Bank of New York Mellon Corp Invests $42.86 Million in Paycom Software, Inc. $PAYC

Bank of New York Mellon Corp acquired a new position in Paycom Software, Inc. (NYSE:PAYC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 341,007 shares of the software maker's stock, valued at approximately $42,858,000. Bank of New York Mellon Corp owned 0.72% of Paycom Software as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Fluent Financial LLC purchased a new position in Paycom Software in the 2nd quarter valued at approximately $2,439,000. Principal Financial Group Inc. boosted its holdings in shares of Paycom Software by 290.5% in the first quarter. Principal Financial Group Inc. now owns 243,762 shares of the software maker's stock valued at $29,627,000 after acquiring an additional 181,346 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Paycom Software by 1,151.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 170,854 shares of the software maker's stock valued at $27,227,000 after acquiring an additional 157,201 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Paycom Software by 467.2% in the first quarter. Janus Henderson Group PLC now owns 23,200 shares of the software maker's stock valued at $2,819,000 after acquiring an additional 19,110 shares in the last quarter. Finally, PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Paycom Software in the fourth quarter valued at about $8,376,000. Hedge funds and other institutional investors own 87.77% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Mizuho boosted their price objective on shares of Paycom Software from $120.00 to $130.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. BTIG Research upped their price objective on shares of Paycom Software from $160.00 to $230.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Weiss Ratings raised shares of Paycom Software from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Zacks Research raised shares of Paycom Software from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 18th. Finally, Barclays increased their price objective on shares of Paycom Software from $154.00 to $210.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $214.23.

Paycom Software Stock Performance

Shares of PAYC stock traded up $6.78 during trading hours on Thursday, reaching $243.03. The stock had a trading volume of 28,490 shares, compared to its average volume of 1,278,218. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.07 and a quick ratio of 1.07. Paycom Software, Inc. has a twelve month low of $104.90 and a twelve month high of $244.98. The firm has a 50-day simple moving average of $177.95 and a 200-day simple moving average of $146.04. The firm has a market capitalization of $10.95 billion, a PE ratio of 25.96, a price-to-earnings-growth ratio of 1.32 and a beta of 0.78.

Paycom Software (NYSE:PAYC - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The software maker reported $2.78 earnings per share for the quarter, topping analysts' consensus estimates of $2.38 by $0.40. Paycom Software had a net margin of 22.78% and a return on equity of 37.06%. The business had revenue of $531.20 million for the quarter, compared to analysts' expectations of $513.12 million. During the same quarter last year, the company earned $2.06 EPS. The company's revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, equities analysts forecast that Paycom Software, Inc. will post 10.65 earnings per share for the current year.

Paycom Software Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be paid a dividend of $0.375 per share. The ex-dividend date of this dividend is Monday, August 24th. This represents a $1.50 annualized dividend and a yield of 0.6%. Paycom Software's dividend payout ratio (DPR) is presently 15.94%.

Insider Buying and Selling

In other Paycom Software news, insider Shane Hadlock sold 2,577 shares of the firm's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $237.60, for a total transaction of $612,295.20. Following the transaction, the insider owned 70,152 shares of the company's stock, valued at approximately $16,668,115.20. This trade represents a 3.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 13.20% of the company's stock.

Paycom Software Profile

Paycom Software, Inc NYSE: PAYC is a cloud-based human capital management (HCM) software provider that delivers an end-to-end solution for human resources, payroll, talent acquisition, time and labor management, and talent management. Its single-database platform enables organizations to process payroll, track time, administer benefits, and manage recruiting and employee development through a unified system. Paycom's software is designed to streamline administrative tasks, improve data accuracy, and provide real-time reporting and analytics to support strategic HR decisions.

The company's core offerings include payroll processing with built-in tax compliance, employee self-service functionality, automated time tracking, and customizable talent acquisition tools that allow employers to create and post job requisitions, screen candidates, and conduct onboarding electronically.