Intrinsic value of Paychex - PAYX

Previous Close

$74.23

  Intrinsic Value

$66.15

stock screener

  Rating & Target

hold

-11%

Previous close

$74.23

 
Intrinsic value

$66.15

 
Up/down potential

-11%

 
Rating

hold

We calculate the intrinsic value of PAYX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 26.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  3,689
  4,009
  4,343
  4,690
  5,050
  5,425
  5,815
  6,219
  6,640
  7,077
  7,532
  8,006
  8,499
  9,013
  9,548
  10,106
  10,688
  11,295
  11,930
  12,592
  13,284
  14,008
  14,765
  15,557
  16,386
  17,253
  18,162
  19,113
  20,110
  21,154
Variable operating expenses, $m
  2,230
  2,416
  2,609
  2,810
  3,018
  3,235
  3,461
  3,695
  3,938
  4,192
  4,359
  4,633
  4,919
  5,216
  5,526
  5,849
  6,185
  6,537
  6,904
  7,288
  7,688
  8,107
  8,545
  9,004
  9,483
  9,985
  10,511
  11,062
  11,638
  12,243
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,230
  2,416
  2,609
  2,810
  3,018
  3,235
  3,461
  3,695
  3,938
  4,192
  4,359
  4,633
  4,919
  5,216
  5,526
  5,849
  6,185
  6,537
  6,904
  7,288
  7,688
  8,107
  8,545
  9,004
  9,483
  9,985
  10,511
  11,062
  11,638
  12,243
Operating income, $m
  1,458
  1,593
  1,734
  1,880
  2,032
  2,190
  2,354
  2,524
  2,702
  2,886
  3,173
  3,373
  3,580
  3,797
  4,022
  4,257
  4,502
  4,758
  5,025
  5,305
  5,596
  5,901
  6,220
  6,554
  6,903
  7,268
  7,651
  8,052
  8,471
  8,911
EBITDA, $m
  1,652
  1,796
  1,945
  2,101
  2,262
  2,430
  2,604
  2,786
  2,974
  3,170
  3,374
  3,586
  3,807
  4,037
  4,277
  4,527
  4,787
  5,059
  5,344
  5,640
  5,950
  6,275
  6,614
  6,968
  7,340
  7,728
  8,135
  8,561
  9,008
  9,475
Interest expense (income), $m
  0
  0
  27
  55
  84
  114
  145
  178
  212
  247
  283
  321
  361
  402
  445
  489
  536
  584
  635
  688
  743
  801
  861
  924
  989
  1,058
  1,130
  1,206
  1,285
  1,367
  1,454
Earnings before tax, $m
  1,458
  1,567
  1,679
  1,796
  1,918
  2,045
  2,176
  2,313
  2,455
  2,603
  2,852
  3,012
  3,178
  3,352
  3,533
  3,721
  3,918
  4,123
  4,338
  4,562
  4,796
  5,040
  5,296
  5,564
  5,844
  6,138
  6,445
  6,767
  7,104
  7,458
Tax expense, $m
  394
  423
  453
  485
  518
  552
  588
  624
  663
  703
  770
  813
  858
  905
  954
  1,005
  1,058
  1,113
  1,171
  1,232
  1,295
  1,361
  1,430
  1,502
  1,578
  1,657
  1,740
  1,827
  1,918
  2,014
Net income, $m
  1,065
  1,144
  1,226
  1,311
  1,400
  1,493
  1,589
  1,688
  1,792
  1,900
  2,082
  2,199
  2,320
  2,447
  2,579
  2,716
  2,860
  3,010
  3,166
  3,330
  3,501
  3,679
  3,866
  4,062
  4,266
  4,481
  4,705
  4,940
  5,186
  5,444

