TD Asset Management Inc boosted its position in Paychex, Inc. (NASDAQ:PAYX – Free Report) by 9.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 634,110 shares of the business services provider’s stock after acquiring an additional 57,165 shares during the period. TD Asset Management Inc owned 0.18% of Paychex worth $70,938,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ritholtz Wealth Management raised its stake in Paychex by 113.2% in the 2nd quarter. Ritholtz Wealth Management now owns 19,006 shares of the business services provider’s stock valued at $2,126,000 after acquiring an additional 10,092 shares during the period. Kesler Norman & Wride LLC increased its position in shares of Paychex by 2.0% during the second quarter. Kesler Norman & Wride LLC now owns 17,985 shares of the business services provider’s stock valued at $2,012,000 after buying an additional 348 shares during the period. LPL Financial LLC increased its position in shares of Paychex by 8.1% during the first quarter. LPL Financial LLC now owns 432,146 shares of the business services provider’s stock valued at $49,520,000 after buying an additional 32,276 shares during the period. Shelton Capital Management increased its position in shares of Paychex by 8.7% during the first quarter. Shelton Capital Management now owns 30,907 shares of the business services provider’s stock valued at $3,542,000 after buying an additional 2,479 shares during the period. Finally, Stratos Wealth Partners LTD. increased its position in shares of Paychex by 3.6% during the second quarter. Stratos Wealth Partners LTD. now owns 10,732 shares of the business services provider’s stock valued at $1,201,000 after buying an additional 374 shares during the period. 72.18% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
PAYX has been the topic of several analyst reports. UBS Group initiated coverage on Paychex in a research report on Tuesday, November 7th. They set a “neutral” rating and a $120.00 price target on the stock. Morgan Stanley upped their price target on Paychex from $125.00 to $127.00 and gave the company an “equal weight” rating in a research report on Thursday, September 28th. StockNews.com started coverage on Paychex in a research report on Thursday, October 5th. They set a “hold” rating on the stock. JPMorgan Chase & Co. boosted their price objective on Paychex from $114.00 to $134.00 and gave the stock an “underweight” rating in a report on Tuesday, August 22nd. Finally, Wedbush reissued a “neutral” rating and set a $115.00 price objective on shares of Paychex in a report on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Paychex presently has a consensus rating of “Hold” and a consensus target price of $121.63.
In other news, VP Michael E. Gioja sold 41,329 shares of the stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $115.79, for a total transaction of $4,785,484.91. Following the completion of the sale, the vice president now owns 19,800 shares of the company’s stock, valued at $2,292,642. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 11.50% of the company’s stock.
Paychex Stock Up 1.6 %
Shares of PAYX opened at $116.26 on Wednesday. The firm has a market cap of $42.00 billion, a P/E ratio of 26.36, a P/E/G ratio of 3.10 and a beta of 0.97. The stock has a 50 day simple moving average of $115.66 and a two-hundred day simple moving average of $115.73. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.24 and a quick ratio of 1.24. Paychex, Inc. has a 1 year low of $104.09 and a 1 year high of $129.70.
Paychex (NASDAQ:PAYX – Get Free Report) last issued its earnings results on Wednesday, September 27th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.02. The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. Paychex had a return on equity of 46.51% and a net margin of 31.40%. Paychex’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 earnings per share. On average, analysts forecast that Paychex, Inc. will post 4.7 earnings per share for the current fiscal year.
Paychex Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Tuesday, November 14th will be paid a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend is Monday, November 13th. Paychex’s dividend payout ratio (DPR) is presently 80.73%.
Paychex Company Profile
Paychex, Inc provides integrated human capital management solutions for human resources (HR), payroll, benefits, 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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