Paychex Struggles to Accelerate Growth in Payroll
Wide-moat Paychex finished its fiscal 2018 modestly ahead of our expectations in part due to the inclusion of revenue from acquisitions. Total service revenue grew by more than 8.8% from last year’s fourth quarter, while growing sequentially by 0.5%. Paychex’s payroll continues to pressure top-line growth, growing only about 1.5% from the previous year organically. The company’s paid employer organization offset much of the slower growth within payroll. Payxchex’s HR Services segment continues t...Paychex is a provider of integrated human capital management (HCM) solutions for payroll, benefits, human resource (HR), and insurance services for small- to medium-sized businesses. The company's portfolio of HCM and employee benefit-related services include: payroll processing services; payroll tax administration services; employee payment services; regulatory compliance services (new-hire reporting and garnishment processing); HR Solutions Administrative Services Organization; retirement services administration; HR administration services, including time and attendance; other HR services and products; business services; Professional Employer Organization services; and insurance services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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