TD Asset Management Inc Has $298.43 Million Holdings in Paychex, Inc. (NASDAQ:PAYX)

Key Points

• TD Asset Management Inc reduced its stake in Paychex, Inc. by 2.0%, holding approximately 1,934,337 shares worth $298,430,000 after selling 39,952 shares during the first quarter.
• Paychex reported a quarterly revenue of $1.43 billion, surpassing analyst estimates of $1.38 billion, and had an earnings per share (EPS) of $1.19.
• The company declared a quarterly dividend of $1.08 per share, with an annualized basis dividend of $4.32 and a yield of 2.92%.

TD Asset Management Inc trimmed its position in Paychex, Inc. (NASDAQ:PAYX - Free Report) by 2.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,934,337 shares of the business services provider's stock after selling 39,952 shares during the quarter. TD Asset Management Inc owned 0.54% of Paychex worth $298,430,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Meeder Asset Management Inc. grew its stake in shares of Paychex by 220.7% during the fourth quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock worth $26,000 after buying an additional 128 shares during the last quarter. WealthTrak Capital Management LLC bought a new stake in shares of Paychex during the fourth quarter worth $28,000. Alpine Bank Wealth Management bought a new stake in shares of Paychex during the first quarter worth $34,000. MorganRosel Wealth Management LLC bought a new stake in shares of Paychex in the first quarter worth $34,000. Finally, Tsfg LLC grew its stake in shares of Paychex by 122.3% in the first quarter. Tsfg LLC now owns 229 shares of the business services provider's stock worth $35,000 after purchasing an additional 126 shares during the last quarter. 83.47% of the stock is owned by institutional investors.

Paychex Stock Down 0.2%

Shares of NASDAQ PAYX traded down $0.29 during trading on Wednesday, hitting $147.00. 543,654 shares of the company traded hands, compared to its average volume of 2,131,758. The business's fifty day moving average is $149.95 and its 200 day moving average is $148.61. Paychex, Inc. has a fifty-two week low of $122.07 and a fifty-two week high of $161.24. The firm has a market capitalization of $52.95 billion, a price-to-earnings ratio of 32.18, a P/E/G ratio of 3.35 and a beta of 0.88. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.28 and a current ratio of 1.28.

Paychex (NASDAQ:PAYX - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The business services provider reported $1.19 earnings per share for the quarter, meeting the consensus estimate of $1.19. Paychex had a net margin of 29.75% and a return on equity of 45.01%. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the business earned $1.12 earnings per share. Equities research analysts predict that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, July 21st will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Monday, July 21st. This represents a $4.32 annualized dividend and a dividend yield of 2.94%. Paychex's dividend payout ratio is currently 94.53%.

Insider Activity

In related news, Chairman Martin Mucci sold 97,526 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $145.17, for a total value of $14,157,849.42. Following the sale, the chairman owned 446,917 shares in the company, valued at $64,878,940.89. This represents a 17.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO John B. Gibson sold 12,370 shares of the company's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $141.92, for a total transaction of $1,755,550.40. Following the completion of the sale, the chief executive officer owned 81,755 shares in the company, valued at $11,602,669.60. This represents a 13.14% decrease in their position. The disclosure for this sale can be found here. 11.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PAYX has been the topic of several analyst reports. Stifel Nicolaus reduced their price objective on shares of Paychex from $156.00 to $152.00 and set a "hold" rating on the stock in a research note on Thursday, June 26th. BMO Capital Markets initiated coverage on shares of Paychex in a research note on Thursday, July 10th. They issued a "market perform" rating and a $160.00 price objective on the stock. Jefferies Financial Group set a $140.00 price objective on shares of Paychex and gave the stock a "hold" rating in a research note on Thursday, June 26th. Royal Bank Of Canada set a $165.00 price objective on shares of Paychex and gave the stock a "sector perform" rating in a research note on Tuesday, June 24th. Finally, Barclays set a $155.00 price objective on shares of Paychex and gave the stock an "equal weight" rating in a research note on Tuesday, June 24th. One research analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company. According to data from MarketBeat, Paychex presently has an average rating of "Hold" and a consensus price target of $150.20.

About Paychex

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), 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.