New York State Common Retirement Fund Has $37.34 Million Stock Position in Paycom Software, Inc. (NYSE:PAYC)

New York State Common Retirement Fund reduced its holdings in shares of Paycom Software, Inc. (NYSE:PAYC) by 0.9% in the first quarter, Holdings Channel reports. The institutional investor owned 170,887 shares of the software maker’s stock after selling 1,500 shares during the period. New York State Common Retirement Fund’s holdings in Paycom Software were worth $37,335,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PAYC. FMR LLC boosted its stake in Paycom Software by 137.8% in the fourth quarter. FMR LLC now owns 2,396,452 shares of the software maker’s stock valued at $491,201,000 after acquiring an additional 1,388,533 shares during the last quarter. Sylebra Capital LLC lifted its stake in shares of Paycom Software by 63.8% during the 4th quarter. Sylebra Capital LLC now owns 3,215,085 shares of the software maker’s stock valued at $658,996,000 after buying an additional 1,252,617 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of 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 buying an additional 369,825 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in shares of Paycom Software during the 4th quarter valued at approximately $60,882,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Paycom Software during the 4th quarter valued at approximately $57,068,000. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PAYC shares. Barclays upped their price target on shares of Paycom Software from $221.00 to $240.00 and gave the company an “equal weight” rating in a research note on Thursday, May 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Paycom Software in a report on Thursday, May 8th. Stifel Nicolaus upped their target price on shares of Paycom Software from $187.00 to $215.00 and gave the stock a “hold” rating in a report on Thursday, May 8th. KeyCorp upped their target price on shares of Paycom Software from $245.00 to $270.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Finally, Piper Sandler upped their target price on shares of Paycom Software from $224.00 to $246.00 and gave the stock a “neutral” 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $226.90.

Paycom Software Price Performance

PAYC stock opened at $222.05 on Tuesday. Paycom Software, Inc. has a one year low of $148.22 and a one year high of $267.76. The stock has a market cap of $12.85 billion, a PE ratio of 31.68, a P/E/G ratio of 2.43 and a beta of 0.77. The firm has a 50 day simple moving average of $245.69 and a two-hundred day simple moving average of $223.72.

Paycom Software (NYSE:PAYC) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $2.80 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.18. Paycom Software had a net margin of 20.60% and a return on equity of 25.53%. The business had revenue of $530.50 million during the quarter, compared to analysts’ expectations of $522.92 million. During the same quarter in the previous year, the company earned $2.59 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, research analysts expect that Paycom Software, Inc. will post 7.15 EPS for the current fiscal year.

Paycom Software Announces Dividend

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

Insider Activity

In other Paycom Software news, COO Randall Peck sold 890 shares of the stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $263.21, for a total transaction of $234,256.90. Following the completion of the sale, the chief operating officer owned 49,394 shares of the company’s stock, valued at $13,000,994.74. This represents a 1.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Bradley Scott Smith sold 1,500 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $249.96, for a total transaction of $374,940.00. Following the sale, the insider directly owned 27,233 shares of the company’s stock, valued at $6,807,160.68. The trade was a 5.22% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 172,016 shares of company stock valued at $42,736,608. Corporate insiders own 10.90% of the company’s stock.

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.