Contravisory Investment Management Inc. Takes Position in Paycom Software, Inc. (NYSE:PAYC)

Contravisory Investment Management Inc. purchased a new position in Paycom Software, Inc. (NYSE:PAYC - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,156 shares of the software maker's stock, valued at approximately $908,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. FMR LLC raised its stake in Paycom Software by 137.8% in the 4th quarter. FMR LLC now owns 2,396,452 shares of the software maker's stock worth $491,201,000 after acquiring an additional 1,388,533 shares during the last quarter. Sylebra Capital LLC increased its holdings in shares of Paycom Software by 63.8% in 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 period. Arrowstreet Capital Limited Partnership raised its stake in shares of Paycom Software by 1,153.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 401,889 shares of the software maker's stock worth $82,375,000 after purchasing an additional 369,825 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Paycom Software in the fourth quarter worth about $63,923,000. Finally, Zurich Insurance Group Ltd FI purchased a new stake in Paycom Software in the fourth quarter valued at approximately $60,882,000. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PAYC has been the topic of several recent research reports. Wall Street Zen downgraded shares of Paycom Software from a "buy" rating to a "hold" rating in a report on Tuesday, March 4th. BMO Capital Markets upped their price target on shares of Paycom Software from $215.00 to $244.00 and gave the company a "market perform" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. lifted their price objective on Paycom Software from $185.00 to $200.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. KeyCorp upped their target price on Paycom Software from $245.00 to $270.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Finally, Barclays raised their target price on Paycom Software from $221.00 to $240.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Eleven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $226.90.

Paycom Software Price Performance

PAYC stock traded down $1.16 during mid-day trading on Thursday, reaching $263.64. 523,885 shares of the company's stock were exchanged, compared to its average volume of 681,647. Paycom Software, Inc. has a 12-month low of $139.50 and a 12-month high of $267.59. The stock's 50 day moving average is $233.78 and its 200 day moving average is $221.54. The company has a market cap of $15.25 billion, a price-to-earnings ratio of 29.62, a price-to-earnings-growth ratio of 2.40 and a beta of 0.80.

Paycom Software (NYSE:PAYC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $2.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.62 by $0.18. The firm had revenue of $530.50 million for the quarter, compared to analysts' expectations of $522.92 million. Paycom Software had a net margin of 26.66% and a return on equity of 33.53%. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.59 EPS. On average, research 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 declared a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be given a dividend of $0.375 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.50 annualized dividend and a dividend yield of 0.57%. Paycom Software's dividend payout ratio (DPR) is presently 21.40%.

Insider Activity at Paycom Software

In related news, insider Bradley Scott Smith sold 3,000 shares of the business'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 transaction, the insider now directly owns 28,733 shares in the company, valued at approximately $5,775,620.33. The trade was a 9.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Randall Peck sold 890 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $263.21, for a total transaction of $234,256.90. Following the completion of the sale, the chief operating officer now owns 49,394 shares of the company's stock, valued at approximately $13,000,994.74. The trade was a 1.77% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 150,316 shares of company stock valued at $36,812,058. 10.90% of the stock is owned by corporate insiders.

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.