Summit Securities Group adds Paychex (PAYX) to its portfolio

Paychex (PAYX) : Summit Securities Group added new position in Paychex during the most recent quarter end. The investment management firm now holds 56,676 shares of Paychex which is valued at $2.9 Million , the company said in a statement filed on May 11, 2016 with the SEC.Paychex makes up approximately 2.11% of Summit Securities Group’s portfolio.

Other Hedge Funds, Including , Provise Management Group boosted its stake in PAYX in the latest quarter, The investment management firm added 266 additional shares and now holds a total of 20,094 shares of Paychex which is valued at $1 Million. Paychex makes up approx 0.21% of Provise Management Group’s portfolio. Alphamark Advisors added PAYX to its portfolio by purchasing 78 company shares during the most recent quarter which is valued at $4,049.Hendershot Investments boosted its stake in PAYX in the latest quarter, The investment management firm added 3,060 additional shares and now holds a total of 61,947 shares of Paychex which is valued at $3.2 Million. Paychex makes up approx 1.65% of Hendershot Investments’s portfolio.Conning boosted its stake in PAYX in the latest quarter, The investment management firm added 120 additional shares and now holds a total of 29,984 shares of Paychex which is valued at $1.6 Million. Paychex makes up approx 0.07% of Conning’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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