Bank of New York Mellon Corp Sells 32,348 Shares of Paycom Software, Inc. (NYSE:PAYC)

Bank of New York Mellon Corp decreased its stake in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 7.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 426,099 shares of the software maker's stock after selling 32,348 shares during the period. Bank of New York Mellon Corp owned 0.74% of Paycom Software worth $93,094,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Sylebra Capital LLC lifted its holdings in Paycom Software by 63.8% during the 4th quarter. Sylebra Capital LLC now owns 3,215,085 shares of the software maker's stock worth $658,996,000 after purchasing an additional 1,252,617 shares in the last quarter. FMR LLC raised its holdings in shares of Paycom Software by 137.8% in the 4th quarter. FMR LLC now owns 2,396,452 shares of the software maker's stock valued at $491,201,000 after acquiring an additional 1,388,533 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Paycom Software by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 1,516,768 shares of the software maker's stock valued at $310,245,000 after acquiring an additional 89,848 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Paycom Software by 10.9% in the 4th quarter. Northern Trust Corp now owns 724,016 shares of the software maker's stock valued at $148,402,000 after acquiring an additional 70,897 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Paycom Software by 1,153.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 401,889 shares of the software maker's stock valued at $82,375,000 after acquiring an additional 369,825 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

Paycom Software Stock Down 4.0%

Shares of Paycom Software stock traded down $9.21 during trading on Friday, hitting $220.15. 624,486 shares of the stock traded hands, compared to its average volume of 659,698. The stock has a market cap of $12.74 billion, a price-to-earnings ratio of 31.41, a PEG ratio of 2.43 and a beta of 0.77. The firm's fifty day moving average is $245.69 and its 200-day moving average is $223.62. Paycom Software, Inc. has a 52 week low of $148.22 and a 52 week high of $267.76.

Paycom Software (NYSE:PAYC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $2.80 EPS for the quarter, beating the consensus estimate of $2.62 by $0.18. Paycom Software had a return on equity of 25.53% and a net margin of 20.60%. The firm had revenue of $530.50 million for the quarter, compared to analyst estimates of $522.92 million. During the same period in the prior year, the company earned $2.59 EPS. The company's revenue was up 6.1% on a year-over-year basis. On average, analysts forecast that Paycom Software, Inc. will post 7.15 earnings per share for the current fiscal year.

Paycom Software Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were given a dividend of $0.375 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.50 annualized dividend and a yield of 0.68%. Paycom Software's payout ratio is 21.40%.

Insider Buying and Selling

In related news, COO Randall Peck sold 890 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $263.21, for a total transaction of $234,256.90. Following the transaction, the chief operating officer directly owned 49,394 shares in the company, valued at $13,000,994.74. This trade represents a 1.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bradley Scott Smith sold 1,500 shares of the firm'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 owned 27,233 shares in the company, valued at approximately $6,807,160.68. The trade was a 5.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 172,016 shares of company stock worth $42,736,608 in the last ninety days. 10.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PAYC has been the topic of several recent analyst reports. Piper Sandler raised their price target on Paycom Software from $224.00 to $246.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. KeyCorp raised their price target on Paycom Software from $245.00 to $270.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Barclays raised their price target on Paycom Software from $221.00 to $240.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. BMO Capital Markets raised their price target on Paycom Software from $215.00 to $244.00 and gave the company a "market perform" rating in a report on Thursday, May 8th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Paycom Software in a report on Thursday, May 8th. Eleven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $226.90.

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.