Select Equity Group Lowers stake in Paychex (PAYX)

Paychex (PAYX) : Select Equity Group reduced its stake in Paychex by 1.8% during the most recent quarter end. The investment management company now holds a total of 7,607,040 shares of Paychex which is valued at $428,276,352 after selling 139,758 shares in Paychex , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Paychex makes up approximately 3.68% of Select Equity Group’s portfolio.

Other Hedge Funds, Including , Willis Investment Counsel boosted its stake in PAYX in the latest quarter, The investment management firm added 6,700 additional shares and now holds a total of 293,950 shares of Paychex which is valued at $16,549,385. Paychex makes up approx 1.31% of Willis Investment Counsel’s portfolio.Rhumbline Advisers boosted its stake in PAYX in the latest quarter, The investment management firm added 69,459 additional shares and now holds a total of 669,626 shares of Paychex which is valued at $36,474,528. Paychex makes up approx 0.10% of Rhumbline Advisers’s portfolio. Peregrine Capital Management sold out all of its stake in PAYX during the most recent quarter. The investment firm sold 5,640,354 shares of PAYX which is valued $306,102,012.Advisors Asset Management boosted its stake in PAYX in the latest quarter, The investment management firm added 39,079 additional shares and now holds a total of 314,884 shares of Paychex which is valued at $17,088,755. Paychex makes up approx 0.29% of Advisors Asset Management’s portfolio.Ftb Advisors reduced its stake in PAYX by selling 2,179 shares or 16.64% in the most recent quarter. The Hedge Fund company now holds 10,918 shares of PAYX which is valued at $602,674. Paychex makes up approx 0.08% of Ftb Advisors’s portfolio.

Paychex opened for trading at $55.85 and hit $56.17 on the upside on Monday, eventually ending the session at $55.93, with a gain of 0.02% or 0.01 points. The heightened volatility saw the trading volume jump to 21,80,443 shares. Company has a market cap of $20,227 M.

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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