Could Paychex, Inc. (PAYX) Increase Even More? The Stock Formed Bullish Double Top Chart Pattern

February 14, 2018 - By Ellis Scott

Investors sentiment decreased to 1.02 in 2017 Q3. Its down 0.01, from 1.03 in 2017Q2. It worsened, as 57 investors sold Paychex, Inc. shares while 263 reduced holdings. 65 funds opened positions while 260 raised stakes. 238.82 million shares or 0.48% more from 237.67 million shares in 2017Q2 were reported.
Pacific Glob Comm holds 0.14% of its portfolio in Paychex, Inc. (NASDAQ:PAYX) for 10,192 shares. 7,225 were reported by Advisory Svcs Ntwk Llc. 835,679 were reported by Mitsubishi Ufj. Opus Cap Ltd Liability Corporation invested in 11,535 shares. The Ohio-based Dean Investment Associates Limited Company has invested 0.33% in Paychex, Inc. (NASDAQ:PAYX). South Dakota Invest Council invested in 0.02% or 17,500 shares. Fairfield Bush reported 9,600 shares. 441,941 were accumulated by Prudential Financial. Professional Advisory Services stated it has 3,800 shares or 0.05% of all its holdings. First Bank & Trust Of Omaha holds 0.19% or 50,685 shares. Dupont Cap Mngmt Corporation reported 2,853 shares stake. Cullinan Assocs Inc invested 1.16% in Paychex, Inc. (NASDAQ:PAYX). The Massachusetts-based State Street Corporation has invested 0.07% in Paychex, Inc. (NASDAQ:PAYX). Bender Robert And Assocs has invested 0.23% in Paychex, Inc. (NASDAQ:PAYX). Stock Yards Natl Bank & holds 1.83% in Paychex, Inc. (NASDAQ:PAYX) or 260,850 shares.

Since September 25, 2017, it had 0 insider buys, and 7 selling transactions for $8.57 million activity. The insider MUCCI MARTIN sold 29,786 shares worth $1.88M. Zaucha Laurie L. had sold 15,000 shares worth $930,000 on Tuesday, October 3. Gioja Michael E sold $2.36 million worth of stock or 34,311 shares.

The chart of Paychex, Inc. (PAYX) shows a double top with $69.15 target or 7.00 % above today’s $64.63 share price. The 6 months chart pattern indicates low risk for the $23.21 billion company. It was reported on Feb, 14 by If the $69.15 price target is reached, the company will be worth $1.62 billion more. Double tops are rare but powerful chart patterns.

The stock decreased 0.09% or $0.06 during the last trading session, reaching $64.63. About 1.56M shares traded. Paychex, Inc. (NASDAQ:PAYX) has risen 11.22% since February 14, 2017 and is uptrending. It has underperformed by 5.48% the S&P500.

Paychex, Inc. (NASDAQ:PAYX) Ratings Coverage

Among 18 analysts covering Paychex (NASDAQ:PAYX), 1 have Buy rating, 2 Sell and 15 Hold. Therefore 6% are positive. Paychex had 44 analyst reports since August 14, 2015 according to SRatingsIntel. Bank of America downgraded Paychex, Inc. (NASDAQ:PAYX) on Tuesday, January 9 to “Hold” rating. The stock of Paychex, Inc. (NASDAQ:PAYX) earned “Hold” rating by Robert W. Baird on Tuesday, October 3. The rating was downgraded by Bank of America to “Underperform” on Thursday, January 7. The stock has “Sell” rating by Citigroup on Wednesday, October 4. Stifel Nicolaus maintained it with “Hold” rating and $63.0 target in Tuesday, October 3 report. Wedbush initiated the shares of PAYX in report on Friday, September 9 with “Neutral” rating. The rating was maintained by RBC Capital Markets on Thursday, December 21 with “Sell”. Argus Research maintained the stock with “Buy” rating in Thursday, December 24 report. Compass Point initiated Paychex, Inc. (NASDAQ:PAYX) rating on Friday, April 15. Compass Point has “Sell” rating and $56 target. On Monday, November 20 the stock rating was maintained by RBC Capital Markets with “Sell”.

More recent Paychex, Inc. (NASDAQ:PAYX) news were published by: which released: “NelsonHall Recognizes Paychex as a Leader in Payroll Outsourcing NEAT Report” on February 13, 2018. Also published the news titled: “Paychex Says Report About Potential Merger with M&T Bank Is False” on January 23, 2018.‘s news article titled: “Paychex, Inc. (PAYX) Ex-Dividend Date Scheduled for January 31, 2018” with publication date: January 30, 2018 was also an interesting one.

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