Paychex, Inc. (PAYX) Position Lifted by Toronto Dominion Bank

Toronto Dominion Bank lifted its stake in Paychex, Inc. (NASDAQ:PAYX) by 31.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 117,056 shares of the business services provider’s stock after purchasing an additional 27,820 shares during the period. Toronto Dominion Bank’s holdings in Paychex were worth $6,664,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Northwest Quadrant Wealth Management LLC increased its holdings in shares of Paychex by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 3,923 shares of the business services provider’s stock valued at $228,000 after purchasing an additional 24 shares in the last quarter. Paragon Capital Management LLC increased its holdings in shares of Paychex by 2.4% in the second quarter. Paragon Capital Management LLC now owns 213,047 shares of the business services provider’s stock valued at $12,130,000 after purchasing an additional 4,921 shares in the last quarter. Shelton Capital Management increased its holdings in shares of Paychex by 72.6% in the first quarter. Shelton Capital Management now owns 102,276 shares of the business services provider’s stock valued at $6,024,000 after purchasing an additional 43,033 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Paychex by 314.1% in the first quarter. JPMorgan Chase & Co. now owns 1,001,929 shares of the business services provider’s stock valued at $59,014,000 after acquiring an additional 759,973 shares during the last quarter. Finally, Burney Co. boosted its stake in Paychex by 28.9% in the first quarter. Burney Co. now owns 40,717 shares of the business services provider’s stock valued at $2,398,000 after acquiring an additional 9,135 shares during the last quarter. 67.16% of the stock is owned by institutional investors and hedge funds.

Paychex, Inc. (NASDAQ:PAYX) traded up 1.25% on Friday, hitting $65.40. 2,998,491 shares of the stock traded hands. Paychex, Inc. has a 52 week low of $52.78 and a 52 week high of $65.62. The stock has a 50 day moving average of $60.91 and a 200 day moving average of $58.60. The firm has a market capitalization of $23.48 billion, a PE ratio of 28.68 and a beta of 0.98.

Paychex (NASDAQ:PAYX) last announced its quarterly earnings data on Tuesday, October 3rd. The business services provider reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The business had revenue of $816.80 million during the quarter, compared to the consensus estimate of $816.34 million. Paychex had a return on equity of 43.01% and a net margin of 26.01%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 earnings per share. Equities research analysts anticipate that Paychex, Inc. will post $2.38 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date is Tuesday, October 31st. Paychex’s dividend payout ratio is currently 87.34%.

A number of equities analysts have issued reports on the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $59.00 price objective (up from $55.00) on shares of Paychex in a research note on Wednesday, October 4th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $62.00 price objective (up from $60.00) on shares of Paychex in a research note on Wednesday, October 4th. Royal Bank Of Canada reaffirmed an “underperform” rating and issued a $57.00 price objective (up from $54.00) on shares of Paychex in a research note on Wednesday, October 4th. Robert W. Baird reissued a “hold” rating and set a $64.00 price target on shares of Paychex in a research report on Wednesday, October 4th. Finally, Bank of America Corporation lifted their price target on shares of Paychex from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $60.07.

In other Paychex news, VP Jennifer R. Vossler sold 11,155 shares of the business’s stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $63.07, for a total transaction of $703,545.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Laurie L. Zaucha sold 17,354 shares of the business’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $64.00, for a total value of $1,110,656.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,395 shares of company stock valued at $5,532,183. Company insiders own 11.70% of the company’s stock.

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Paychex Company Profile

Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.

Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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