Stock Yards Bank Trust Co buys $14 Million stake in Paychex (PAYX)

Paychex (PAYX) : Stock Yards Bank Trust Co scooped up 12,468 additional shares in Paychex during the most recent quarter end , according to a recent disclosure to the SEC on Apr 5, 2016. The investment management firm now holds a total of 265,944 shares of Paychex which is valued at $14 Million.Paychex makes up approximately 2.01% of Stock Yards Bank Trust Co’s portfolio.

Other Hedge Funds, Including , Pensionfund Sabic reduced its stake in PAYX by selling 2,400 shares or 7.27% in the most recent quarter. The Hedge Fund company now holds 30,600 shares of PAYX which is valued at $1.6 Million. Paychex makes up approx 0.49% of Pensionfund Sabic’s portfolio.Beacon Financial Group reduced its stake in PAYX by selling 2,109 shares or 1.37% in the most recent quarter. The Hedge Fund company now holds 151,933 shares of PAYX which is valued at $8.2 Million. Paychex makes up approx 1.78% of Beacon Financial Group’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 was Downgraded by BofA/Merrill to ” Underperform” on Jan 7, 2016.

Paychex closed down -0.36 points or -0.68% at $52.68 with 16,54,812 shares getting traded on Monday. Post opening the session at $53.25, the shares hit an intraday low of $52.6 and an intraday high of $53.57 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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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