Paychex (NASDAQ:PAYX – Get Free Report) had its price target raised by equities researchers at Stifel Nicolaus from $110.00 to $130.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the business services provider’s stock. Stifel Nicolaus’ target price suggests a potential upside of 12.59% from the company’s current price.
Other equities research analysts have also issued reports about the stock. Weiss Ratings upgraded shares of Paychex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, July 20th. Morgan Stanley raised their price target on Paychex from $107.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 30th. Jefferies Financial Group lifted their price objective on Paychex from $105.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. UBS Group upped their price objective on Paychex from $105.00 to $115.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Citigroup increased their target price on Paychex from $140.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, Paychex currently has a consensus rating of “Hold” and an average target price of $113.40.
Read Our Latest Research Report on Paychex
Paychex Stock Performance
Paychex (NASDAQ:PAYX – Get Free Report) last released its quarterly earnings data on Wednesday, June 24th. The business services provider reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.01. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.60 billion. Paychex had a net margin of 27.03% and a return on equity of 50.90%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.19 earnings per share. Paychex has set its FY 2027 guidance at 5.900-6.010 EPS. Equities research analysts anticipate that Paychex will post 5.96 earnings per share for the current year.
Insiders Place Their Bets
In related news, Director Joseph M. Tucci sold 3,907 shares of Paychex stock in a transaction on Friday, June 26th. The stock was sold at an average price of $98.25, for a total transaction of $383,862.75. Following the transaction, the director directly owned 67,364 shares in the company, valued at approximately $6,618,513. The trade was a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert L. Schrader sold 2,600 shares of the business’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $115.09, for a total value of $299,234.00. Following the sale, the chief financial officer directly owned 18,547 shares of the company’s stock, valued at $2,134,574.23. This represents a 12.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.80% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. 44 Wealth Management LLC raised its stake in Paychex by 2.7% during the 2nd quarter. 44 Wealth Management LLC now owns 3,290 shares of the business services provider’s stock worth $479,000 after acquiring an additional 86 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Paychex by 3.5% in the second quarter. Smartleaf Asset Management LLC now owns 2,645 shares of the business services provider’s stock worth $381,000 after purchasing an additional 89 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Paychex by 6.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,519 shares of the business services provider’s stock valued at $149,000 after purchasing an additional 90 shares during the period. Prosperity Consulting Group LLC raised its position in shares of Paychex by 1.4% during the 3rd quarter. Prosperity Consulting Group LLC now owns 7,270 shares of the business services provider’s stock valued at $922,000 after purchasing an additional 100 shares during the period. Finally, Zacks Investment Management lifted its stake in shares of Paychex by 5.1% during the 3rd quarter. Zacks Investment Management now owns 2,094 shares of the business services provider’s stock valued at $265,000 after buying an additional 101 shares in the last quarter. Institutional investors own 83.47% of the company’s stock.
About Paychex
Paychex, Inc provides payroll, human resources, and employee-benefits services to businesses of various sizes. Its offerings include payroll processing, payroll tax administration, time and attendance solutions, human resources administration, employee onboarding, recruiting support, and compliance assistance.
The company also provides retirement services, health insurance and other employee-benefits administration, workers’ compensation solutions, and professional employer organization services.
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