Congress Asset Management Co. Raises Stake in Paycom Software, Inc. (NYSE:PAYC)

Congress Asset Management Co. lifted its stake in Paycom Software, Inc. (NYSE:PAYC - Free Report) by 246.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,383 shares of the software maker's stock after buying an additional 2,406 shares during the period. Congress Asset Management Co.'s holdings in Paycom Software were worth $739,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Reinhart Partners LLC. boosted its stake in Paycom Software by 17.3% during the 1st quarter. Reinhart Partners LLC. now owns 69,899 shares of the software maker's stock worth $15,271,000 after purchasing an additional 10,285 shares during the period. Vest Financial LLC acquired a new stake in Paycom Software during the 1st quarter worth $35,455,000. Salvus Wealth Management LLC boosted its stake in Paycom Software by 4.9% during the 1st quarter. Salvus Wealth Management LLC now owns 1,238 shares of the software maker's stock worth $270,000 after purchasing an additional 58 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Paycom Software by 114.5% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 236 shares of the software maker's stock worth $52,000 after purchasing an additional 126 shares during the period. Finally, Contravisory Investment Management Inc. acquired a new stake in Paycom Software during the 1st quarter worth $908,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

Paycom Software Price Performance

Shares of PAYC stock traded down $2.55 during mid-day trading on Wednesday, hitting $251.57. The stock had a trading volume of 484,317 shares, compared to its average volume of 675,022. Paycom Software, Inc. has a fifty-two week low of $139.50 and a fifty-two week high of $267.76. The firm has a market cap of $14.55 billion, a PE ratio of 28.27, a PEG ratio of 2.40 and a beta of 0.81. The company's 50-day simple moving average is $237.18 and its 200-day simple moving average is $222.59.

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 net margin of 26.66% and a return on equity of 33.53%. The firm had revenue of $530.50 million during the quarter, compared to analysts' expectations of $522.92 million. During the same quarter last year, the business earned $2.59 earnings per share. The business's revenue for the quarter was up 6.1% compared to the same quarter last year. On average, analysts expect that Paycom Software, Inc. will post 7.15 EPS for the current year.

Paycom Software Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were paid a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend was Tuesday, May 27th. Paycom Software's dividend payout ratio (DPR) is 21.40%.

Insider Activity at Paycom Software

In related news, COO Randall Peck sold 890 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $263.21, for a total value of $234,256.90. Following the completion of the sale, the chief operating officer now owns 49,394 shares in the company, valued at $13,000,994.74. This trade represents a 1.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bradley Scott Smith sold 3,000 shares of the firm's stock in a transaction dated 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 sale, the insider now owns 28,733 shares of the company's stock, valued at $5,775,620.33. This trade represents a 9.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold 173,516 shares of company stock worth $42,964,698 over the last 90 days. Company insiders own 10.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PAYC shares. BMO Capital Markets increased their price target on shares of Paycom Software from $215.00 to $244.00 and gave the stock a "market perform" rating in a research note on Thursday, May 8th. KeyCorp increased their price target on shares of Paycom Software from $245.00 to $270.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Needham & Company LLC reiterated a "hold" rating on shares of Paycom Software in a research note on Thursday, May 8th. Barclays increased their price target on shares of Paycom Software from $221.00 to $240.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Paycom Software from $185.00 to $200.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Eleven analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price 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.