Paychex (NASDAQ:PAYX) Price Target Cut to $140.00 by Analysts at Cowen

Paychex (NASDAQ:PAYXGet Rating) had its target price lowered by stock analysts at Cowen from $151.00 to $140.00 in a research report issued on Tuesday, The Fly reports. Cowen’s price target would suggest a potential upside of 23.89% from the company’s current price.

A number of other research analysts have also weighed in on PAYX. Robert W. Baird increased their price target on Paychex from $137.00 to $142.00 in a research note on Thursday, March 31st. Bank of America raised Paychex from an “underperform” rating to a “neutral” rating and set a $125.00 price target on the stock in a research note on Wednesday, March 9th. Citigroup increased their price target on Paychex from $140.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 6th. StockNews.com began coverage on Paychex in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Jefferies Financial Group cut their target price on Paychex from $140.00 to $130.00 in a research report on Monday, May 23rd. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Paychex presently has a consensus rating of “Hold” and an average target price of $127.86.

Paychex stock opened at $113.00 on Tuesday. Paychex has a fifty-two week low of $101.73 and a fifty-two week high of $141.92. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.27 and a current ratio of 1.27. The company has a market capitalization of $40.80 billion, a P/E ratio of 30.13, a PEG ratio of 3.70 and a beta of 0.98. The stock has a 50-day simple moving average of $124.86 and a 200-day simple moving average of $125.12.

Paychex (NASDAQ:PAYXGet Rating) last released its earnings results on Wednesday, March 30th. The business services provider reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.11. Paychex had a return on equity of 43.02% and a net margin of 30.23%. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the firm posted $0.96 EPS. The firm’s quarterly revenue was up 14.8% on a year-over-year basis. As a group, analysts forecast that Paychex will post 3.75 earnings per share for the current year.

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

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in Paychex by 0.6% during the first quarter. BlackRock Inc. now owns 30,565,936 shares of the business services provider’s stock worth $4,171,334,000 after purchasing an additional 185,683 shares in the last quarter. Vanguard Group Inc. grew its position in Paychex by 0.8% in the first quarter. Vanguard Group Inc. now owns 29,343,942 shares of the business services provider’s stock worth $4,004,568,000 after buying an additional 222,549 shares during the last quarter. Capital International Investors grew its position in Paychex by 9.7% in the first quarter. Capital International Investors now owns 16,362,480 shares of the business services provider’s stock worth $2,233,017,000 after buying an additional 1,445,699 shares during the last quarter. State Street Corp grew its position in Paychex by 4.2% during the 4th quarter. State Street Corp now owns 13,889,507 shares of the business services provider’s stock worth $1,895,918,000 after purchasing an additional 553,659 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Paychex by 33.5% during the 1st quarter. Bank of New York Mellon Corp now owns 12,443,301 shares of the business services provider’s stock worth $1,698,137,000 after purchasing an additional 3,122,688 shares in the last quarter. 80.43% of the stock is currently owned by 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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