Cullinan Associates Inc Lowers stake in Paychex (PAYX)

Paychex (PAYX) : Cullinan Associates Inc reduced its stake in Paychex by 7.34% during the most recent quarter end. The investment management company now holds a total of 232,042 shares of Paychex which is valued at $13,179,986 after selling 18,380 shares in Paychex , the firm said in a disclosure report filed with the SEC on Oct 3, 2016.Paychex makes up approximately 1.13% of Cullinan Associates Inc’s portfolio.

Other Hedge Funds, Including , Beacon Financial Group reduced its stake in PAYX by selling 228 shares or 0.15% in the most recent quarter. The Hedge Fund company now holds 150,630 shares of PAYX which is valued at $8,555,784. Paychex makes up approx 1.80% of Beacon Financial Group’s portfolio.

Paychex closed down -0.4 points or -0.70% at $57.06 with 17,91,138 shares getting traded on Tuesday. Post opening the session at $57.47, the shares hit an intraday low of $56.78 and an intraday high of $57.76 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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