Paychex (NASDAQ:PAYX) Coverage Initiated by Analysts at BMO Capital Markets

Stock analysts at BMO Capital Markets initiated coverage on shares of Paychex (NASDAQ:PAYX - Get Free Report) in a report issued on Thursday, Marketbeat.com reports. The firm set a "market perform" rating and a $160.00 price target on the business services provider's stock. BMO Capital Markets' price target would indicate a potential upside of 11.66% from the stock's previous close.

PAYX has been the subject of several other reports. Cfra Research raised Paychex to a "hold" rating in a research note on Thursday, March 27th. Morgan Stanley decreased their price target on Paychex from $150.00 to $148.00 and set an "equal weight" rating on the stock in a report on Friday, June 27th. Jefferies Financial Group set a $140.00 price objective on Paychex and gave the stock a "hold" rating in a research report on Thursday, June 26th. Citigroup set a $158.00 price objective on Paychex and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Finally, UBS Group reduced their target price on shares of Paychex from $155.00 to $145.00 and set a "neutral" rating on the stock in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating and ten have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $150.20.

Paychex Price Performance

NASDAQ:PAYX traded down $2.02 during mid-day trading on Thursday, reaching $143.29. 1,910,327 shares of the company were exchanged, compared to its average volume of 1,981,500. The company has a quick ratio of 1.39, a current ratio of 1.28 and a debt-to-equity ratio of 1.10. The stock has a market cap of $51.61 billion, a PE ratio of 31.35, a PEG ratio of 3.28 and a beta of 0.88. Paychex has a 12 month low of $118.58 and a 12 month high of $161.24. The company has a fifty day moving average of $151.92 and a 200 day moving average of $148.26.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.19. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.38 billion. Paychex had a net margin of 29.75% and a return on equity of 45.01%. During the same period in the prior year, the business earned $1.12 earnings per share. On average, research analysts anticipate that Paychex will post 4.99 EPS for the current fiscal year.

Insider Activity

In other news, Chairman Martin Mucci sold 97,526 shares of the company's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $145.17, for a total value of $14,157,849.42. Following the completion of the sale, the chairman directly owned 446,917 shares of the company's stock, valued at $64,878,940.89. This represents a 17.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joseph M. Velli sold 3,650 shares of the 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 completion of the sale, the director owned 78,455 shares in the company, valued at $11,709,408.75. This represents a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Paychex

Hedge funds and other institutional investors have recently made changes to their positions in the company. Summit Wealth Partners LLC increased its position 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 valued at $467,000 after buying an additional 70 shares in the last quarter. LGT Group Foundation increased its holdings in shares of 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 acquiring an additional 70 shares in the last quarter. Golden State Equity Partners raised its position in shares of Paychex by 0.9% during the first quarter. Golden State Equity Partners now owns 7,623 shares of the business services provider's stock worth $1,176,000 after purchasing an additional 71 shares during the period. Palumbo Wealth Management LLC lifted its holdings 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 purchasing an additional 74 shares in the last quarter. Finally, King Wealth Management Group grew its position in shares of Paychex by 4.7% in the 1st quarter. King Wealth Management Group now owns 1,669 shares of the business services provider's stock valued at $257,000 after purchasing an additional 75 shares during the period. 83.47% of the stock is owned by institutional investors.

Paychex Company Profile

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.