Toronto Dominion Bank Sells 53,191 Shares of Paychex, Inc. (NASDAQ:PAYX)

Toronto Dominion Bank trimmed its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 31.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 116,195 shares of the business services provider's stock after selling 53,191 shares during the period. Toronto Dominion Bank's holdings in Paychex were worth $15,592,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James & Associates increased its holdings in shares of Paychex by 27.4% during the 3rd quarter. Raymond James & Associates now owns 988,417 shares of the business services provider's stock worth $132,636,000 after acquiring an additional 212,700 shares during the last quarter. Guinness Asset Management LTD increased its holdings in shares of Paychex by 4.6% in the third quarter. Guinness Asset Management LTD now owns 1,567,667 shares of the business services provider's stock valued at $210,282,000 after purchasing an additional 68,627 shares during the last quarter. Bahl & Gaynor Inc. raised its position in shares of Paychex by 7.2% in the second quarter. Bahl & Gaynor Inc. now owns 1,703,913 shares of the business services provider's stock valued at $202,016,000 after purchasing an additional 114,132 shares during the period. MBB Public Markets I LLC bought a new position in shares of Paychex in the second quarter valued at about $2,557,000. Finally, Blue Trust Inc. lifted its stake in shares of Paychex by 169.9% during the 3rd quarter. Blue Trust Inc. now owns 7,624 shares of the business services provider's stock worth $1,023,000 after buying an additional 4,799 shares during the last quarter. 83.47% of the stock is owned by institutional investors.

Insider Transactions at Paychex

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

Wall Street Analyst Weigh In

PAYX has been the topic of a number of research reports. Stifel Nicolaus upped their price target on shares of Paychex from $130.00 to $141.00 and gave the company a "hold" rating in a research note on Wednesday, October 2nd. UBS Group upped their target price on Paychex from $125.00 to $142.00 and gave the company a "neutral" rating in a research report on Wednesday, October 2nd. TD Cowen lifted their price target on Paychex from $126.00 to $131.00 and gave the stock a "hold" rating in a report on Wednesday, October 2nd. Barclays boosted their price target on Paychex from $118.00 to $132.00 and gave the company an "equal weight" rating in a research note on Monday, September 23rd. Finally, Morgan Stanley increased their price objective on Paychex from $122.00 to $133.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $131.62.

Paychex Price Performance

PAYX traded down $0.21 on Friday, hitting $140.98. 2,138,089 shares of the stock were exchanged, compared to its average volume of 1,772,005. The firm has a market capitalization of $50.74 billion, a price-to-earnings ratio of 30.10, a PEG ratio of 3.88 and a beta of 0.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. Paychex, Inc. has a 12 month low of $114.72 and a 12 month high of $150.71. The business has a 50-day moving average of $142.66 and a two-hundred day moving average of $131.83.

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

Paychex Announces Dividend

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

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.