Paychex (NASDAQ: PAYX) has recently received a number of price target changes and ratings updates:
- 10/2/2024 – Paychex had its price target raised by analysts at Royal Bank of Canada from $130.00 to $148.00. They now have a “sector perform” rating on the stock.
- 10/2/2024 – Paychex had its price target raised by analysts at UBS Group AG from $125.00 to $142.00. They now have a “neutral” rating on the stock.
- 10/2/2024 – Paychex had its price target raised by analysts at TD Cowen from $126.00 to $131.00. They now have a “hold” rating on the stock.
- 10/2/2024 – Paychex had its price target raised by analysts at Jefferies Financial Group Inc. from $120.00 to $130.00. They now have a “hold” rating on the stock.
- 10/2/2024 – Paychex had its price target raised by analysts at Stifel Nicolaus from $130.00 to $141.00. They now have a “hold” rating on the stock.
- 10/2/2024 – Paychex had its price target raised by analysts at Morgan Stanley from $122.00 to $133.00. They now have an “equal weight” rating on the stock.
- 9/25/2024 – Paychex had its price target raised by analysts at Citigroup Inc. from $125.00 to $145.00. They now have a “neutral” rating on the stock.
- 9/23/2024 – Paychex had its price target raised by analysts at Barclays PLC from $118.00 to $132.00. They now have an “equal weight” rating on the stock.
- 9/12/2024 – Paychex had its price target raised by analysts at TD Cowen from $121.00 to $126.00. They now have a “hold” rating on the stock.
- 8/20/2024 – Paychex had its price target raised by analysts at JPMorgan Chase & Co. from $120.00 to $128.00. They now have an “underweight” rating on the stock.
Paychex Stock Performance
NASDAQ PAYX opened at $140.71 on Thursday. Paychex, Inc. has a 1 year low of $106.27 and a 1 year high of $142.04. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.37 and a quick ratio of 1.37. The company has a market capitalization of $50.62 billion, a PE ratio of 30.13, a P/E/G ratio of 3.52 and a beta of 1.00. The company has a fifty day moving average of $129.88 and a two-hundred day moving average of $124.60.
Paychex (NASDAQ:PAYX – Get Free Report) last issued its earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.02. Paychex had a net margin of 32.03% and a return on equity of 46.63%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the business posted $1.14 earnings per share. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, analysts expect that Paychex, Inc. will post 4.99 earnings per share for the current year.
Paychex Dividend Announcement
Insider Activity
In other news, CEO John B. Gibson sold 12,670 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $119.53, for a total value of $1,514,445.10. Following the completion of the sale, the chief executive officer now owns 55,745 shares in the company, valued at $6,663,199.85. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO John B. Gibson sold 12,670 shares of Paychex stock in a transaction on Monday, July 15th. The shares were sold at an average price of $119.53, for a total transaction of $1,514,445.10. Following the sale, the chief executive officer now owns 55,745 shares of the company’s stock, valued at approximately $6,663,199.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David J. S. Flaschen sold 14,434 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $125.21, for a total transaction of $1,807,281.14. Following the completion of the transaction, the director now directly owns 5,383 shares of the company’s stock, valued at $674,005.43. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,673 shares of company stock valued at $5,636,085. Company insiders own 11.50% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Paychex by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 30,541,306 shares of the business services provider’s stock worth $3,750,472,000 after purchasing an additional 123,268 shares during the last quarter. Capital International Investors raised its stake in Paychex by 12.8% during the 1st quarter. Capital International Investors now owns 20,878,283 shares of the business services provider’s stock valued at $2,563,853,000 after acquiring an additional 2,373,894 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in Paychex by 2.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 2,687,859 shares of the business services provider’s stock worth $320,151,000 after acquiring an additional 56,793 shares during the period. FIL Ltd lifted its holdings in Paychex by 32.4% in the fourth quarter. FIL Ltd now owns 2,548,000 shares of the business services provider’s stock worth $303,492,000 after purchasing an additional 623,000 shares during the period. Finally, Capital World Investors increased its stake in Paychex by 155.6% during the 1st quarter. Capital World Investors now owns 2,478,325 shares of the business services provider’s stock valued at $304,338,000 after buying an additional 1,508,681 shares during the period. Institutional investors and hedge funds own 83.47% of the company’s stock.
Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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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