Principal Financial Group Inc. Sells 2,463 Shares of Paycom Software, Inc. (NYSE:PAYC)

Principal Financial Group Inc. lessened its holdings in Paycom Software, Inc. (NYSE:PAYC) by 3.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 62,874 shares of the software maker’s stock after selling 2,463 shares during the period. Principal Financial Group Inc. owned 0.11% of Paycom Software worth $13,737,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC acquired a new position in Paycom Software in the 4th quarter valued at $638,000. Victory Capital Management Inc. grew its holdings in Paycom Software by 5.9% in the 4th quarter. Victory Capital Management Inc. now owns 8,078 shares of the software maker’s stock valued at $1,656,000 after buying an additional 450 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Paycom Software in the 4th quarter valued at $7,142,000. PNC Financial Services Group Inc. grew its holdings in shares of Paycom Software by 4.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,961 shares of the software maker’s stock worth $1,222,000 after purchasing an additional 270 shares in the last quarter. Finally, HighTower Advisors LLC grew its holdings in shares of Paycom Software by 1.2% during the 4th quarter. HighTower Advisors LLC now owns 15,215 shares of the software maker’s stock worth $3,119,000 after purchasing an additional 184 shares in the last quarter. Institutional investors own 87.77% of the company’s stock.

Paycom Software Stock Performance

Shares of PAYC opened at $220.15 on Friday. The business has a 50-day moving average of $245.69 and a 200 day moving average of $223.62. Paycom Software, Inc. has a fifty-two week low of $148.22 and a fifty-two week high of $267.76. The firm has a market cap of $12.74 billion, a P/E ratio of 31.41, a price-to-earnings-growth ratio of 2.43 and a beta of 0.77.

Paycom Software (NYSE:PAYC) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.18. The company had revenue of $530.50 million during the quarter, compared to analyst estimates of $522.92 million. Paycom Software had a return on equity of 25.53% and a net margin of 20.60%. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.59 EPS. As a group, research analysts predict that Paycom Software, Inc. will post 7.15 earnings per share for the current fiscal year.

Paycom Software Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were issued a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 0.68%. The ex-dividend date was Tuesday, May 27th. Paycom Software’s payout ratio is 21.40%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. BMO Capital Markets increased their target price on Paycom Software from $215.00 to $244.00 and gave the stock a “market perform” rating in a report on Thursday, May 8th. Barclays increased their target price on Paycom Software from $221.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday, May 8th. Piper Sandler increased their target price on Paycom Software from $224.00 to $246.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Needham & Company LLC reissued a “hold” rating on shares of Paycom Software in a report on Thursday, May 8th. Finally, KeyCorp increased their target price on Paycom Software from $245.00 to $270.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Eleven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $226.90.

Insider Transactions at Paycom Software

In other news, CEO Chad R. Richison sold 120,000 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $243.52, for a total transaction of $29,222,400.00. Following the completion of the sale, the chief executive officer owned 3,307,249 shares of the company’s stock, valued at approximately $805,381,276.48. This represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bradley Scott Smith sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $249.96, for a total value of $374,940.00. Following the transaction, the insider owned 27,233 shares of the company’s stock, valued at approximately $6,807,160.68. This represents a 5.22% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 172,016 shares of company stock valued at $42,736,608. 10.90% of the stock is owned by corporate insiders.

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.