Millstone Evans Group LLC Makes New Investment in Paychex, Inc. (NASDAQ:PAYX)

Millstone Evans Group LLC purchased a new stake in shares of Paychex, Inc. (NASDAQ:PAYX) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 234 shares of the business services provider’s stock, valued at approximately $33,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Monument Capital Management boosted its position in Paychex by 4.4% during the 4th quarter. Monument Capital Management now owns 1,714 shares of the business services provider’s stock worth $240,000 after acquiring an additional 72 shares during the period. Mutual Advisors LLC lifted its holdings in Paychex by 2.6% in the fourth quarter. Mutual Advisors LLC now owns 2,881 shares of the business services provider’s stock worth $423,000 after purchasing an additional 73 shares during the period. Emerald Advisors LLC grew its position in Paychex by 2.5% in the 4th quarter. Emerald Advisors LLC now owns 3,017 shares of the business services provider’s stock valued at $423,000 after buying an additional 74 shares in the last quarter. Weaver Capital Management LLC increased its stake in Paychex by 3.7% during the 4th quarter. Weaver Capital Management LLC now owns 2,121 shares of the business services provider’s stock valued at $297,000 after buying an additional 75 shares during the period. Finally, Adero Partners LLC increased its stake in Paychex by 3.2% during the 4th quarter. Adero Partners LLC now owns 2,391 shares of the business services provider’s stock valued at $335,000 after buying an additional 75 shares during the period. 83.47% of the stock is currently owned by institutional investors and hedge funds.

Paychex Trading Up 1.3 %

Shares of PAYX opened at $144.83 on Tuesday. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.20. Paychex, Inc. has a 1-year low of $114.72 and a 1-year high of $158.37. The stock has a market capitalization of $52.15 billion, a P/E ratio of 30.49, a P/E/G ratio of 4.10 and a beta of 0.98. The business’s 50-day moving average price is $147.86 and its 200 day moving average price is $142.89.

Paychex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Friday, February 7th were issued a dividend of $0.98 per share. The ex-dividend date was Friday, February 7th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.71%. Paychex’s dividend payout ratio is currently 82.53%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Barclays increased their price objective on shares of Paychex from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, December 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $148.00 price target on shares of Paychex in a research report on Friday, December 20th. Finally, UBS Group upped their price objective on Paychex from $152.00 to $155.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat.com, Paychex has an average rating of “Hold” and a consensus price target of $133.23.

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.