Paychex (NASDAQ:PAYX) PT Raised to $142.00 at UBS Group

Paychex (NASDAQ:PAYX) had its target price boosted by equities researchers at UBS Group from $125.00 to $142.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the business services provider’s stock. UBS Group’s price target indicates a potential upside of 1.89% from the company’s current price.

A number of other research analysts have also commented on the company. Barclays upped their price target on Paychex from $118.00 to $132.00 and gave the company an “equal weight” rating in a research report on Monday, September 23rd. JPMorgan Chase & Co. raised their price target on Paychex from $120.00 to $128.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Morgan Stanley boosted their price objective on shares of Paychex from $122.00 to $133.00 and gave the company an “equal weight” rating in a research report on Wednesday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $130.00 target price on shares of Paychex in a research report on Thursday, June 27th. Finally, Bank of America boosted their price target on shares of Paychex from $111.00 to $113.00 and gave the company an “underperform” rating in a research report on Thursday, June 27th. Two analysts have rated the stock with a sell rating and twelve have given a hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $130.77.

Paychex Stock Performance

NASDAQ:PAYX opened at $139.36 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.37 and a current ratio of 1.37. Paychex has a fifty-two week low of $106.27 and a fifty-two week high of $142.04. The firm has a market cap of $50.13 billion, a PE ratio of 29.84, a price-to-earnings-growth ratio of 3.52 and a beta of 1.00. The business has a 50 day moving average price of $130.19 and a 200-day moving average price of $124.70.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings results on Tuesday, October 1st. The business services provider reported $1.16 earnings per share for the quarter, beating 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 business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the company posted $1.14 EPS. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. Equities research analysts predict that Paychex will post 4.99 earnings per share for the current year.

Insider Activity

In related news, CEO John B. Gibson sold 12,670 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $119.53, for a total value of $1,514,445.10. Following the transaction, the chief executive officer now owns 55,745 shares in the company, valued at approximately $6,663,199.85. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Mark Anthony Bottini sold 8,954 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $123.60, for a total value of $1,106,714.40. Following the completion of the transaction, the vice president now directly owns 79,232 shares in the company, valued at approximately $9,793,075.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO John B. Gibson sold 12,670 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $119.53, for a total value of $1,514,445.10. Following the sale, the chief executive officer now owns 55,745 shares in the company, valued at $6,663,199.85. The disclosure for this sale can be found here. Insiders sold 45,673 shares of company stock worth $5,636,085 over the last three months. 11.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PAYX. Meeder Asset Management Inc. increased its holdings in Paychex by 286.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider’s stock worth $26,000 after buying an additional 163 shares in the last quarter. ORG Partners LLC raised its holdings in shares of Paychex by 227.6% during the second quarter. ORG Partners LLC now owns 249 shares of the business services provider’s stock valued at $29,000 after purchasing an additional 173 shares during the last quarter. ESL Trust Services LLC bought a new position in Paychex during the first quarter valued at approximately $31,000. Chilton Capital Management LLC purchased a new stake in Paychex in the first quarter worth approximately $31,000. Finally, American National Bank grew its position in Paychex by 166.7% in the 2nd quarter. American National Bank now owns 288 shares of the business services provider’s stock worth $34,000 after purchasing an additional 180 shares during the period. Hedge funds and other institutional investors own 83.47% of the company’s stock.

About Paychex

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.