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,143
  8,850
  9,587
  10,352
  11,148
  11,976
  12,836
  13,729
  14,658
  15,624
  16,628
  17,673
  18,762
  19,895
  21,077
  22,308
  23,593
  24,934
  26,334
  27,797
  29,325
  30,923
  32,594
  34,342
  36,172
  38,087
  40,092
  42,192
  44,393
  46,698
Adjusted assets (=assets-cash), $m
  8,143
  8,850
  9,587
  10,352
  11,148
  11,976
  12,836
  13,729
  14,658
  15,624
  16,628
  17,673
  18,762
  19,895
  21,077
  22,308
  23,593
  24,934
  26,334
  27,797
  29,325
  30,923
  32,594
  34,342
  36,172
  38,087
  40,092
  42,192
  44,393
  46,698
Revenue / Adjusted assets
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
Average production assets, $m
  856
  930
  1,008
  1,088
  1,172
  1,259
  1,349
  1,443
  1,540
  1,642
  1,748
  1,857
  1,972
  2,091
  2,215
  2,345
  2,480
  2,620
  2,768
  2,921
  3,082
  3,250
  3,426
  3,609
  3,802
  4,003
  4,214
  4,434
  4,665
  4,908
Working capital, $m
  81
  88
  96
  103
  111
  119
  128
  137
  146
  156
  166
  176
  187
  198
  210
  222
  235
  248
  262
  277
  292
  308
  325
  342
  360
  380
  400
  420
  442
  465
Total debt, $m
  497
  1,013
  1,549
  2,108
  2,688
  3,291
  3,918
  4,569
  5,246
  5,950
  6,683
  7,445
  8,238
  9,064
  9,926
  10,824
  11,760
  12,738
  13,759
  14,825
  15,939
  17,104
  18,322
  19,596
  20,930
  22,326
  23,788
  25,319
  26,923
  28,604
Total liabilities, $m
  5,936
  6,452
  6,989
  7,547
  8,127
  8,730
  9,357
  10,008
  10,686
  11,390
  12,122
  12,884
  13,677
  14,504
  15,365
  16,263
  17,200
  18,177
  19,198
  20,264
  21,378
  22,543
  23,761
  25,036
  26,369
  27,765
  29,227
  30,758
  32,362
  34,043
Total equity, $m
  2,207
  2,398
  2,598
  2,805
  3,021
  3,245
  3,478
  3,721
  3,972
  4,234
  4,506
  4,789
  5,084
  5,392
  5,712
  6,046
  6,394
  6,757
  7,137
  7,533
  7,947
  8,380
  8,833
  9,307
  9,803
  10,322
  10,865
  11,434
  12,030
  12,655
Total liabilities and equity, $m
  8,143
  8,850
  9,587
  10,352
  11,148
  11,975
  12,835
  13,729
  14,658
  15,624
  16,628
  17,673
  18,761
  19,896
  21,077
  22,309
  23,594
  24,934
  26,335
  27,797
  29,325
  30,923
  32,594
  34,343
  36,172
  38,087
  40,092
  42,192
  44,392
  46,698
Debt-to-equity ratio
  0.230
  0.420
  0.600
  0.750
  0.890
  1.010
  1.130
  1.230
  1.320
  1.410
  1.480
  1.550
  1.620
  1.680
  1.740
  1.790
  1.840
  1.890
  1.930
  1.970
  2.010
  2.040
  2.070
  2.110
  2.140
  2.160
  2.190
  2.210
  2.240
  2.260
Adjusted equity ratio
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,065
  1,144
  1,226
  1,311
  1,400
  1,493
  1,589
  1,688
  1,792
  1,900
  2,082
  2,199
  2,320
  2,447
  2,579
  2,716
  2,860
  3,010
  3,166
  3,330
  3,501
  3,679
  3,866
  4,062
  4,266
  4,481
  4,705
  4,940
  5,186
  5,444
Depreciation, amort., depletion, $m
  194
  202
  211
  221
  230
  240
  251
  261
  273
  284
  201
  213
  227
  240
  255
  269
  285
  301
  318
  336
  354
  374
  394
  415
  437
  460
  484
  510
  536
  564
Funds from operations, $m
  1,258
  1,346
  1,437
  1,532
  1,630
  1,733
  1,839
  1,950
  2,065
  2,184
  2,283
  2,412
  2,547
  2,687
  2,833
  2,986
  3,145
  3,311
  3,485
  3,666
  3,855
  4,053
  4,260
  4,477
  4,703
  4,941
  5,189
  5,450
  5,722
  6,008
Change in working capital, $m
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
Cash from operations, $m
  1,252
