Sell: Paychex (PAYX)
From Hendershot Investments
Updated from WSBI 727, September 19, 2012
Paychex (PAYX) reported fiscal 2016 revenue rose 8% to a record $3.0 billion with EPS up 13% to $2.09. Management’s outlook for fiscal 2017 is for 7%-8% revenue growth with net income growth of about 8%. With the stock appearing fully valued, we plan to take a paycheck on Paychex by trimming our position. Paychex’s stock has more than doubled over the last six years.
Ingrid R. Hendershot, Hendershot Investments, www.hendershotinvestments.com, 703-361-6130, September 2016