Summit Financial LLC Acquires 1,982 Shares of Paycom Software, Inc. $PAYC

Summit Financial LLC raised its holdings in shares of Paycom Software, Inc. (NYSE:PAYC) by 160.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,214 shares of the software maker’s stock after purchasing an additional 1,982 shares during the quarter. Summit Financial LLC’s holdings in Paycom Software were worth $702,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Candriam S.C.A. increased its stake in Paycom Software by 24.1% during the 1st quarter. Candriam S.C.A. now owns 70,704 shares of the software maker’s stock valued at $15,447,000 after purchasing an additional 13,709 shares in the last quarter. Dorsey & Whitney Trust CO LLC bought a new stake in Paycom Software during the 1st quarter valued at $577,000. Level Four Advisory Services LLC increased its stake in Paycom Software by 12.7% during the 1st quarter. Level Four Advisory Services LLC now owns 14,450 shares of the software maker’s stock valued at $3,157,000 after purchasing an additional 1,629 shares in the last quarter. Hsbc Holdings PLC increased its stake in Paycom Software by 24.6% during the 1st quarter. Hsbc Holdings PLC now owns 81,007 shares of the software maker’s stock valued at $17,675,000 after purchasing an additional 15,968 shares in the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc bought a new stake in Paycom Software during the 1st quarter valued at $369,000. Institutional investors own 87.77% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PAYC. JPMorgan Chase & Co. upped their target price on shares of Paycom Software from $215.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. BMO Capital Markets upped their target price on shares of Paycom Software from $244.00 to $258.00 and gave the stock a “market perform” rating in a research note on Thursday, August 7th. 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 research note on Thursday, May 8th. 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 research note on Thursday, May 8th. Finally, Barclays upped their target price on shares of Paycom Software from $240.00 to $250.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Paycom Software has a consensus rating of “Hold” and a consensus target price of $234.36.

Insiders Place Their Bets

In other Paycom Software news, CEO Chad R. Richison sold 23,200 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $265.20, for a total transaction of $6,152,640.00. Following the completion of the transaction, the chief executive officer owned 3,224,049 shares in the company, valued at $855,017,794.80. This trade represents a 0.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bradley Scott Smith sold 1,500 shares of the firm’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 transaction of $374,940.00. Following the completion of the transaction, the insider owned 27,233 shares of the company’s stock, valued at $6,807,160.68. This trade represents a 5.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,590 shares of company stock worth $6,761,837 over the last quarter. 10.90% of the stock is currently owned by company insiders.

Paycom Software Stock Performance

Shares of NYSE:PAYC opened at $233.7390 on Friday. The company’s 50-day moving average is $229.43 and its 200 day moving average is $228.21. The company has a market capitalization of $13.53 billion, a P/E ratio of 31.63, a price-to-earnings-growth ratio of 2.55 and a beta of 0.81. Paycom Software, Inc. has a fifty-two week low of $153.08 and a fifty-two week high of $267.76.

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

Paycom Software Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Monday, August 25th will be given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, August 25th. Paycom Software’s dividend payout ratio (DPR) 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.