Canandaigua National Bank Trust Co buys $5.3 Million stake in Paychex (PAYX)

Paychex (PAYX) : Canandaigua National Bank Trust Co scooped up 2,466 additional shares in Paychex during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 102,373 shares of Paychex which is valued at $5.3 Million.Paychex makes up approximately 1.58% of Canandaigua National Bank Trust Co’s portfolio.

Other Hedge Funds, Including , Blue Chip Partners boosted its stake in PAYX in the latest quarter, The investment management firm added 1,151 additional shares and now holds a total of 5,189 shares of Paychex which is valued at $268,323. Paychex makes up approx 0.13% of Blue Chip Partners’s portfolio. Winton Capital Group Ltd sold out all of its stake in PAYX during the most recent quarter. The investment firm sold 190,301 shares of PAYX which is valued $9.9 Million.Confluence Investment Management boosted its stake in PAYX in the latest quarter, The investment management firm added 79,281 additional shares and now holds a total of 1,090,478 shares of Paychex which is valued at $56.6 Million. Paychex makes up approx 1.68% of Confluence Investment Management’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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