Express Scripts Holding Company (NASDAQ:ESRX), the largest pharmacy-benefit manager in the Unite States, has issued full-year guidance for 2016 that surpasses analysts expectations, sending the shares higher in pre-market trading. The company said it expects full-year earnings to range between $6.08 and $6.28 per share, while analysts polled by Thomson Reuters were projecting a profit of $6.04 per share. Express Scripts has also reiterated its 2015 earnings growth forecast of 13%-14%. Although shares opened higher this morning, the quickly turned south and the stock is currently down by roughly 1%.
Express Scripts Holding Company (NASDAQ:ESRX) lost some of its appeal during the third quarter, as the number of hedge funds invested in the stock dropped to 58 at the end of September from 62 a quarter earlier. Bob Peck and Andy Raab are betting big on this stock, having pledged nearly 10% of their funds to this investment. Their fund, FPR Partners, reported a position that amassed 4.87 million shares worth $394 million as of the end of the quarter.
In its latest quarterly report, Paychex, Inc. (NASDAQ:PAYX) provided investors with mixed results, having missed revenue expectations and beaten earnings estimates. Fiscal second quarter profit stands at $189.2 million or $0.52 per share, while analysts were looking for $0.51 per share. Revenues came in at $722.4 million, below expectations of $724.1 million. So far this year, the stock is up by more than 12%, although today, during the first hour of trading, it dipped into the red.
Paychex, Inc. (NASDAQ:PAYX) is another stock hedge funds were shying away from during the quarter, as the number of long positions held by top funds decreased by nine to 22. Robert Joseph Caruso tripled his investment in the company, taking it to 4.98 million shares valued at $237 million, according to Select Equity Group’s latest 13F filing.
Correction: An earlier version of this article presented the incorrect adjusted EPS figure for ConAgra and stated that ConAgra plans to sell Lamb Weston.