Davis Investment Partners LLC Lowers Position in Paycom Software, Inc. (NYSE:PAYC)

Davis Investment Partners LLC cut its stake in shares of Paycom Software, Inc. (NYSE:PAYC) by 45.4% during the 1st quarter, Holdings Channel.com reports. The firm owned 3,368 shares of the software maker’s stock after selling 2,795 shares during the quarter. Davis Investment Partners LLC’s holdings in Paycom Software were worth $735,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. CX Institutional purchased a new position in shares of Paycom Software in the first quarter valued at about $172,000. Handelsbanken Fonder AB lifted its position in shares of Paycom Software by 8.5% in the first quarter. Handelsbanken Fonder AB now owns 14,000 shares of the software maker’s stock valued at $3,059,000 after acquiring an additional 1,100 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Paycom Software by 57.1% in the first quarter. SG Americas Securities LLC now owns 2,685 shares of the software maker’s stock valued at $587,000 after acquiring an additional 976 shares in the last quarter. Accurate Wealth Management LLC lifted its position in shares of Paycom Software by 37.4% in the first quarter. Accurate Wealth Management LLC now owns 6,585 shares of the software maker’s stock valued at $1,421,000 after acquiring an additional 1,792 shares in the last quarter. Finally, Simplicity Wealth LLC lifted its position in shares of Paycom Software by 24.8% in the first quarter. Simplicity Wealth LLC now owns 1,425 shares of the software maker’s stock valued at $311,000 after acquiring an additional 283 shares in the last quarter. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on PAYC shares. JPMorgan Chase & Co. boosted their price objective on Paycom Software from $185.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. BMO Capital Markets boosted their price objective on Paycom Software from $215.00 to $244.00 and gave the company a “market perform” rating in a research report on Thursday, May 8th. Barclays boosted their price objective on Paycom Software from $221.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, May 8th. KeyCorp lifted 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. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Paycom Software 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, the stock has a consensus rating of “Hold” and an average target price of $226.90.

Insiders Place Their Bets

In other Paycom Software news, COO Randall Peck sold 890 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $263.21, for a total transaction of $234,256.90. Following the sale, the chief operating officer now directly owns 49,394 shares of the company’s stock, valued at $13,000,994.74. The trade was a 1.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Chad R. Richison sold 26,426 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $255.52, for a total value of $6,752,371.52. Following the sale, the chief executive officer now directly owns 3,277,249 shares in the company, valued at $837,402,664.48. The trade was a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 170,516 shares of company stock valued at $42,361,668 over the last ninety days. 10.90% of the stock is owned by insiders.

Paycom Software Trading Down 1.0%

Shares of PAYC stock opened at $251.57 on Thursday. Paycom Software, Inc. has a 12-month low of $139.50 and a 12-month high of $267.76. The stock’s 50-day moving average price is $238.25 and its 200-day moving average price is $222.79. The stock has a market capitalization of $14.55 billion, a price-to-earnings ratio of 28.27, a price-to-earnings-growth ratio of 2.40 and a beta of 0.81.

Paycom Software (NYSE:PAYC) last issued its earnings results on Wednesday, May 7th. The software maker reported $2.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.18. Paycom Software had a return on equity of 33.53% and a net margin of 26.66%. The firm had revenue of $530.50 million for the quarter, compared to analysts’ expectations of $522.92 million. During the same period in the previous year, the firm posted $2.59 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. As a group, research analysts predict that Paycom Software, Inc. will post 7.15 EPS for the current fiscal year.

Paycom Software Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were paid a dividend of $0.375 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.50 annualized dividend and a yield of 0.60%. Paycom Software’s payout ratio is currently 21.40%.

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.