Canandaigua National Bank Trust Co Lowers stake in Paychex (PAYX)

Paychex (PAYX) : Canandaigua National Bank Trust Co reduced its stake in Paychex by 2.1% during the most recent quarter end. The investment management company now holds a total of 99,659 shares of Paychex which is valued at $5,583,894 after selling 2,136 shares in Paychex , the firm said in a disclosure report filed with the SEC on Oct 12, 2016.Paychex makes up approximately 1.66% of Canandaigua National Bank Trust Co’s portfolio.

Other Hedge Funds, Including , Capstone Asset Management Co reduced its stake in PAYX by selling 4,762 shares or 6.58% in the most recent quarter. The Hedge Fund company now holds 67,560 shares of PAYX which is valued at $3,785,387. Paychex makes up approx 0.11% of Capstone Asset Management Co’s portfolio. Cutler Group Lp added PAYX to its portfolio by purchasing 242 company shares during the most recent quarter which is valued at $13,714.Contravisory Investment Management reduced its stake in PAYX by selling 4,818 shares or 4.26% in the most recent quarter. The Hedge Fund company now holds 108,362 shares of PAYX which is valued at $6,140,875. Paychex makes up approx 2.01% of Contravisory Investment Management’s portfolio.First Mercantile Trust Co reduced its stake in PAYX by selling 3,479 shares or 27.7% in the most recent quarter. The Hedge Fund company now holds 9,082 shares of PAYX which is valued at $513,315. Paychex makes up approx 0.07% of First Mercantile Trust Co’s portfolio.Independent Portfolio Consultants reduced its stake in PAYX by selling 105 shares or 2.93% in the most recent quarter. The Hedge Fund company now holds 3,478 shares of PAYX which is valued at $197,550. Paychex makes up approx 0.06% of Independent Portfolio Consultants’s portfolio.

Paychex closed down -0.64 points or -1.13% at $56.03 with 16,36,491 shares getting traded on Tuesday. Post opening the session at $56.59, the shares hit an intraday low of $55.75 and an intraday high of $56.62 and the price fluctuated in this range throughout the day.Shares ended Tuesday 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.

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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