Paychex, Inc. (PAYX) Reports Growth In Q4, But Do Hedge Funds Love It?

What have hedge funds been doing with Paychex, Inc. (NASDAQ:PAYX)?

According to our database, Clint Carlson‘s Carlson Capital had the largest position in Paychex, Inc. (NASDAQ:PAYX), worth close to $89.6 million, accounting for 1% of its total 13F portfolio. The second most bullish hedge fund manager is Select Equity Group, managed by Robert Joseph Caruso, which held an $85.6 million position. The fund has 0.8% of its 13F portfolio invested in the stock. Remaining hedgies that hold long positions comprise Robert Joseph Caruso’s Select Equity Group, Israel Englander’s Millennium Management and Cliff Asness’s AQR Capital Management.

Because Paychex, Inc. (NASDAQ:PAYX) has faced declining sentiment from the entirety of the hedge funds we track, we can see that there is a sect of hedge funds that elected to cut their positions entirely heading into Q2. At the top of the heap, John Overdeck and David Siegel‘s Two Sigma Advisors dropped the largest investment of all the hedgies monitored by Insider Monkey, 470,510 shares valued at approximately $21.7 million. Joel Greenblatt’s fund, Gotham Asset Management, also divested 132,130 shares, about $6.1 million worth. We really like Joel Greenblatt and seeing him dump the stock is a negative sign.

Due to the bearish sentiment of hedge funds as seen in the significant decrease in holdings value and the number of hedge funds among those we track which have long positions in the company, we wouldn’t recommend being long in Paychex, Inc. (NASDAQ:PAYX) at this moment.

Disclosure: None