Paychex (PAYX) Downgraded by Bank of America

Bank of America downgraded shares of Paychex (NASDAQ:PAYX) from a neutral rating to an underperform rating in a research note released on Tuesday, Marketbeat Ratings reports.

Other analysts have also recently issued reports about the stock. BidaskClub cut shares of Paychex from a buy rating to a hold rating in a research note on Wednesday, January 10th. Stifel Nicolaus reissued a hold rating and set a $66.00 price target (down from $68.00) on shares of Paychex in a research note on Tuesday, March 27th. Citigroup decreased their price target on shares of Paychex from $67.00 to $64.00 and set a neutral rating on the stock in a research note on Wednesday, March 28th. Morgan Stanley decreased their price target on shares of Paychex from $68.00 to $66.00 and set an equal weight rating on the stock in a research note on Tuesday, March 27th. Finally, Barclays decreased their price target on shares of Paychex from $75.00 to $70.00 and set an equal weight rating on the stock in a research note on Tuesday, March 27th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the company. Paychex currently has a consensus rating of Hold and a consensus target price of $64.94.

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PAYX opened at $60.93 on Tuesday. Paychex has a one year low of $54.20 and a one year high of $73.10. The company has a market cap of $21,926.58, a PE ratio of 27.70, a P/E/G ratio of 3.14 and a beta of 0.98.

Paychex (NASDAQ:PAYX) last released its quarterly earnings results on Monday, March 26th. The business services provider reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.01. Paychex had a net margin of 27.22% and a return on equity of 43.42%. The business had revenue of $866.50 million for the quarter, compared to analysts’ expectations of $853.99 million. During the same period in the prior year, the firm earned $0.55 earnings per share. Paychex’s revenue was up 8.9% compared to the same quarter last year. analysts anticipate that Paychex will post 2.49 EPS for the current fiscal year.

In other Paychex news, insider Michael E. Gioja sold 110,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 29th. The shares were sold at an average price of $61.63, for a total value of $6,779,300.00. Following the transaction, the insider now directly owns 170,974 shares of the company’s stock, valued at $10,537,127.62. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 11.70% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. Reliance Trust Co. of Delaware raised its holdings in Paychex by 4.8% in the fourth quarter. Reliance Trust Co. of Delaware now owns 17,483 shares of the business services provider’s stock worth $1,190,000 after purchasing an additional 797 shares during the period. Summit Securities Group LLC raised its holdings in Paychex by 22.2% in the fourth quarter. Summit Securities Group LLC now owns 4,400 shares of the business services provider’s stock worth $300,000 after purchasing an additional 800 shares during the period. YHB Investment Advisors Inc. raised its holdings in Paychex by 1.4% in the fourth quarter. YHB Investment Advisors Inc. now owns 60,669 shares of the business services provider’s stock worth $4,130,000 after purchasing an additional 828 shares during the period. LVW Advisors LLC raised its holdings in Paychex by 3.6% in the fourth quarter. LVW Advisors LLC now owns 23,810 shares of the business services provider’s stock worth $1,621,000 after purchasing an additional 834 shares during the period. Finally, Raymond James Trust N.A. raised its holdings in Paychex by 1.1% in the fourth quarter. Raymond James Trust N.A. now owns 78,177 shares of the business services provider’s stock worth $5,322,000 after purchasing an additional 837 shares during the period. 68.66% of the stock is currently owned by hedge funds and other institutional investors.

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About Paychex

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

Analyst Recommendations for Paychex (NASDAQ:PAYX)

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