  1,339
  1,430
  1,524
  1,623
  1,725
  1,831
  1,941
  2,055
  2,175
  2,273
  2,402
  2,536
  2,676
  2,822
  2,974
  3,132
  3,298
  3,471
  3,651
  3,840
  4,037
  4,243
  4,459
  4,685
  4,922
  5,169
  5,429
  5,700
  5,985
Maintenance CAPEX, $m
  -90
  -98
  -107
  -116
  -125
  -135
  -145
  -155
  -166
  -177
  -189
  -201
  -213
  -227
  -240
  -255
  -269
  -285
  -301
  -318
  -336
  -354
  -374
  -394
  -415
  -437
  -460
  -484
  -510
  -536
New CAPEX, $m
  -73
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -101
  -106
  -110
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -192
  -201
  -211
  -221
  -231
  -242
Cash from investing activities, $m
  -163
  -172
  -184
  -196
  -209
  -222
  -235
  -249
  -264
  -278
  -295
  -311
  -327
  -346
  -364
  -384
  -404
  -426
  -448
  -472
  -497
  -522
  -550
  -578
  -607
  -638
  -671
  -705
  -741
  -778
Free cash flow, $m
  1,089
  1,166
  1,246
  1,328
  1,414
  1,503
  1,596
  1,692
  1,792
  1,896
  1,978
  2,091
  2,208
  2,330
  2,457
  2,590
  2,728
  2,872
  3,022
  3,179
  3,343
  3,515
  3,694
  3,882
  4,078
  4,283
  4,498
  4,724
  4,960
  5,207
Issuance/(repayment) of debt, $m
  497
  516
  537
  558
  580
  603
  627
  651
  677
  704
  732
  762
  793
  826
  861
  898
  937
  978
  1,021
  1,066
  1,114
  1,165
  1,218
  1,274
  1,334
  1,396
  1,462
  1,531
  1,604
  1,681
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  497
  516
  537
  558
  580
  603
  627
  651
  677
  704
  732
  762
  793
  826
  861
  898
  937
  978
  1,021
  1,066
  1,114
  1,165
  1,218
  1,274
  1,334
  1,396
  1,462
  1,531
  1,604
  1,681
Total cash flow (excl. dividends), $m
  1,586
  1,682
  1,782
  1,886
  1,994
  2,106
  2,222
  2,343
  2,469
  2,600
  2,711
  2,853
  3,001
  3,156
  3,318
  3,488
  3,664
  3,849
  4,043
  4,246
  4,458
  4,680
  4,912
  5,156
  5,412
  5,680
  5,960
  6,255
  6,563
  6,887
Retained Cash Flow (-), $m
  -182
  -192
  -200
  -208
  -216
  -224
  -233
  -242
  -252
  -262
  -272
  -283
  -295
  -307
  -320
  -334
  -348
  -363
  -379
  -396
  -414
  -433
  -453
  -474
  -496
  -519
  -543
  -569
  -596
  -625
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,403
  1,490
  1,583
  1,679
  1,778
  1,882
  1,989
  2,101
  2,217
  2,338
  2,438
  2,570
  2,707
  2,849
  2,998
  3,154
  3,316
  3,486
  3,664
  3,849
  4,043
  4,247
  4,460
  4,682
  4,916
  5,161
  5,417
  5,686
  5,967
  6,262
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,346
  1,364
  1,377
  1,382
  1,378
  1,366
  1,344
  1,313
  1,274
  1,226
  1,158
  1,097
  1,029
  957
  880
  801
  722
  642
  564
  489
  418
  352
  292
  238
  191
  151
  116
  88
  65
  47
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Paychex, Inc. is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services. As of May 31, 2016, the Company serviced approximately 605,000 payroll clients. It offers a portfolio of HCM services and products that allows its clients to meet their payroll and HR needs. Its payroll-related ancillary services and human resource service (HRS) offerings often leverage the information gathered in the base payroll processing service, allowing it to provide outsourcing services covering the HCM spectrum. The Company, through its HCM software-as-a-service platform, Paychex Flex, provides an integrated product suite that covers the employee life cycle from recruiting and hiring to retirement.

