Paycom Software, Inc. $PAYC Shares Sold by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Paycom Software by 6.8%, holding 33,000 shares worth approximately $7.21 million after selling 2,400 shares in the first quarter.
• Multiple brokerages have raised their price targets for Paycom Software, with Barclays setting a new target at $250.00 and BMO Capital Markets at $258.00, indicating positive sentiment in the market.
• Paycom Software announced a quarterly dividend of $0.375 per share, representing an annualized yield of 0.7%, reflecting the company's ongoing commitment to returning value to shareholders.

Adage Capital Partners GP L.L.C. cut its position in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 6.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,000 shares of the software maker's stock after selling 2,400 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.06% of Paycom Software worth $7,210,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. von Borstel & Associates Inc. bought a new stake in shares of Paycom Software in the 1st quarter worth approximately $27,000. SouthState Corp purchased a new position in Paycom Software during the first quarter valued at $27,000. Golden State Wealth Management LLC raised its stake in Paycom Software by 112.3% during the first quarter. Golden State Wealth Management LLC now owns 138 shares of the software maker's stock valued at $30,000 after buying an additional 73 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Paycom Software by 135.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 151 shares of the software maker's stock valued at $33,000 after buying an additional 87 shares during the last quarter. Finally, Opal Wealth Advisors LLC purchased a new position in Paycom Software during the first quarter valued at $35,000. 87.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on PAYC shares. JPMorgan Chase & Co. lifted their target price on Paycom Software from $215.00 to $235.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Barclays boosted their price target on Paycom Software from $240.00 to $250.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Cantor Fitzgerald started coverage on Paycom Software in a research note on Thursday, August 14th. They issued a "neutral" rating and a $230.00 price objective for the company. KeyCorp upped their price objective on Paycom Software from $285.00 to $290.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Finally, BMO Capital Markets boosted their target price on Paycom Software from $244.00 to $258.00 and gave the stock a "market perform" rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, Paycom Software has an average rating of "Hold" and a consensus price target of $234.36.

Paycom Software Price Performance

NYSE PAYC traded down $2.04 during midday trading on Tuesday, hitting $222.26. 589,424 shares of the company traded hands, compared to its average volume of 593,717. The company has a market cap of $12.86 billion, a PE ratio of 30.08, a price-to-earnings-growth ratio of 2.46 and a beta of 0.81. The company's 50-day simple moving average is $227.53 and its 200-day simple moving average is $229.54. Paycom Software, Inc. has a 52 week low of $158.03 and a 52 week high of $267.76.

Paycom Software (NYSE:PAYC - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $483.60 million during the quarter, compared to analysts' expectations of $472.00 million. Paycom Software had a return on equity of 25.40% and a net margin of 21.22%.The business's quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.62 EPS. On average, research analysts predict that Paycom Software, Inc. will post 7.15 earnings per share for the current year.

Paycom Software Announces Dividend

The business also recently announced 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. This represents a $1.50 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Monday, August 25th. Paycom Software's payout ratio is currently 20.30%.

Insider Buying and Selling

In related news, insider Bradley Scott Smith sold 1,500 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $249.96, for a total value of $374,940.00. Following the transaction, the insider directly owned 27,233 shares in the company, valued at approximately $6,807,160.68. This represents a 5.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate 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.