Steinberg Global Asset Management buys $7,445,461 stake in Paychex (PAYX)

Paychex (PAYX) : Steinberg Global Asset Management scooped up 4,758 additional shares in Paychex during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 124,029 shares of Paychex which is valued at $7,445,461.Paychex makes up approximately 1.03% of Steinberg Global Asset Management’s portfolio.

Other Hedge Funds, Including , Gotham Asset Management boosted its stake in PAYX in the latest quarter, The investment management firm added 22,450 additional shares and now holds a total of 27,079 shares of Paychex which is valued at $1,625,552. Paychex makes up approx 0.02% of Gotham Asset Management’s portfolio.Blackrock Investment Management boosted its stake in PAYX in the latest quarter, The investment management firm added 4,024 additional shares and now holds a total of 667,030 shares of Paychex which is valued at $40,041,811. Paychex makes up approx 0.05% of Blackrock Investment Management’s portfolio.Ubs Asset Management Americas Inc boosted its stake in PAYX in the latest quarter, The investment management firm added 86,458 additional shares and now holds a total of 2,190,379 shares of Paychex which is valued at $131,203,702. Paychex makes up approx 0.14% of Ubs Asset Management Americas Inc’s portfolio. Hussman Strategic Advisors sold out all of its stake in PAYX during the most recent quarter. The investment firm sold 2,500 shares of PAYX which is valued $146,275.

Paychex opened for trading at $60.8 and hit $61.025 on the upside on Thursday, eventually ending the session at $60.99, with a gain of 0.53% or 0.32 points. The heightened volatility saw the trading volume jump to 12,14,529 shares. Company has a market cap of $21,989 M.

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.

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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