Toronto Dominion Bank Increases Position in Paychex, Inc. (PAYX)
Toronto Dominion Bank increased its holdings in shares of Paychex, Inc. (NASDAQ:PAYX) by 31.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also made changes to their positions in the stock. Oak Associates Ltd. OH boosted its position in Paychex by 15.0% during the 2nd quarter. Oak Associates Ltd. OH now owns 169,185 shares of the business services provider’s stock worth $9,633,000 after purchasing an additional 22,100 shares during the period. Cetera Investment Advisers purchased a new stake in Paychex during the 2nd quarter worth $872,000. WINTON GROUP Ltd boosted its position in Paychex by 44.1% during the 2nd quarter. WINTON GROUP Ltd now owns 164,212 shares of the business services provider’s stock worth $9,350,000 after purchasing an additional 50,270 shares during the period. Covington Capital Management boosted its position in Paychex by 6.0% during the 2nd quarter. Covington Capital Management now owns 121,338 shares of the business services provider’s stock worth $6,909,000 after purchasing an additional 6,887 shares during the period. Finally, Koch Industries Inc. boosted its position in Paychex by 13,529.1% during the 2nd quarter. Koch Industries Inc. now owns 560,975 shares of the business services provider’s stock worth $551,000 after purchasing an additional 556,859 shares during the period. 67.36% of the stock is owned by hedge funds and other institutional investors.
In other Paychex news, VP Laurie L. Zaucha sold 15,000 shares of the firm’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $60.00, for a total value of $900,000.00. Following the sale, the vice president now directly owns 51,360 shares in the company, valued at approximately $3,081,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Martin Mucci sold 29,786 shares of the firm’s stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $63.17, for a total transaction of $1,881,581.62. The disclosure for this sale can be found here. Insiders sold a total of 88,395 shares of company stock worth $5,532,183 over the last 90 days. Company insiders own 11.70% of the company’s stock.
Shares of Paychex, Inc. (NASDAQ:PAYX) traded down 0.262% during midday trading on Thursday, hitting $62.865. 95,605 shares of the stock were exchanged. Paychex, Inc. has a 12-month low of $52.78 and a 12-month high of $64.75. The firm has a market cap of $22.59 billion, a P/E ratio of 27.940 and a beta of 0.98. The stock’s 50 day moving average is $60.01 and its 200 day moving average is $58.39.
Paychex (NASDAQ:PAYX) last posted its quarterly earnings results on Tuesday, October 3rd. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. The company had revenue of $816.80 million for the quarter, compared to analyst estimates of $816.34 million. Paychex had a net margin of 26.01% and a return on equity of 43.01%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the business posted $0.60 EPS. On average, equities research analysts forecast that Paychex, Inc. will post $2.38 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be given a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $2.00 annualized dividend and a yield of 3.17%. Paychex’s dividend payout ratio is 87.34%.
A number of analysts recently weighed in on PAYX shares. BMO Capital Markets reaffirmed a “hold” rating and set a $60.00 price target on shares of Paychex in a research report on Thursday, June 29th. Robert W. Baird decreased their price target on shares of Paychex from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Morgan Stanley decreased their price target on shares of Paychex from $56.00 to $55.00 and set an “underweight” rating for the company in a research report on Friday, June 30th. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $60.00 price target (down from $62.00) on shares of Paychex in a research report on Friday, June 30th. Finally, BidaskClub cut shares of Paychex from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 1st. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the company’s stock. Paychex presently has an average rating of “Hold” and an average price target of $60.07.
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.
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