had its price target boosted by equities research analysts at Morgan Stanley from $107.00 to $109.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 9.21% from the stock’s current price.

A number of other analysts have also recently issued reports on PAYX. UBS Group dropped their price objective on Paychex from $100.00 to $98.00 and set a “neutral” rating on the stock in a report on Thursday. Stephens lowered their target price on shares of Paychex from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 26th. TD Cowen lifted their price target on Paychex from $94.00 to $98.00 and gave the stock a “hold” rating in a research note on Monday, June 8th. Guggenheim assumed coverage on Paychex in a report on Thursday, March 19th. They set a “neutral” rating on the stock. Finally, Robert W. Baird cut their target price on Paychex from $148.00 to $125.00 and set a “neutral” rating for the company in a research note on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $105.80.

Paychex Price Performance

PAYX opened at $99.81 on Tuesday. Paychex has a fifty-two week low of $85.45 and a fifty-two week high of $148.76. The firm has a 50-day moving average of $95.77 and a 200 day moving average of $98.96. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.26 and a current ratio of 1.26. The firm has a market cap of $35.76 billion, a P/E ratio of 20.41 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last issued its earnings results on Wednesday, June 24th. The business services provider reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.01. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.60 billion. Paychex had a return on equity of 50.90% and a net margin of 27.03%.The business’s revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. On average, research analysts expect that Paychex will post 5.96 EPS for the current year.

Hedge Funds Weigh In On Paychex

Hedge funds and other institutional investors have recently made changes to their positions in the business. Brighton Jones LLC increased its position in shares of Paychex by 26.3% during the fourth quarter. Brighton Jones LLC now owns 5,710 shares of the business services provider’s stock valued at $801,000 after buying an additional 1,190 shares during the period. Bison Wealth LLC grew its holdings in shares of Paychex by 3.0% during the 4th quarter. Bison Wealth LLC now owns 4,035 shares of the business services provider’s stock worth $566,000 after acquiring an additional 117 shares during the period. Woodline Partners LP purchased a new position in shares of Paychex during the 1st quarter worth approximately $3,333,000. NewEdge Advisors LLC raised its position in shares of Paychex by 3.2% in the 2nd quarter. NewEdge Advisors LLC now owns 41,081 shares of the business services provider’s stock worth $5,976,000 after acquiring an additional 1,290 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of Paychex by 47.1% in the 2nd quarter. Sei Investments Co. now owns 156,680 shares of the business services provider’s stock worth $22,790,000 after acquiring an additional 50,169 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.

About Paychex

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.