Paycom Software, Inc. (NYSE:PAYC) Stock Holdings Lowered by Covestor Ltd

Covestor Ltd cut its position in Paycom Software, Inc. (NYSE:PAYC) by 12.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,000 shares of the software maker’s stock after selling 144 shares during the quarter. Covestor Ltd’s holdings in Paycom Software were worth $205,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC lifted its stake in shares of Paycom Software by 137.8% in the 4th quarter. FMR LLC now owns 2,396,452 shares of the software maker’s stock worth $491,201,000 after acquiring an additional 1,388,533 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in Paycom Software by 1,153.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 401,889 shares of the software maker’s stock valued at $82,375,000 after purchasing an additional 369,825 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Paycom Software during the 4th quarter valued at $63,923,000. Strategic Financial Concepts LLC bought a new stake in shares of Paycom Software in the 4th quarter worth $42,893,000. Finally, Norges Bank acquired a new stake in shares of Paycom Software in the fourth quarter valued at $21,510,000. Institutional investors own 87.77% of the company’s stock.

Insider Buying and Selling

In other news, insider Bradley Scott Smith sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $201.01, for a total transaction of $603,030.00. Following the completion of the transaction, the insider now directly owns 28,733 shares in the company, valued at $5,775,620.33. The trade was a 9.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Randall Peck sold 3,600 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $212.19, for a total transaction of $763,884.00. Following the transaction, the chief operating officer now owns 50,665 shares of the company’s stock, valued at approximately $10,750,606.35. The trade was a 6.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,100 shares of company stock worth $1,476,024 in the last quarter. 14.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PAYC. Stifel Nicolaus cut their price target on shares of Paycom Software from $215.00 to $187.00 and set a “hold” rating for the company in a report on Thursday, February 13th. Citigroup reduced their target price on shares of Paycom Software from $234.00 to $221.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Piper Sandler upped their price target on Paycom Software from $191.00 to $224.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Mizuho lifted their target price on Paycom Software from $190.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, December 13th. Finally, StockNews.com downgraded Paycom Software from a “buy” rating to a “hold” rating in a report on Tuesday, March 4th. Twelve equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $212.80.

Paycom Software Stock Performance

Shares of NYSE PAYC opened at $210.31 on Friday. The stock has a market cap of $12.04 billion, a price-to-earnings ratio of 23.63, a PEG ratio of 2.40 and a beta of 0.97. The business has a 50 day simple moving average of $212.49 and a 200 day simple moving average of $206.32. Paycom Software, Inc. has a 52 week low of $139.50 and a 52 week high of $242.74.

Paycom Software (NYSE:PAYC) last released its quarterly earnings data on Wednesday, February 12th. The software maker reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.03. Paycom Software had a net margin of 26.66% and a return on equity of 33.53%. On average, analysts predict that Paycom Software, Inc. will post 7.15 EPS for the current year.

Paycom Software Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Monday, March 10th were paid a $0.375 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $1.50 dividend on an annualized basis and a yield of 0.71%. Paycom Software’s payout ratio is presently 16.85%.

Paycom Software Company Profile

Paycom Software, Inc provides cloud-based human capital management (HCM) solution delivered as software-as-a-service for small to mid-sized companies in the United States. It offers functionality and data analytics that businesses need to manage the employment life cycle from recruitment to retirement.