Shares of Paychex (PAYX -1.40%) fell as much as 7.4% on Tuesday morning but were down about 4% as of 11 a.m. Earnings, guidance, and what may have spooked investorsTotal revenue rose 17% year over year to about $1.54 billion, roughly in line with the Wall Street consensus. Adjusted earnings per share (EPS) came in at $1.22, slightly better than the consensus forecast for the key profitability metric. A fair valuationEven after the drop and the latest earnings are taken into account, Paychex trades around the mid-20s on a trailing price-to-earnings multiple. Overall, though, Paychex is a quality franchise, with a fair-ish multiple.