JPMorgan Chase & Co. Increases Paychex (NASDAQ:PAYX) Price Target to $148.00

Paychex (NASDAQ:PAYX - Get Free Report) had its target price boosted by investment analysts at JPMorgan Chase & Co. from $140.00 to $148.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "underweight" rating on the business services provider's stock. JPMorgan Chase & Co.'s price objective points to a potential downside of 2.88% from the stock's previous close.

A number of other equities analysts have also recently weighed in on the stock. Stifel Nicolaus upped their price objective on shares of Paychex from $141.00 to $156.00 and gave the company a "hold" rating in a research report on Thursday, March 27th. Morgan Stanley raised their price target on shares of Paychex from $137.00 to $142.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 27th. Barclays lifted their price target on shares of Paychex from $140.00 to $155.00 and gave the stock an "equal weight" rating in a research note on Monday, March 31st. Jefferies Financial Group reiterated a "hold" rating on shares of Paychex in a research note on Friday, May 23rd. Finally, Cfra Research raised shares of Paychex to a "hold" rating in a report on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $143.36.

Paychex Price Performance

Paychex stock traded down $0.13 during mid-day trading on Wednesday, reaching $152.39. The company had a trading volume of 155,773 shares, compared to its average volume of 1,897,416. The stock's 50-day simple moving average is $151.59 and its 200-day simple moving average is $147.58. The company has a market capitalization of $54.89 billion, a P/E ratio of 31.72, a P/E/G ratio of 3.55 and a beta of 0.92. Paychex has a 1 year low of $115.40 and a 1 year high of $161.24. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 1.39.

Paychex (NASDAQ:PAYX - Get Free Report) last issued its quarterly earnings results on Wednesday, March 26th. The business services provider reported $1.49 EPS for the quarter, topping analysts' consensus estimates of $1.48 by $0.01. Paychex had a net margin of 31.99% and a return on equity of 45.30%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the previous year, the firm posted $1.38 earnings per share. The company's quarterly revenue was up 4.8% compared to the same quarter last year. On average, equities analysts predict that Paychex will post 4.99 EPS for the current year.

Insider Transactions at Paychex

In related news, Director Joseph M. Velli sold 3,650 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total transaction of $544,762.50. Following the transaction, the director now owns 78,455 shares in the company, valued at $11,709,408.75. This trade represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 11.40% of the company's stock.

Hedge Funds Weigh In On Paychex

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Summit Wealth Partners LLC raised its holdings in shares of Paychex by 2.4% in the 1st quarter. Summit Wealth Partners LLC now owns 3,027 shares of the business services provider's stock worth $467,000 after purchasing an additional 70 shares in the last quarter. LGT Group Foundation grew its position in Paychex by 2.8% in the first quarter. LGT Group Foundation now owns 2,528 shares of the business services provider's stock worth $390,000 after buying an additional 70 shares during the last quarter. Golden State Equity Partners increased its holdings in shares of Paychex by 0.9% in the first quarter. Golden State Equity Partners now owns 7,623 shares of the business services provider's stock valued at $1,176,000 after buying an additional 71 shares in the last quarter. Emerald Advisors LLC lifted its position in shares of Paychex by 2.5% during the 4th quarter. Emerald Advisors LLC now owns 3,017 shares of the business services provider's stock valued at $423,000 after acquiring an additional 74 shares during the last quarter. Finally, Palumbo Wealth Management LLC lifted its position in shares of Paychex by 2.4% during the 1st quarter. Palumbo Wealth Management LLC now owns 3,192 shares of the business services provider's stock valued at $492,000 after acquiring an additional 74 shares during the last quarter. 83.47% of the stock is owned by institutional investors.

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.

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