Paychex (NASDAQ:PAYX) Given New $111.00 Price Target at Bank of America

Paychex (NASDAQ:PAYXGet Free Report) had its price objective raised by equities researchers at Bank of America from $108.00 to $111.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “underperform” rating on the business services provider’s stock. Bank of America‘s price target points to a potential downside of 8.14% from the stock’s previous close.

Several other equities analysts also recently issued reports on the stock. Barclays decreased their price objective on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating for the company in a research note on Friday, December 22nd. Stifel Nicolaus upped their target price on Paychex from $124.00 to $130.00 and gave the company a “hold” rating in a research report on Friday, December 22nd. Evercore ISI reiterated an “in-line” rating and issued a $118.00 price objective on shares of Paychex in a research note on Tuesday, March 26th. Wedbush reaffirmed a “neutral” rating and issued a $115.00 target price on shares of Paychex in a report on Wednesday. Finally, Citigroup decreased their price target on shares of Paychex from $130.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday, December 26th. Two analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to MarketBeat, Paychex has an average rating of “Hold” and a consensus target price of $123.00.

View Our Latest Stock Analysis on PAYX

Paychex Stock Down 1.0 %

NASDAQ:PAYX traded down $1.25 during trading hours on Wednesday, hitting $120.83. The company’s stock had a trading volume of 1,298,834 shares, compared to its average volume of 1,740,842. The stock has a market capitalization of $43.48 billion, a P/E ratio of 26.87, a price-to-earnings-growth ratio of 3.29 and a beta of 0.93. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.23. The stock has a fifty day moving average of $121.98 and a 200-day moving average of $119.61. Paychex has a 52-week low of $104.09 and a 52-week high of $129.70.

Paychex (NASDAQ:PAYXGet Free Report) last issued its earnings results on Tuesday, April 2nd. The business services provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.01. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.46 billion. Paychex had a return on equity of 46.37% and a net margin of 31.62%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the company earned $1.29 EPS. On average, equities analysts forecast that Paychex will post 4.72 earnings per share for the current year.

Paychex declared that its Board of Directors has approved a stock repurchase program on Friday, January 19th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the business services provider to buy up to 0.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, VP Mark Anthony Bottini sold 15,481 shares of Paychex stock in a transaction on Monday, January 29th. The stock was sold at an average price of $120.53, for a total value of $1,865,924.93. Following the transaction, the vice president now owns 82,690 shares in the company, valued at $9,966,625.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Paychex

Several institutional investors have recently bought and sold shares of PAYX. Confluence Investment Management LLC acquired a new position in Paychex during the 1st quarter worth approximately $146,617,000. General Partner Inc. acquired a new position in shares of Paychex during the first quarter worth $76,000. Nomura Holdings Inc. purchased a new position in shares of Paychex in the fourth quarter valued at $774,000. HighPoint Advisor Group LLC acquired a new stake in Paychex during the 4th quarter valued at $642,000. Finally, Fairman Group LLC purchased a new stake in Paychex during the 4th quarter worth $65,000. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Paychex Company Profile

(Get Free Report)

Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses in the United States, Europe, and India. It 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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