Armbruster Capital Management Lowers stake in Paychex (PAYX)

Paychex (PAYX) : Armbruster Capital Management reduced its stake in Paychex by 13.61% during the most recent quarter end. The investment management company now holds a total of 22,908 shares of Paychex which is valued at $1,189,154 after selling 3,609 shares in Paychex , the firm said in a disclosure report filed with the SEC on May 3, 2016.Paychex makes up approximately 0.81% of Armbruster Capital Management’s portfolio.

Other Hedge Funds, Including , Dillon Associates Inc boosted its stake in PAYX in the latest quarter, The investment management firm added 2,710 additional shares and now holds a total of 158,141 shares of Paychex which is valued at $8,209,099. Paychex makes up approx 3.85% of Dillon Associates Inc’s portfolio.Bourne Lent Asset Management Inc boosted its stake in PAYX in the latest quarter, The investment management firm added 350 additional shares and now holds a total of 88,345 shares of Paychex which is valued at $4,585,989. Paychex makes up approx 3.69% of Bourne Lent Asset Management Inc’s portfolio.

Paychex opened for trading at $52.2 and hit $52.93 on the upside on Tuesday, eventually ending the session at $52.89, with a gain of 1.73% or 0.9 points. The heightened volatility saw the trading volume jump to 16,38,347 shares. Company has a market cap of $19,047 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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