Toronto Dominion Bank increased its stake in Paychex, Inc. (NASDAQ:PAYX) by 17.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 214,301 shares of the business services provider’s stock after buying an additional 31,255 shares during the quarter. Toronto Dominion Bank’s holdings in Paychex were worth $17,182,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of PAYX. We Are One Seven LLC acquired a new stake in shares of Paychex in the fourth quarter valued at about $25,000. Liberty Wealth Management LLC acquired a new stake in shares of Paychex in the fourth quarter valued at about $25,000. TCI Wealth Advisors Inc. grew its stake in shares of Paychex by 404.8% in the first quarter. TCI Wealth Advisors Inc. now owns 318 shares of the business services provider’s stock valued at $26,000 after buying an additional 255 shares in the last quarter. Baldwin Brothers Inc. MA acquired a new stake in shares of Paychex in the fourth quarter valued at about $27,000. Finally, Ellevest Inc. acquired a new stake in shares of Paychex in the first quarter valued at about $27,000. Institutional investors and hedge funds own 68.77% of the company’s stock.

PAYX traded down $0.02 on Friday, reaching $86.62. The company’s stock had a trading volume of 442,274 shares, compared to its average volume of 1,638,913. The company has a market capitalization of $31.11 billion, a P/E ratio of 33.97, a P/E/G ratio of 3.31 and a beta of 1.04. Paychex, Inc. has a 1 year low of $61.32 and a 1 year high of $86.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.11 and a current ratio of 1.11.

Paychex (NASDAQ:PAYX) last issued its quarterly earnings results on Wednesday, March 27th. The business services provider reported $0.89 EPS for the quarter, meeting analysts’ consensus estimates of $0.89. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. Paychex had a return on equity of 43.20% and a net margin of 28.19%. Paychex’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.63 earnings per share. As a group, equities research analysts forecast that Paychex, Inc. will post 2.85 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Tuesday, May 14th. This is an increase from Paychex’s previous quarterly dividend of $0.56. Paychex’s dividend payout ratio (DPR) is currently 97.25%.

In other Paychex news, insider Stephanie L. Schaeffer sold 14,893 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $86.76, for a total transaction of $1,292,116.68. Following the transaction, the insider now owns 63,039 shares of the company’s stock, valued at approximately $5,469,263.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director David J. S. Flaschen sold 18,154 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $84.74, for a total value of $1,538,369.96. Following the transaction, the director now directly owns 34,223 shares in the company, valued at approximately $2,900,057.02. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 135,127 shares of company stock worth $11,173,791. 11.80% of the stock is currently owned by company insiders.

PAYX has been the subject of a number of recent research reports. Credit Suisse Group increased their target price on Paychex from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Thursday, March 28th. Barclays increased their price target on Paychex from $78.00 to $80.00 and gave the company an “equal weight” rating in a report on Monday, April 1st. Finally, Sanford C. Bernstein downgraded Paychex from a “market perform” rating to an “underperform” rating in a report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Paychex has an average rating of “Hold” and a consensus price target of $74.14.

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Paychex Profile

Paychex, Inc provides payroll, human resource (HR), retirement, and insurance services for small to medium-sized businesses in the United States and Europe. The company offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.

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Institutional Ownership by Quarter for Paychex (NASDAQ:PAYX)

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