FINANCIAL RATIOS  of  Paychex (PAYX)

Valuation Ratios
P/E Ratio 32.7
Price to Sales 8.5
Price to Book 13.6
Price to Tangible Book
Price to Cash Flow 27.8
Price to Free Cash Flow 30.8
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.1%
Cap. Spend. - 3 Yr. Gr. Rate 2.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.9
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 12.3%
Ret/ On Assets - 3 Yr. Avg. 11.5%
Return On Total Capital 42.3%
Ret/ On T. Cap. - 3 Yr. Avg. 40.4%
Return On Equity 42.3%
Return On Equity - 3 Yr. Avg. 40.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 23.5%
EBITDA Margin 43.5%
EBITDA Margin - 3 Yr. Avg. 43%
Operating Margin 39.3%
Oper. Margin - 3 Yr. Avg. 38.9%
Pre-Tax Margin 39.5%
Pre-Tax Margin - 3 Yr. Avg. 39.1%
Net Profit Margin 25.9%
Net Profit Margin - 3 Yr. Avg. 25.4%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 35%
Payout Ratio 81%

PAYX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PAYX stock intrinsic value calculation we used $3380.9 million for the last fiscal year's total revenue generated by Paychex. The default revenue input number comes from 0001 income statement of Paychex. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PAYX stock valuation model: a) initial revenue growth rate of 9.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PAYX is calculated based on our internal credit rating of Paychex, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Paychex.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PAYX stock the variable cost ratio is equal to 60.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PAYX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Paychex.

Corporate tax rate of 27% is the nominal tax rate for Paychex. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PAYX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PAYX are equal to 23.2%.

Life of production assets of 8.7 years is the average useful life of capital assets used in Paychex operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PAYX is equal to 2.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2024.5 million for Paychex - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 359.275 million for Paychex is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Paychex at the current share price and the inputted number of shares is $26.7 billion.

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COMPANY NEWS

▶ Why Paychex Inc (NASDAQ:PAYX) Should Be In Your Portfolio   [Sep-07-18 07:33AM  Simply Wall St.]
▶ Top Five Payroll Priorities for Business Owners in 2019   [Sep-05-18 11:04AM  PR Newswire]
▶ Paychex: Small business job index declines in August   [Sep-04-18 08:33AM  CNBC Videos]
▶ Should You Buy Paychex Inc (NASDAQ:PAYX)?   [Aug-23-18 03:59PM  Simply Wall St.]
▶ Is Paychex (PAYX) a Great Dividend Play?   [Aug-16-18 09:15AM  Zacks]
▶ What's Next For The Payment Space?   [Aug-14-18 01:09PM  Benzinga]
▶ Top Ranked Income Stocks to Buy for July 26th   [Jul-26-18 06:48AM  Zacks]
▶ Paychex Declares Quarterly Dividend   [Jul-12-18 07:45AM  Business Wire]
▶ Arizona, Phoenix lead in small-business wage growth   [Jul-04-18 07:00PM  American City Business Journals]
▶ Paychex's Timely Acquisitions Bolster Revenue Growth   [Jun-28-18 11:45AM  Motley Fool]
▶ Paychex Shares Lower on Q4 Earnings Miss   [11:28AM  InvestorPlace]
▶ Paychex: Fiscal 4Q Earnings Snapshot   [08:47AM  Associated Press]
▶ Paychex, Inc. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Cramer's game plan on Trump's trade talk   [05:28PM  CNBC Videos]
▶ Study: HR Sharpens Focus on Engagement, Company Culture   [Jun-18-18 10:07AM  PR Newswire]
▶ At $65.96, Is Paychex Inc (NASDAQ:PAYX) A Buy?   [Jun-01-18 12:02PM  Simply Wall St.]
▶ 20 High-Dividend Stocks With Too Much Cash to Count   [May-18-18 02:50PM  InvestorPlace]
▶ ADP Job Data, Q1 Earnings In Focus   [May-01-18 10:47AM  Zacks]
▶ Paychex Expands Board, Elects New Member   [Apr-30-18 11:51AM  PR Newswire]
▶ Paychex Increases Quarterly Dividend by 12%   [08:51AM  Business Wire]
▶ ADP Vs. Paychex: Bank Of America Picks A Winner   [Apr-17-18 02:27PM  Benzinga]
▶ Volatility Remains With Us   [Apr-03-18 10:35AM  Zacks]

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