Morningstar

Morningstar, Inc.

Equity Bottom-Up

Wide-moat Paychex finished up its fiscal 2019 modestly below our 2019 forecast sales while slightly outperforming below the line, earning $2.86 per diluted share. For the fourth quarter, Paychex generated sales of $980 million representing year-over-year growth of 16%. Excluding revenue from the acquisition of Oasis, the company would have generated revenue growth of 5%. This quarter’s growth is modestly below our long-term forecast for sales growth of 5.5% to 6%. The best thing we heard during…

United States

Paychex, Inc. provides comprehensive payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the United States. The Company's services range from calculating payroll and filing tax payments to administering retirement plans and workers' compensation.

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