Professional Advisory Services Inc Lowers stake in Paychex (PAYX)

Paychex (PAYX) : Professional Advisory Services Inc reduced its stake in Paychex by 0.71% during the most recent quarter end. The investment management company now holds a total of 159,647 shares of Paychex which is valued at $9,700,152 after selling 1,141 shares in Paychex , the firm said in a disclosure report filed with the SEC on Jul 15, 2016.Paychex makes up approximately 2.16% of Professional Advisory Services Inc’s portfolio.

Other Hedge Funds, Including , Chevy Chase Trust Holdings boosted its stake in PAYX in the latest quarter, The investment management firm added 2,740 additional shares and now holds a total of 279,386 shares of Paychex which is valued at $17,134,743. Paychex makes up approx 0.09% of Chevy Chase Trust Holdings’s portfolio.

Paychex closed down -0.16 points or -0.26% at $60.76 with 16,99,139 shares getting traded on Monday. Post opening the session at $60.79, the shares hit an intraday low of $60.645 and an intraday high of $61.13 and the price fluctuated in this range throughout the day.Shares ended Monday 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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