Jim Cramer on Paychex: “This Is a Stock That Strangely Has Been Crushed By AI Disruption Worries, I Think They’re Overblown”

Jim Cramer reviewed Paychex, Inc. (NASDAQ:PAYX) while breaking down 16 stocks for a market facing higher energy costs and economic uncertainty. Cramer commented on the company’s latest quarterly results, as he said:

This morning, we got a strong quarter from Paychex, one of the largest payroll processors in America, with a big outsourced human resources business. This is a stock that strangely has been crushed by AI disruption worries, I think they’re overblown, and slowdown worries which, well, because the way the war plays out, maybe. Going into the quarter this morning, this thing was down nearly 44% from its highs last summer, even as the company keeps putting up solid results. And today, Paychex reported a healthy top and bottom line beat, and management reiterated most of the full-year forecast. Initially, this stock was up 6%, then it pulled back down and then it ended up closing over 3%. Remember, this stock is at $93 and change, and it was $161 in June of last year… Don’t forget, almost a 5% yield. Very good growth.

Photo by Adam Nowakowski on Unsplash

Paychex, Inc. (NASDAQ:PAYX) provides human capital management solutions, including payroll processing, payroll tax and compliance, HR administration, benefits, and workforce management for small to mid-sized businesses.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years 

Disclosure: None. Follow Insider Monkey on Google News.