Bank of Montreal Can lifted its holdings in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 64.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 233,611 shares of the software maker's stock after acquiring an additional 91,267 shares during the period. Bank of Montreal Can owned 0.40% of Paycom Software worth $33,661,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of PAYC. ARK & TLK Investments LLC acquired a new stake in Paycom Software during the 4th quarter worth approximately $2,260,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Paycom Software by 29.4% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 64,560 shares of the software maker's stock worth $12,848,000 after purchasing an additional 14,670 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Paycom Software by 17.7% during the first quarter. Janney Montgomery Scott LLC now owns 59,242 shares of the software maker's stock worth $11,790,000 after purchasing an additional 8,927 shares during the period. Norges Bank purchased a new position in Paycom Software in the 4th quarter valued at $6,670,000. Finally, Sylebra Capital LLC acquired a new position in Paycom Software in the 1st quarter valued at $253,196,000. 87.77% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently weighed in on PAYC shares. TD Cowen lifted their target price on shares of Paycom Software from $171.00 to $188.00 and gave the company a "hold" rating in a report on Monday. Needham & Company LLC reaffirmed a "hold" rating on shares of Paycom Software in a report on Thursday, August 1st. Jefferies Financial Group cut their target price on Paycom Software from $170.00 to $145.00 and set a "hold" rating for the company in a research note on Monday, June 24th. StockNews.com downgraded Paycom Software from a "buy" rating to a "hold" rating in a research note on Monday, July 15th. Finally, Citigroup reduced their target price on Paycom Software from $193.00 to $162.00 and set a "neutral" rating for the company in a report on Tuesday, June 18th. Seventeen analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $179.75.
Read Our Latest Analysis on PAYC
In related news, insider Bradley Scott Smith sold 1,524 shares of the company's stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $157.62, for a total transaction of $240,212.88. Following the transaction, the insider now owns 14,769 shares of the company's stock, valued at $2,327,889.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Chad R. Richison sold 1,950 shares of Paycom Software stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $170.41, for a total value of $332,299.50. Following the completion of the sale, the chief executive officer now owns 2,801,160 shares of the company's stock, valued at $477,345,675.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Bradley Scott Smith sold 1,524 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $157.62, for a total value of $240,212.88. Following the transaction, the insider now owns 14,769 shares in the company, valued at $2,327,889.78. The disclosure for this sale can be found here. Insiders sold a total of 73,856 shares of company stock worth $11,697,103 over the last ninety days. 14.50% of the stock is currently owned by corporate insiders.
PAYC stock opened at $167.46 on Friday. The company's 50 day simple moving average is $162.82 and its 200-day simple moving average is $168.07. Paycom Software, Inc. has a 12 month low of $139.50 and a 12 month high of $279.96. The firm has a market capitalization of $9.73 billion, a PE ratio of 20.40, a P/E/G ratio of 2.44 and a beta of 1.17.
Paycom Software (NYSE:PAYC - Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The software maker reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.07. The company had revenue of $437.51 million during the quarter, compared to the consensus estimate of $436.19 million. Paycom Software had a return on equity of 33.36% and a net margin of 26.55%. As a group, sell-side analysts anticipate that Paycom Software, Inc. will post 6.67 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were paid a dividend of $0.375 per share. The ex-dividend date was Monday, August 26th. This represents a $1.50 annualized dividend and a dividend yield of 0.90%. Paycom Software's dividend payout ratio is currently 18.27%.
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.
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