Alley Co Lowers stake in Paychex (PAYX)

Paychex (PAYX) : Alley Co reduced its stake in Paychex by 1.72% during the most recent quarter end. The investment management company now holds a total of 103,863 shares of Paychex which is valued at $5.4 Million after selling 1,817 shares in Paychex , the firm said in a disclosure report filed with the SEC on May 11, 2016.Paychex makes up approximately 2.57% of Alley Co’s portfolio.

Other Hedge Funds, Including , Canandaigua National Bank Trust Co boosted its stake in PAYX in the latest quarter, The investment management firm added 2,466 additional shares and now holds a total of 102,373 shares of Paychex which is valued at $5.3 Million. Paychex makes up approx 1.58% of Canandaigua National Bank Trust Co’s portfolio. Forsta Ap-fonden sold out all of its stake in PAYX during the most recent quarter. The investment firm sold 369,755 shares of PAYX which is valued $19.1 Million.Ftb Advisors reduced its stake in PAYX by selling 3,354 shares or 19.17% in the most recent quarter. The Hedge Fund company now holds 14,140 shares of PAYX which is valued at $731,179. Paychex makes up approx 0.08% of Ftb Advisors’s portfolio.United Asset Strategies reduced its stake in PAYX by selling 1,410 shares or 8.23% in the most recent quarter. The Hedge Fund company now holds 15,714 shares of PAYX which is valued at $815,714. Paychex makes up approx 0.35% of United Asset Strategies’s portfolio.Kornitzer Capital Management Inc Ks reduced its stake in PAYX by selling 5,300 shares or 6.57% in the most recent quarter. The Hedge Fund company now holds 75,425 shares of PAYX which is valued at $3.9 Million. Paychex makes up approx 0.07% of Kornitzer Capital Management Inc Ks’s portfolio.

Paychex opened for trading at $51.71 and hit $52.39 on the upside on Monday, eventually ending the session at $52.06, with a gain of 0.68% or 0.35 points. The heightened volatility saw the trading volume jump to 15,90,558 shares. Company has a market cap of $18,748 M.

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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