First Mercantile Trust Co Lowers stake in Paychex (PAYX)

Paychex (PAYX) : First Mercantile Trust Co reduced its stake in Paychex by 27.7% during the most recent quarter end. The investment management company now holds a total of 9,082 shares of Paychex which is valued at $513,315 after selling 3,479 shares in Paychex , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.Paychex makes up approximately 0.07% of First Mercantile Trust Co’s portfolio.

Other Hedge Funds, Including , Advisory Services Network reduced its stake in PAYX by selling 17 shares or 0.19% in the most recent quarter. The Hedge Fund company now holds 9,098 shares of PAYX which is valued at $514,219. Paychex makes up approx 0.10% of Advisory Services Network’s portfolio.Bnp Paribas Arbitrage Sa boosted its stake in PAYX in the latest quarter, The investment management firm added 134,245 additional shares and now holds a total of 211,203 shares of Paychex which is valued at $11,996,330. Paychex makes up approx 0.05% of Bnp Paribas Arbitrage Sa’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.Bath Savings Trust Co boosted its stake in PAYX in the latest quarter, The investment management firm added 6,265 additional shares and now holds a total of 34,369 shares of Paychex which is valued at $1,952,159. Paychex makes up approx 0.62% of Bath Savings Trust Co’s portfolio.

Paychex closed down -0.22 points or -0.39% at $56.52 with 17,24,272 shares getting traded on Friday. Post opening the session at $56.93, the shares hit an intraday low of $56.16 and an intraday high of $56.97 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.

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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