1832 Asset Management L.P. Purchases Shares of 5,669 Paycom Software, Inc. $PAYC

1832 Asset Management L.P. acquired a new position in shares of Paycom Software, Inc. (NYSE:PAYC) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 5,669 shares of the software maker’s stock, valued at approximately $1,312,000.

A number of other hedge funds have also modified their holdings of the stock. SouthState Corp purchased a new stake in shares of Paycom Software during the first quarter valued at $27,000. S Bank Fund Management Ltd acquired a new stake in Paycom Software during the 1st quarter worth about $37,000. Assetmark Inc. lifted its stake in Paycom Software by 651.9% during the second quarter. Assetmark Inc. now owns 203 shares of the software maker’s stock valued at $47,000 after buying an additional 176 shares in the last quarter. Brooklyn Investment Group lifted its stake in Paycom Software by 19.4% during the first quarter. Brooklyn Investment Group now owns 240 shares of the software maker’s stock valued at $52,000 after buying an additional 39 shares in the last quarter. Finally, Employees Retirement System of Texas acquired a new position in shares of Paycom Software in the second quarter worth about $55,000. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Cantor Fitzgerald upgraded shares of Paycom Software to a “hold” rating in a report on Thursday, September 11th. Mizuho cut their target price on shares of Paycom Software from $220.00 to $180.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Zacks Research upgraded Paycom Software from a “strong sell” rating to a “hold” rating in a report on Thursday, November 20th. Barclays decreased their target price on Paycom Software from $225.00 to $210.00 and set an “equal weight” rating for the company in a research report on Thursday, November 6th. Finally, TD Cowen dropped their target price on Paycom Software from $258.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Four equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $225.77.

Paycom Software Stock Performance

NYSE:PAYC opened at $165.71 on Friday. The company has a market capitalization of $9.32 billion, a P/E ratio of 20.61, a P/E/G ratio of 1.80 and a beta of 0.84. The stock’s 50 day moving average price is $183.17 and its 200 day moving average price is $215.51. Paycom Software, Inc. has a 52 week low of $156.50 and a 52 week high of $267.76.

Paycom Software (NYSE:PAYC) last released its quarterly earnings results on Wednesday, November 5th. The software maker reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.02). The business had revenue of $493.30 million for the quarter, compared to the consensus estimate of $492.62 million. Paycom Software had a net margin of 22.65% and a return on equity of 24.79%. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.67 EPS. As a group, sell-side analysts forecast that Paycom Software, Inc. will post 7.15 earnings per share for the current fiscal year.

Paycom Software Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 8th. Stockholders of record on Monday, November 24th will be paid a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Monday, November 24th. Paycom Software’s dividend payout ratio is 18.66%.

Insider Activity

In other news, insider Bradley Scott Smith sold 1,500 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $223.27, for a total transaction of $334,905.00. Following the transaction, the insider owned 24,533 shares of the company’s stock, valued at approximately $5,477,482.91. This represents a 5.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 10.90% of the company’s stock.

About Paycom Software

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.