California State Teachers Retirement System Lowers Stock Position in Paycom Software, Inc. (NYSE:PAYC)

California State Teachers Retirement System cut its position in Paycom Software, Inc. (NYSE:PAYC - Free Report) by 8.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,542 shares of the software maker's stock after selling 8,469 shares during the period. California State Teachers Retirement System owned about 0.15% of Paycom Software worth $17,739,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its position in Paycom Software by 137.8% during the fourth quarter. FMR LLC now owns 2,396,452 shares of the software maker's stock valued at $491,201,000 after purchasing an additional 1,388,533 shares during the last quarter. Sylebra Capital LLC lifted its position in Paycom Software by 63.8% during the fourth quarter. Sylebra Capital LLC now owns 3,215,085 shares of the software maker's stock valued at $658,996,000 after purchasing an additional 1,252,617 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Paycom Software by 1,153.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 401,889 shares of the software maker's stock valued at $82,375,000 after purchasing an additional 369,825 shares during the last quarter. Raymond James Financial Inc. bought a new position in Paycom Software during the fourth quarter valued at $63,923,000. Finally, Zurich Insurance Group Ltd FI bought a new position in Paycom Software during the fourth quarter valued at $60,882,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PAYC has been the subject of several research reports. Wall Street Zen lowered shares of Paycom Software from a "buy" rating to a "hold" rating in a research report on Tuesday, March 4th. Piper Sandler raised their target price on shares of Paycom Software from $224.00 to $246.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Needham & Company LLC restated a "hold" rating on shares of Paycom Software in a report on Thursday, May 8th. BMO Capital Markets raised their target price on shares of Paycom Software from $215.00 to $244.00 and gave the stock a "market perform" rating in a report on Thursday, May 8th. Finally, Stifel Nicolaus raised their target price on shares of Paycom Software from $187.00 to $215.00 and gave the stock a "hold" rating in a report on Thursday, May 8th. Eleven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $226.90.

Paycom Software Stock Up 0.7%

Shares of Paycom Software stock traded up $1.73 on Tuesday, reaching $261.27. The stock had a trading volume of 107,374 shares, compared to its average volume of 685,813. The company has a 50 day moving average price of $232.08 and a 200 day moving average price of $220.94. Paycom Software, Inc. has a 1 year low of $139.50 and a 1 year high of $262.80. The stock has a market capitalization of $15.11 billion, a P/E ratio of 29.36, a P/E/G ratio of 2.40 and a beta of 0.80.

Paycom Software (NYSE:PAYC - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.18. The company had revenue of $530.50 million for the quarter, compared to the consensus estimate of $522.92 million. Paycom Software had a net margin of 26.66% and a return on equity of 33.53%. Paycom Software's revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.59 EPS. On average, analysts forecast that Paycom Software, Inc. will post 7.15 earnings per share for the current fiscal year.

Paycom Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be given a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Tuesday, May 27th. Paycom Software's dividend payout ratio is presently 21.40%.

Insiders Place Their Bets

In related news, CEO Chad R. Richison sold 26,426 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $255.52, for a total value of $6,752,371.52. Following the completion of the transaction, the chief executive officer now directly owns 3,277,249 shares in the company, valued at $837,402,664.48. The trade was a 0.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Bradley Scott Smith sold 3,000 shares of the business's stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $201.01, for a total transaction of $603,030.00. Following the completion of the transaction, the insider now owns 28,733 shares of the company's stock, valued at approximately $5,775,620.33. This represents a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 149,426 shares of company stock valued at $36,577,802. 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.