Sumitomo Mitsui Trust Group Inc. Buys 306 Shares of Paycom Software, Inc. $PAYC

Sumitomo Mitsui Trust Group Inc. grew its stake in Paycom Software, Inc. (NYSE:PAYC) by 0.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 106,379 shares of the software maker’s stock after purchasing an additional 306 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Paycom Software were worth $24,616,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. SouthState Corp acquired a new stake in Paycom Software in the 1st quarter valued at about $27,000. von Borstel & Associates Inc. bought a new position in shares of Paycom Software during the first quarter worth approximately $27,000. Golden State Wealth Management LLC increased its holdings in shares of Paycom Software by 112.3% during the first quarter. Golden State Wealth Management LLC now owns 138 shares of the software maker’s stock worth $30,000 after purchasing an additional 73 shares during the period. S Bank Fund Management Ltd bought a new position in shares of Paycom Software during the first quarter worth approximately $37,000. Finally, Brooklyn Investment Group increased its holdings in shares of Paycom Software by 19.4% during the first quarter. Brooklyn Investment Group now owns 240 shares of the software maker’s stock worth $52,000 after purchasing an additional 39 shares during the period. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Paycom Software

In other news, insider Bradley Scott Smith sold 1,500 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were 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 in the company, valued at approximately $5,477,482.91. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 10.90% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on PAYC shares. Jefferies Financial Group lowered their target price on shares of Paycom Software from $250.00 to $225.00 and set a “hold” rating on the stock in a report on Monday, October 13th. BMO Capital Markets lifted their price objective on shares of Paycom Software from $244.00 to $258.00 and gave the company a “market perform” rating in a research note on Thursday, August 7th. Zacks Research cut shares of Paycom Software from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 22nd. Cantor Fitzgerald raised shares of Paycom Software to a “hold” rating in a research note on Thursday, September 11th. Finally, UBS Group decreased their price objective on shares of Paycom Software from $310.00 to $285.00 and set a “buy” rating on the stock in a research note on Wednesday, September 17th. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $243.69.

Paycom Software Stock Performance

Shares of NYSE:PAYC opened at $198.45 on Wednesday. The firm has a market cap of $11.49 billion, a PE ratio of 26.85, a price-to-earnings-growth ratio of 2.21 and a beta of 0.82. Paycom Software, Inc. has a 52 week low of $165.51 and a 52 week high of $267.76. The firm’s fifty day moving average is $213.60 and its 200-day moving average is $228.28.

Paycom Software (NYSE:PAYC) last released its earnings results on Wednesday, August 6th. The software maker reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.28. The business had revenue of $483.60 million for the quarter, compared to analyst estimates of $472.00 million. Paycom Software had a net margin of 21.22% and a return on equity of 25.40%. Paycom Software’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.62 earnings per share. Sell-side analysts forecast that Paycom Software, Inc. will post 7.15 EPS for the current year.

Paycom Software Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Monday, August 25th were issued a dividend of $0.375 per share. The ex-dividend date was Monday, August 25th. This represents a $1.50 annualized dividend and a dividend yield of 0.8%. Paycom Software’s dividend payout ratio is currently 20.30%.

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.