Aegis Wealth Management LLC Acquires New Position in Paychex, Inc. (NASDAQ:PAYX)

Aegis Wealth Management LLC bought a new stake in Paychex, Inc. (NASDAQ:PAYX - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,638 shares of the business services provider's stock, valued at approximately $370,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jones Financial Companies Lllp grew its holdings in shares of Paychex by 120.0% in the fourth quarter. Jones Financial Companies Lllp now owns 6,936 shares of the business services provider's stock worth $973,000 after purchasing an additional 3,783 shares during the last quarter. DAVENPORT & Co LLC grew its holdings in shares of Paychex by 54.6% in the fourth quarter. DAVENPORT & Co LLC now owns 36,057 shares of the business services provider's stock worth $5,056,000 after purchasing an additional 12,732 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Paychex by 1,089.0% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 95,057 shares of the business services provider's stock worth $13,329,000 after purchasing an additional 87,062 shares during the last quarter. Barclays PLC grew its holdings in shares of Paychex by 46.2% in the third quarter. Barclays PLC now owns 1,748,485 shares of the business services provider's stock worth $234,627,000 after purchasing an additional 552,540 shares during the last quarter. Finally, Golden State Equity Partners grew its holdings in shares of Paychex by 117.6% in the fourth quarter. Golden State Equity Partners now owns 7,552 shares of the business services provider's stock worth $1,059,000 after purchasing an additional 4,081 shares during the last quarter. Hedge funds and other institutional investors own 83.47% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Stifel Nicolaus upped their price target on shares of Paychex from $141.00 to $156.00 and gave the stock a "hold" rating in a report on Thursday, March 27th. UBS Group increased their target price on shares of Paychex from $152.00 to $155.00 and gave the stock a "neutral" rating in a report on Tuesday, March 4th. Jefferies Financial Group reiterated a "hold" rating on shares of Paychex in a report on Friday, May 23rd. Citigroup increased their target price on shares of Paychex from $145.00 to $158.00 and gave the stock a "neutral" rating in a report on Thursday, March 27th. Finally, Barclays increased their target price on shares of Paychex from $140.00 to $155.00 and gave the stock an "equal weight" rating in a report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $141.00.

Paychex Stock Up 0.2%

Shares of PAYX stock traded up $0.24 during mid-day trading on Friday, hitting $157.66. 1,993,759 shares of the stock traded hands, compared to its average volume of 1,914,950. The stock has a market cap of $56.79 billion, a P/E ratio of 33.19, a P/E/G ratio of 4.10 and a beta of 0.91. The stock's fifty day moving average is $149.61 and its two-hundred day moving average is $146.59. Paychex, Inc. has a 52-week low of $115.40 and a 52-week high of $159.75. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.39 and a quick ratio of 1.39.

Paychex (NASDAQ:PAYX - Get Free Report) last released its quarterly earnings results on Wednesday, March 26th. The business services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.48 by $0.01. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. Paychex had a net margin of 32.02% and a return on equity of 45.28%. The company's quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.38 earnings per share. Equities analysts predict that Paychex, Inc. will post 4.99 EPS for the current year.

Paychex Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 29th. Shareholders of record on Monday, May 12th were given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 2.74%. This is a positive change from Paychex's previous quarterly dividend of $0.98. The ex-dividend date was Monday, May 12th. Paychex's dividend payout ratio is presently 90.00%.

Insider Buying and Selling at Paychex

In related news, Director Joseph M. Velli sold 3,650 shares of the 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 completion of the transaction, the director now directly owns 78,455 shares of the company's stock, valued at $11,709,408.75. This trade represents a 4.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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.