Callahan Advisors buys $7,343,598 stake in Paychex (PAYX)

Paychex (PAYX) : Callahan Advisors 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 Oct 14, 2016. The investment management firm now holds a total of 130,669 shares of Paychex which is valued at $7,343,598.Paychex makes up approximately 1.87% of Callahan Advisors’s portfolio.

Other Hedge Funds, Including , W.g. Shaheen Associates Dba Whitney Co reduced its stake in PAYX by selling 1,424 shares or 0.97% in the most recent quarter. The Hedge Fund company now holds 144,928 shares of PAYX which is valued at $8,150,751. Paychex makes up approx 3.32% of W.g. Shaheen Associates Dba Whitney Co’s portfolio.Howland Capital Management reduced its stake in PAYX by selling 4,330 shares or 1.84% in the most recent quarter. The Hedge Fund company now holds 230,915 shares of PAYX which is valued at $12,986,660. Paychex makes up approx 1.23% of Howland Capital Management’s portfolio.

Paychex closed down -0.04 points or -0.07% at $56.2 with 10,71,355 shares getting traded on Friday. Post opening the session at $56.47, the shares hit an intraday low of $56.2 and an intraday high of $56.79 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Paychex reported $0.60 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Sep 28, 2016. Analyst had a consensus of $0.57. The company had revenue of $785.50 million for the quarter, compared to analysts expectations of $782.62 million. The company’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS.

Investors should note that on Oct 12, 2016, Paychex announced a cash dividend of $0.4600. The company’s management has announced Oct 28, 2016 as the ex-dividend date and fixed the record date on Nov 1, 2016. The payable date has been fixed on Nov 22, 2016.

Many Wall Street Analysts have commented on Paychex. Wedbush Initiated Paychex on Sep 9, 2016 to “Neutral”, Price Target of the shares are set at $65.

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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