Keystone Financial Planning buys $3,692,545 stake in Paychex (PAYX)

Paychex (PAYX) : Keystone Financial Planning scooped up 18,067 additional shares in Paychex during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 12, 2016. The investment management firm now holds a total of 65,903 shares of Paychex which is valued at $3,692,545.Paychex makes up approximately 2.47% of Keystone Financial Planning’s portfolio.

Other Hedge Funds, Including , Creative Planning boosted its stake in PAYX in the latest quarter, The investment management firm added 2,854 additional shares and now holds a total of 24,934 shares of Paychex which is valued at $1,397,052. Paychex makes up approx 0.01% of Creative Planning’s portfolio.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.Central Bank Trust Co boosted its stake in PAYX in the latest quarter, The investment management firm added 4,888 additional shares and now holds a total of 103,717 shares of Paychex which is valued at $5,862,085. Paychex makes up approx 1.67% of Central Bank Trust Co’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.

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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