Robert W. Baird Cuts Paychex (NASDAQ:PAYX) Price Target to $110.00

Paychex (NASDAQ:PAYX) had its target price decreased by Robert W. Baird from $125.00 to $110.00 in a research report report published on Monday, Marketbeat Ratings reports. Robert W. Baird currently has a neutral rating on the business services provider’s stock.

Several other research firms have also commented on PAYX. TD Cowen dropped their target price on Paychex from $117.00 to $105.00 and set a “hold” rating on the stock in a report on Friday, September 25th. Cantor Fitzgerald reaffirmed an “underweight” rating and set a $107.00 price objective on shares of Paychex in a research report on Monday, July 20th. BMO Capital Markets dropped their price objective on Paychex from $118.00 to $113.00 and set a “market perform” rating on the stock in a report on Thursday, September 24th. Royal Bank Of Canada reissued a “sector perform” rating and set a $130.00 target price on shares of Paychex in a research report on Thursday, September 24th. Finally, Wolfe Research upgraded Paychex from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $127.59.

Paychex Stock Down 0.8%

Shares of Paychex stock opened at $98.50 on Monday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.23. Paychex has a 52-week low of $85.45 and a 52-week high of $129.24. The company has a market capitalization of $35.06 billion, a P/E ratio of 19.54, a P/E/G ratio of 2.08 and a beta of 0.82. The company has a 50 day moving average of $117.70 and a 200 day moving average of $104.23.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Wednesday, September 23rd. The business services provider reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.02. Paychex had a net margin of 27.35% and a return on equity of 52.78%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the firm posted $1.22 EPS. The company’s quarterly revenue was up 5.9% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.896-6.006 EPS. As a group, research analysts forecast that Paychex will post 5.96 EPS for the current fiscal year.

Paychex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, July 28th were issued a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend was Tuesday, July 28th. Paychex’s payout ratio is currently 94.44%.

Insider Transactions at Paychex

In related news, CFO Robert Schrader sold 2,600 shares of the company’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $115.09, for a total transaction of $299,234.00. Following the transaction, the chief financial officer owned 18,547 shares of the company’s stock, valued at $2,134,574.23. This represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Paychex

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hilton Head Capital Partners LLC purchased a new position in Paychex in the fourth quarter valued at about $31,000. Leonteq Securities AG boosted its position in Paychex by 2,669.2% during the first quarter. Leonteq Securities AG now owns 360 shares of the business services provider’s stock worth $33,000 after purchasing an additional 347 shares in the last quarter. Field & Main Bank acquired a new stake in Paychex in the second quarter valued at $33,000. Castleark Management LLC purchased a new position in shares of Paychex in the second quarter valued at $35,000. Finally, Elevation Wealth Partners LLC raised its stake in shares of Paychex by 45.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 400 shares of the business services provider’s stock worth $39,000 after buying an additional 125 shares during the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

About Paychex

Paychex, Inc (NASDAQ: PAYX) provides payroll, human resources and employee benefits solutions for businesses of varying sizes. Its services are designed to help employers manage workforce administration, compliance and employee-related processes through integrated software and professional support.

The company’s offerings include payroll processing, time and attendance tracking, human resources administration, recruiting and onboarding tools, benefits administration, retirement services, workers’ compensation and business insurance solutions.