TD Asset Management Inc Sells 590,114 Shares of Paychex, Inc. $PAYX

TD Asset Management Inc lowered its stake in shares of Paychex, Inc. (NASDAQ:PAYX) by 68.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 274,562 shares of the business services provider’s stock after selling 590,114 shares during the quarter. TD Asset Management Inc owned 0.08% of Paychex worth $30,800,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PAYX. Vermillion & White Wealth Management Group LLC bought a new stake in Paychex during the third quarter worth $27,000. Cornerstone Planning Group LLC boosted its position in Paychex by 957.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 296 shares of the business services provider’s stock worth $30,000 after purchasing an additional 268 shares during the last quarter. Stance Capital LLC purchased a new position in Paychex in the third quarter worth $31,000. MMA Asset Management LLC purchased a new position in Paychex in the third quarter worth $32,000. Finally, Kingdom Financial Group LLC. purchased a new position in Paychex in the fourth quarter worth $33,000. Institutional investors own 83.47% of the company’s stock.

Paychex Stock Up 1.1%

Shares of NASDAQ PAYX opened at $100.53 on Friday. Paychex, Inc. has a one year low of $85.45 and a one year high of $161.24. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.26 and a quick ratio of 1.26. The business’s fifty day moving average price is $93.17 and its 200-day moving average price is $100.42. The stock has a market capitalization of $36.02 billion, a PE ratio of 22.14 and a beta of 0.84.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.04. Paychex had a return on equity of 48.52% and a net margin of 25.84%.The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter in the prior year, the firm earned $1.49 EPS. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. On average, equities research analysts anticipate that Paychex, Inc. will post 5.5 EPS for the current year.

Paychex Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Wednesday, May 13th were given a dividend of $1.19 per share. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.7%. This is a boost from Paychex’s previous quarterly dividend of $1.08. Paychex’s payout ratio is currently 104.85%.

Analyst Ratings Changes

Several research firms have weighed in on PAYX. TD Cowen raised Paychex to a “hold” rating in a research report on Monday, May 18th. Citigroup cut their price objective on Paychex from $120.00 to $99.00 and set a “neutral” rating on the stock in a research report on Thursday, March 26th. Guggenheim began coverage on Paychex in a research report on Thursday, March 19th. They issued a “neutral” rating on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Paychex in a research report on Friday, April 24th. Finally, Stephens cut their price objective on Paychex from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, twelve have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $106.38.

Paychex Profile

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.