TD Private Client Wealth LLC Boosts Stock Holdings in Paychex, Inc. $PAYX

TD Private Client Wealth LLC boosted its position in shares of Paychex, Inc. (NASDAQ:PAYX) by 64.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,007 shares of the business services provider’s stock after buying an additional 16,925 shares during the period. TD Private Client Wealth LLC’s holdings in Paychex were worth $4,825,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. North Dakota State Investment Board purchased a new stake in shares of Paychex in the fourth quarter valued at approximately $1,241,000. Rossmore Private Capital grew its position in shares of Paychex by 78.8% in the fourth quarter. Rossmore Private Capital now owns 6,128 shares of the business services provider’s stock valued at $687,000 after purchasing an additional 2,700 shares in the last quarter. Soltis Investment Advisors LLC grew its position in shares of Paychex by 41.0% in the fourth quarter. Soltis Investment Advisors LLC now owns 66,390 shares of the business services provider’s stock valued at $7,448,000 after purchasing an additional 19,310 shares in the last quarter. Ranch Capital Advisors Inc. grew its position in shares of Paychex by 2.4% in the fourth quarter. Ranch Capital Advisors Inc. now owns 16,463 shares of the business services provider’s stock valued at $1,847,000 after purchasing an additional 393 shares in the last quarter. Finally, iA Global Asset Management Inc. grew its position in shares of Paychex by 7.4% in the fourth quarter. iA Global Asset Management Inc. now owns 44,738 shares of the business services provider’s stock valued at $5,019,000 after purchasing an additional 3,092 shares in the last quarter. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PAYX has been the topic of a number of recent analyst reports. Robert W. Baird decreased their price objective on Paychex from $148.00 to $125.00 and set a “neutral” rating on the stock in a report on Thursday, March 26th. Guggenheim initiated coverage on Paychex in a report on Thursday, March 19th. They issued a “neutral” rating on the stock. Morgan Stanley decreased their price objective on Paychex from $123.00 to $107.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 28th. Argus upgraded Paychex to a “strong-buy” rating in a report on Friday, March 27th. Finally, Stephens decreased their price objective on Paychex from $125.00 to $105.00 and set an “equal weight” rating on the stock in a report on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $106.38.

Paychex Stock Performance

Shares of Paychex stock opened at $94.49 on Tuesday. Paychex, Inc. has a one year low of $85.45 and a one year high of $161.24. The company has a market cap of $33.85 billion, a PE ratio of 20.81 and a beta of 0.84. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.26 and a current ratio of 1.26. The business has a 50-day simple moving average of $92.16 and a 200-day simple moving average of $101.98.

Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, March 25th. The business services provider reported $1.71 EPS for the quarter, beating the consensus estimate of $1.67 by $0.04. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.78 billion. Paychex had a return on equity of 48.52% and a net margin of 25.84%.Paychex’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.49 earnings per share. On average, equities research analysts forecast that Paychex, Inc. will post 5.5 EPS for the current fiscal year.

Paychex Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Wednesday, May 13th will be issued a dividend of $1.19 per share. The ex-dividend date of this dividend is Wednesday, May 13th. This is a positive change from Paychex’s previous quarterly dividend of $1.08. This represents a $4.76 annualized dividend and a dividend yield of 5.0%. Paychex’s dividend payout ratio is 104.85%.

Paychex Profile

Paychex, Inc, founded in 1971 by B. Thomas “Tom” Golisano and headquartered in Rochester, New York, is a provider of payroll, human resources, and benefits outsourcing solutions for small- and medium-sized businesses. The company’s core services include payroll processing and tax filing, employee benefits administration, retirement services, and workers’ compensation administration, designed to simplify back-office operations and help clients comply with regulatory and tax requirements.

Paychex offers an integrated technology platform, marketed under the Paychex Flex brand, which delivers cloud-based payroll, HR, time and attendance, and reporting tools.