Mechanics Bank Trust Department buys $1,022,663 stake in Paychex (PAYX)

Paychex (PAYX) : Mechanics Bank Trust Department scooped up 2,740 additional shares in Paychex during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Apr 21, 2016. The investment management firm now holds a total of 19,565 shares of Paychex which is valued at $1,022,663.Paychex makes up approximately 0.39% of Mechanics Bank Trust Department’s portfolio.

Paychex opened for trading at $52.67 and hit $53.24 on the upside on Wednesday, eventually ending the session at $53.12, with a gain of 0.89% or 0.47 points. The heightened volatility saw the trading volume jump to 16,19,352 shares. Company has a market cap of $19,130 M.

Other Hedge Funds, Including , Appleton Partners Incma reduced its stake in PAYX by selling 300 shares or 4.58% in the most recent quarter. The Hedge Fund company now holds 6,245 shares of PAYX which is valued at $326,426. Paychex makes up approx 0.06% of Appleton Partners Incma’s portfolio. Clean Yield Group added PAYX to its portfolio by purchasing 500 company shares during the most recent quarter which is valued at $26,435. Paychex makes up approx 0.01% of Clean Yield Group’s portfolio.Capital Investment Advisors boosted its stake in PAYX in the latest quarter, The investment management firm added 7,179 additional shares and now holds a total of 27,347 shares of Paychex which is valued at $1,445,836. Paychex makes up approx 0.14% of Capital Investment Advisors’s portfolio.Acadian Asset Management reduced its stake in PAYX by selling 175,124 shares or 85.37% in the most recent quarter. The Hedge Fund company now holds 30,010 shares of PAYX which is valued at $1,586,629. Paychex makes up approx 0.01% of Acadian Asset Management’s portfolio.First Financial Bank N.a. – Trust Division boosted its stake in PAYX in the latest quarter, The investment management firm added 3,589 additional shares and now holds a total of 60,339 shares of Paychex which is valued at $3,178,659. Paychex makes up approx 0.63% of First Financial Bank N.a. – Trust Division’s portfolio.

On the company’s financial health, Paychex reported $0.50 EPS for the quarter, based on the information available during the earnings call on Mar 30, 2016. Analyst had a consensus estimate of $0.50. The company had revenue of $752.60 million for the quarter, compared to analysts expectations of $751.21 million. The company’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS.

Many Wall Street Analysts have commented on Paychex. Compass Point Initiated Paychex on Apr 15, 2016 to “Sell”, Price Target of the shares are set at $45.

Paychex Inc. is a provider of integrated payroll human Resource insurance and benefits outsourcing solutions for small- to medium-sized businesses. The Company focuses on providing payroll and human Resource services; delivering these services; growing its client base through the efforts of its direct sales force; improving client service through its leading-edge technology; capitalizing on the growth opportunities within its existing client base and from new clients; investing in business through expansion of its services and product offerings; and supplementing its growth through strategic acquisitions. The Company offers services and products that allow its clients to meet their diverse payroll and human Resource needs. These include: payroll processing; payroll tax administration services; employee payment services; regulatory compliance services; Paychex HR Services; retirement services administration; insurance services; and online HR administration services.

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