TD Private Client Wealth LLC Purchases 10,502 Shares of Paychex, Inc. (NASDAQ:PAYX)

TD Private Client Wealth LLC grew its holdings in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 34.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 40,737 shares of the business services provider's stock after purchasing an additional 10,502 shares during the period. TD Private Client Wealth LLC's holdings in Paychex were worth $5,466,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Meeder Asset Management Inc. grew its stake in shares of Paychex by 286.0% in the second quarter. Meeder Asset Management Inc. now owns 220 shares of the business services provider's stock worth $26,000 after acquiring an additional 163 shares during the last quarter. ORG Partners LLC increased its stake in Paychex by 227.6% during the 2nd quarter. ORG Partners LLC now owns 249 shares of the business services provider's stock valued at $29,000 after purchasing an additional 173 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in Paychex in the second quarter worth about $30,000. American National Bank raised its holdings in Paychex by 166.7% in the second quarter. American National Bank now owns 288 shares of the business services provider's stock worth $34,000 after buying an additional 180 shares during the last quarter. Finally, Fortitude Family Office LLC increased its position in shares of Paychex by 42.0% during the third quarter. Fortitude Family Office LLC now owns 250 shares of the business services provider's stock valued at $34,000 after acquiring an additional 74 shares in the last quarter. 83.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PAYX has been the topic of several analyst reports. UBS Group upped their price objective on Paychex from $125.00 to $142.00 and gave the company a "neutral" rating in a research report on Wednesday, October 2nd. Stifel Nicolaus increased their price objective on Paychex from $130.00 to $141.00 and gave the company a "hold" rating in a research report on Wednesday, October 2nd. Jefferies Financial Group boosted their target price on Paychex from $120.00 to $130.00 and gave the stock a "hold" rating in a research report on Wednesday, October 2nd. Morgan Stanley upped their target price on shares of Paychex from $122.00 to $133.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 2nd. Finally, TD Cowen lifted their price target on shares of Paychex from $126.00 to $131.00 and gave the stock a "hold" rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $131.62.

Paychex Stock Performance

Shares of PAYX stock traded down $1.15 during mid-day trading on Wednesday, reaching $141.24. 2,178,982 shares of the company's stock traded hands, compared to its average volume of 1,770,311. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market capitalization of $50.83 billion, a PE ratio of 30.46, a price-to-earnings-growth ratio of 3.92 and a beta of 0.99. Paychex, Inc. has a 12 month low of $114.72 and a 12 month high of $150.71. The firm has a 50 day moving average price of $142.61 and a two-hundred day moving average price of $131.70.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings data on Tuesday, October 1st. The business services provider reported $1.16 EPS for the quarter, topping the consensus estimate of $1.14 by $0.02. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.31 billion. Paychex had a return on equity of 45.97% and a net margin of 31.98%. The business's revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.14 earnings per share. On average, research analysts forecast that Paychex, Inc. will post 4.98 EPS for the current year.

Paychex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 7th were issued a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, November 7th. Paychex's dividend payout ratio is currently 83.58%.

Insiders Place Their Bets

In other Paychex news, VP Michael E. Gioja sold 26,428 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $139.03, for a total transaction of $3,674,284.84. Following the completion of the sale, the vice president now directly owns 14,515 shares of the company's stock, valued at $2,018,020.45. This trade represents a 64.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Robert L. Schrader sold 13,015 shares of Paychex stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $142.35, for a total transaction of $1,852,685.25. Following the sale, the chief financial officer now owns 17,362 shares in the company, valued at approximately $2,471,480.70. The trade was a 42.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,174 shares of company stock worth $7,577,231. Corporate insiders own 11.40% of the company's stock.

Paychex Company Profile

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.