Paychex (NASDAQ:PAYX – Get Free Report)‘s stock had its “in-line” rating reiterated by stock analysts at Evercore ISI in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $118.00 price target on the business services provider’s stock. Evercore ISI’s target price points to a potential downside of 1.32% from the stock’s current price.
A number of other research analysts also recently issued reports on PAYX. Royal Bank of Canada restated a “sector perform” rating and issued a $130.00 price target on shares of Paychex in a research report on Friday, December 22nd. Stifel Nicolaus lifted their price objective on shares of Paychex from $124.00 to $130.00 and gave the company a “hold” rating in a research report on Friday, December 22nd. JPMorgan Chase & Co. cut their price objective on shares of Paychex from $134.00 to $126.00 and set an “underweight” rating on the stock in a research report on Friday, December 22nd. TD Cowen reiterated a “market perform” rating and issued a $123.00 price objective (down from $132.00) on shares of Paychex in a research report on Friday, December 22nd. Finally, Barclays cut their price objective on shares of Paychex from $126.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Friday, December 22nd. Two research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $122.77.
Check Out Our Latest Stock Analysis on PAYX
Shares of Paychex stock traded up $0.62 during trading hours on Tuesday, reaching $119.58. The company’s stock had a trading volume of 1,721,827 shares, compared to its average volume of 1,681,579. The company’s 50 day simple moving average is $121.93 and its 200 day simple moving average is $119.50. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.23 and a current ratio of 1.23. Paychex has a one year low of $104.09 and a one year high of $129.70. The stock has a market cap of $43.03 billion, a P/E ratio of 26.57, a price-to-earnings-growth ratio of 3.27 and a beta of 0.94.
Paychex declared that its Board of Directors has approved a stock repurchase program on Friday, January 19th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the business services provider to purchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In other Paychex news, Director David J. S. Flaschen sold 16,031 shares of the firm’s stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $119.79, for a total value of $1,920,353.49. Following the completion of the transaction, the director now directly owns 5,383 shares in the company, valued at $644,829.57. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director David J. S. Flaschen sold 16,031 shares of the firm’s stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $119.79, for a total transaction of $1,920,353.49. Following the completion of the sale, the director now directly owns 5,383 shares in the company, valued at $644,829.57. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Mark Anthony Bottini sold 15,481 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $120.53, for a total transaction of $1,865,924.93. Following the sale, the vice president now owns 82,690 shares of the company’s stock, valued at $9,966,625.70. The disclosure for this sale can be found here. Corporate insiders own 11.50% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. West Tower Group LLC lifted its stake in Paychex by 112.8% in the fourth quarter. West Tower Group LLC now owns 232 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 123 shares during the last quarter. ST Germain D J Co. Inc. acquired a new stake in Paychex in the second quarter valued at approximately $26,000. OFI Invest Asset Management acquired a new stake in Paychex in the third quarter valued at approximately $26,000. Carmel Capital Partners LLC acquired a new stake in Paychex in the third quarter valued at approximately $28,000. Finally, Larson Financial Group LLC raised its position in shares of Paychex by 91.5% in the third quarter. Larson Financial Group LLC now owns 272 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 130 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.
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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