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Paychex Inc PAYX Stock Quote

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Morningstar‘s Stock Analysis PAYX

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Paychex's Client Retention Proves Resilient Aided by Greater Product Uptake and A Skew Upmarket

Emma Williams Equity Analyst

Business Strategy and Outlook

| Emma Williams |

Paychex's offering appeals to businesses wishing to outsource mission-critical functions, manage and attract employees, and remain compliant with increasingly complex and evolving regulations. We expect increased regulatory complexity, tight labor markets, and a growing adoption of hybrid work will underpin strong demand for Paychex's suite of offerings supporting greater share of wallet and market share gains. This includes greater penetration of the outsourced payroll and human resources model in the small-business market. While we factor in market share gains, we expect increasing competition to limit Paychex's pricing power and force the company to sustain elevated expenditure on software development and innovation to remain competitive.

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Key Statistics PAYX

Company Profile PAYX

Business Description

Paychex is a leading provider of payroll, human capital management, and insurance solutions servicing small and midsize clients primarily in the United States. The company, established in 1979, services over 730,000 clients and pays over 1 in 12 U.S. private-sector workers. Alongside its traditional payroll services, Paychex offers HCM solutions such as benefits administration and time and attendance software, as well as human resources outsourcing and insurance agency services.

911 Panorama Trail South
Rochester, NY, 14625-2396
T +1 585 385-6666
Industry Staffing & Employment Services
Most Recent Earnings May 31, 2022
Fiscal Year End May 31, 2023
Employees 16,000

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