TD Private Client Wealth LLC Sells 4,146 Shares of Paychex, Inc. (NASDAQ:PAYX)

TD Private Client Wealth LLC cut its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 9.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,738 shares of the business services provider's stock after selling 4,146 shares during the period. TD Private Client Wealth LLC's holdings in Paychex were worth $5,976,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of PAYX. Meeder Asset Management Inc. grew its stake in shares of Paychex by 220.7% in the 4th quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock worth $26,000 after purchasing an additional 128 shares during the last quarter. WealthTrak Capital Management LLC bought a new stake in Paychex during the 4th quarter worth about $28,000. MorganRosel Wealth Management LLC acquired a new stake in Paychex during the 1st quarter worth $34,000. Alpine Bank Wealth Management acquired a new stake in Paychex during the 1st quarter worth $34,000. Finally, Tsfg LLC grew its holdings in Paychex by 122.3% during the 1st quarter. Tsfg LLC now owns 229 shares of the business services provider's stock worth $35,000 after acquiring an additional 126 shares during the period. Institutional investors and hedge funds own 83.47% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PAYX shares. Stifel Nicolaus decreased their price objective on Paychex from $156.00 to $152.00 and set a "hold" rating for the company in a research note on Thursday, June 26th. Royal Bank Of Canada set a $165.00 target price on Paychex and gave the stock a "sector perform" rating in a research report on Tuesday, June 24th. JPMorgan Chase & Co. increased their price target on shares of Paychex from $140.00 to $148.00 and gave the company an "underweight" rating in a research report on Wednesday, June 18th. UBS Group decreased their price objective on shares of Paychex from $155.00 to $145.00 and set a "neutral" rating for the company in a report on Thursday, June 26th. Finally, Citigroup set a $158.00 target price on shares of Paychex and gave the stock a "neutral" rating in a report on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating and ten have given a hold rating to the company's stock. According to data from MarketBeat.com, Paychex has a consensus rating of "Hold" and an average target price of $150.20.

Paychex Stock Down 0.4%

PAYX stock traded down $0.63 during trading on Thursday, reaching $145.31. 2,792,887 shares of the stock were exchanged, compared to its average volume of 1,979,737. The company has a current ratio of 1.28, a quick ratio of 1.39 and a debt-to-equity ratio of 1.10. Paychex, Inc. has a twelve month low of $115.40 and a twelve month high of $161.24. The firm's 50 day moving average is $152.08 and its 200 day moving average is $148.12. The firm has a market cap of $52.34 billion, a P/E ratio of 31.80, a price-to-earnings-growth ratio of 3.32 and a beta of 0.88.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share (EPS) 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 business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the firm posted $1.12 EPS. As a group, research analysts forecast that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, July 21st will be paid a $1.08 dividend. The ex-dividend date is Monday, July 21st. This represents a $4.32 annualized dividend and a yield of 2.97%. Paychex's dividend payout ratio (DPR) is 94.53%.

Insider Buying and Selling

In related news, Director Joseph M. Velli sold 3,650 shares of Paychex stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $149.25, for a total value of $544,762.50. Following the sale, the director owned 78,455 shares of the company's stock, valued at approximately $11,709,408.75. The trade was a 4.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 11.40% of the company's stock.

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.