Palo Capital buys $4,138,216 stake in Paychex (PAYX)

Paychex (PAYX) : Palo Capital scooped up 59,599 additional shares in Paychex during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 20, 2016. The investment management firm now holds a total of 68,130 shares of Paychex which is valued at $4,138,216.Paychex makes up approximately 1.37% of Palo Capital’s portfolio.

Other Hedge Funds, Including , Quantres Asset Management Ltd sold out all of its stake in PAYX during the most recent quarter. The investment firm sold 8,300 shares of PAYX which is valued $504,142.Firstmerit Bank N A Trustee boosted its stake in PAYX in the latest quarter, The investment management firm added 1,009 additional shares and now holds a total of 8,059 shares of Paychex which is valued at $492,485. Paychex makes up approx 0.04% of Firstmerit Bank N A Trustee’s portfolio.Bnp Paribas Arbitrage Sa reduced its stake in PAYX by selling 56,403 shares or 42.29% in the most recent quarter. The Hedge Fund company now holds 76,958 shares of PAYX which is valued at $4,719,834. Paychex makes up approx 0.02% of Bnp Paribas Arbitrage Sa’s portfolio.

Paychex closed down -0.19 points or -0.31% at $60.51 with 26,18,674 shares getting traded on Wednesday. Post opening the session at $60.62, the shares hit an intraday low of $60.28 and an intraday high of $60.72 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Paychex reported $0.49 EPS for the quarter, based on the information available during the earnings call on Jun 30, 2016. Analyst had a consensus estimate of $0.49. The company had revenue of $753.90 million for the quarter, compared to analysts expectations of $751.03 million. The company’s revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS.

Investors should note that on Jul 7, 2016, Paychex announced a cash dividend of $0.4600. The company’s management has announced Jul 28, 2016 as the ex-dividend date and fixed the record date on Aug 1, 2016. The payable date has been fixed on Aug 25, 2016.

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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