Credit Suisse Group Trims Paychex (NASDAQ:PAYX) Target Price to $140.00

Paychex (NASDAQ:PAYXGet Rating) had its price target lowered by Credit Suisse Group from $165.00 to $140.00 in a report published on Thursday, The Fly reports. The firm currently has an outperform rating on the business services provider’s stock.

Several other equities analysts also recently weighed in on the stock. Morgan Stanley increased their price target on shares of Paychex from $135.00 to $140.00 and gave the stock an equal weight rating in a report on Thursday, March 31st. Bank of America lowered their price objective on Paychex from $138.00 to $124.00 in a research report on Wednesday. Jefferies Financial Group lowered their price objective on Paychex from $140.00 to $130.00 in a research report on Monday, May 23rd. Robert W. Baird upped their price objective on Paychex from $137.00 to $142.00 in a research report on Thursday, March 31st. Finally, Citigroup upped their price objective on Paychex from $140.00 to $145.00 and gave the stock a neutral rating in a research report on Wednesday, April 6th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $130.77.

Shares of NASDAQ:PAYX opened at $116.36 on Thursday. Paychex has a twelve month low of $106.55 and a twelve month high of $141.92. The company’s 50 day moving average is $121.44 and its 200 day moving average is $124.75. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.24. The company has a market cap of $42.01 billion, a PE ratio of 31.03, a price-to-earnings-growth ratio of 4.01 and a beta of 0.98.

Paychex (NASDAQ:PAYXGet Rating) last issued its quarterly earnings results on Wednesday, June 29th. The business services provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.02. Paychex had a net margin of 30.23% and a return on equity of 43.02%. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the company earned $0.72 EPS. Paychex’s quarterly revenue was up 9.7% on a year-over-year basis. Equities research analysts predict that Paychex will post 3.75 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 26th. Stockholders of record on Thursday, May 12th were given a dividend of $0.79 per share. This is a positive change from Paychex’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Wednesday, May 11th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.72%. Paychex’s dividend payout ratio (DPR) is 84.27%.

In related news, VP Karen E. Saunders-Mcclendon sold 203 shares of the stock in a transaction on Friday, April 15th. The stock was sold at an average price of $136.69, for a total value of $27,748.07. Following the completion of the transaction, the vice president now directly owns 2,994 shares of the company’s stock, valued at approximately $409,249.86. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael E. Gioja sold 26,000 shares of the stock in a transaction on Tuesday, April 5th. The shares were sold at an average price of $141.26, for a total value of $3,672,760.00. Following the completion of the transaction, the vice president now directly owns 52,349 shares of the company’s stock, valued at $7,394,819.74. The disclosure for this sale can be found here. Company insiders own 11.50% of the company’s stock.

Large investors have recently modified their holdings of the stock. Pinnacle Private Wealth LLC acquired a new stake in shares of Paychex during the 4th quarter worth about $354,000. Atticus Wealth Management LLC increased its position in shares of Paychex by 229.4% during the 1st quarter. Atticus Wealth Management LLC now owns 1,746 shares of the business services provider’s stock worth $238,000 after purchasing an additional 1,216 shares during the last quarter. DNB Asset Management AS increased its position in shares of Paychex by 4.3% during the 1st quarter. DNB Asset Management AS now owns 65,680 shares of the business services provider’s stock worth $8,963,000 after purchasing an additional 2,719 shares during the last quarter. Equitable Holdings Inc. increased its position in shares of Paychex by 12.4% during the 4th quarter. Equitable Holdings Inc. now owns 2,418 shares of the business services provider’s stock worth $330,000 after purchasing an additional 267 shares during the last quarter. Finally, Chesley Taft & Associates LLC increased its position in shares of Paychex by 3.7% during the 1st quarter. Chesley Taft & Associates LLC now owns 5,700 shares of the business services provider’s stock worth $779,000 after purchasing an additional 206 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

About Paychex (Get Rating)

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 and Europe. The company 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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