Stock Yards Bank Trust Co Lowers stake in Paychex (PAYX)

Paychex (PAYX) : Stock Yards Bank Trust Co reduced its stake in Paychex by 9.4% during the most recent quarter end. The investment management company now holds a total of 251,148 shares of Paychex which is valued at $14,114,518 after selling 26,053 shares in Paychex , the firm said in a disclosure report filed with the SEC on Oct 14, 2016.Paychex makes up approximately 1.95% of Stock Yards Bank Trust Co’s portfolio.

Other Hedge Funds, Including , Hexavest reduced its stake in PAYX by selling 676,546 shares or 98.98% in the most recent quarter. The Hedge Fund company now holds 6,978 shares of PAYX which is valued at $390,977. Paychex makes up approx 0.01% of Hexavest’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.Chevy Chase Trust Holdings reduced its stake in PAYX by selling 6,603 shares or 2.36% in the most recent quarter. The Hedge Fund company now holds 272,783 shares of PAYX which is valued at $15,494,074. Paychex makes up approx 0.09% of Chevy Chase Trust Holdings’s portfolio.Cullinan Associates Inc reduced its stake in PAYX by selling 18,380 shares or 7.34% in the most recent quarter. The Hedge Fund company now holds 232,042 shares of PAYX which is valued at $13,179,986. Paychex makes up approx 1.13% of Cullinan Associates Inc’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.

Leave a Reply

Paychex - Is it time to Sell?

Top Brokerage Firms are advising their investors on Paychex. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.