Allspring Global Investments Holdings LLC Lowers Holdings in Paycom Software, Inc. $PAYC

Key Points

• Allspring Global Investments has reduced its stake in Paycom Software by 40% during the second quarter, now holding 20,632 shares valued at approximately $4.8 million.
• Paycom Software reported a EPS of $2.06 for the last quarter, surpassing expectations by $0.28, with revenues of $483.6 million, a 10.5% year-over-year increase.
• The company declared a quarterly dividend of $0.375, resulting in an annualized yield of 0.7% and a payout ratio of 20.30%.

Allspring Global Investments Holdings LLC decreased its stake in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 40.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,632 shares of the software maker's stock after selling 13,778 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Paycom Software were worth $4,824,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PAYC. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Paycom Software by 19.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 6,214 shares of the software maker's stock worth $1,444,000 after purchasing an additional 1,027 shares during the period. Aberdeen Group plc grew its stake in Paycom Software by 192.8% in the second quarter. Aberdeen Group plc now owns 10,299 shares of the software maker's stock valued at $2,383,000 after purchasing an additional 6,781 shares during the last quarter. Blair William & Co. IL grew its stake in Paycom Software by 4.1% in the second quarter. Blair William & Co. IL now owns 2,018 shares of the software maker's stock valued at $467,000 after purchasing an additional 79 shares during the last quarter. Clear Creek Financial Management LLC raised its holdings in Paycom Software by 6.3% in the second quarter. Clear Creek Financial Management LLC now owns 1,260 shares of the software maker's stock worth $292,000 after purchasing an additional 75 shares in the last quarter. Finally, KLP Kapitalforvaltning AS lifted its position in shares of Paycom Software by 17.6% during the second quarter. KLP Kapitalforvaltning AS now owns 20,000 shares of the software maker's stock valued at $4,628,000 after buying an additional 3,000 shares during the last quarter. 87.77% of the stock is owned by hedge funds and other institutional investors.

Paycom Software Trading Up 0.4%

PAYC opened at $201.46 on Tuesday. Paycom Software, Inc. has a 12-month low of $162.62 and a 12-month high of $267.76. The firm has a market capitalization of $11.66 billion, a PE ratio of 27.26, a P/E/G ratio of 2.20 and a beta of 0.82. The firm has a 50 day moving average of $215.88 and a two-hundred day moving average of $228.43.

Paycom Software (NYSE:PAYC - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $2.06 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 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 business's revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.62 EPS. As a group, analysts predict that Paycom Software, Inc. will post 7.15 EPS for the current fiscal year.

Paycom Software Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Monday, August 25th were issued a $0.375 dividend. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.50 dividend on an annualized basis and a yield of 0.7%. Paycom Software's payout ratio is presently 20.30%.

Insider Buying and Selling

In other Paycom Software news, insider Bradley Scott Smith sold 1,500 shares of Paycom Software stock in a transaction on Friday, September 12th. The shares were sold at an average price of $223.27, for a total value of $334,905.00. Following the completion of the transaction, the insider owned 24,533 shares of the company's stock, valued at approximately $5,477,482.91. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing 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

A number of brokerages have recently issued reports on PAYC. Jefferies Financial Group cut their price objective on shares of Paycom Software from $250.00 to $225.00 and set a "hold" rating on the stock in a research report on Monday, October 13th. Guggenheim assumed coverage on shares of Paycom Software in a report on Friday, September 26th. They issued a "buy" rating and a $270.00 price target on the stock. BMO Capital Markets increased their price objective on Paycom Software from $244.00 to $258.00 and gave the company a "market perform" rating in a report on Thursday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Paycom Software in a research report on Wednesday, October 8th. Finally, TD Cowen upgraded Paycom Software from a "hold" rating to a "buy" rating and boosted their target price for the stock from $246.00 to $258.00 in a research note on Monday, September 22nd. Four equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $245.62.

Paycom Software 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.

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