Korea Investment CORP Cuts Stock Position in Paycom Software, Inc. $PAYC

Key Points

• Korea Investment CORP reduced its stake in Paycom Software by 4.2%, owning 31,950 shares valued at approximately $6.98 million after selling 1,398 shares during the first quarter.
• Paycom Software reported $2.06 earnings per share for the last quarter, exceeding analysts' expectations of $1.78, with a year-over-year revenue increase of 10.5%.
• The company announced a quarterly dividend of $0.375 per share, representing an annual yield of 0.6%, with a payout ratio of 20.30%.

Korea Investment CORP cut its holdings in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 4.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,950 shares of the software maker's stock after selling 1,398 shares during the period. Korea Investment CORP owned approximately 0.06% of Paycom Software worth $6,980,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Northern Trust Corp lifted its stake in Paycom Software by 2.3% during the 1st quarter. Northern Trust Corp now owns 740,385 shares of the software maker's stock valued at $161,759,000 after acquiring an additional 16,369 shares during the period. Brooklyn Investment Group raised its holdings in shares of Paycom Software by 19.4% during the first quarter. Brooklyn Investment Group now owns 240 shares of the software maker's stock valued at $52,000 after purchasing an additional 39 shares during the last quarter. Versor Investments LP raised its holdings in shares of Paycom Software by 278.5% during the first quarter. Versor Investments LP now owns 7,934 shares of the software maker's stock valued at $1,733,000 after purchasing an additional 5,838 shares during the last quarter. Summit Securities Group LLC bought a new position in Paycom Software during the first quarter valued at approximately $135,000. Finally, Tocqueville Asset Management L.P. boosted its holdings in Paycom Software by 108.7% in the first quarter. Tocqueville Asset Management L.P. now owns 2,400 shares of the software maker's stock worth $524,000 after purchasing an additional 1,250 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

Paycom Software Stock Down 0.6%

NYSE:PAYC traded down $1.45 on Thursday, reaching $226.44. 172,209 shares of the company's stock traded hands, compared to its average volume of 625,370. The stock has a 50-day simple moving average of $228.70 and a 200-day simple moving average of $228.57. The firm has a market cap of $13.11 billion, a PE ratio of 30.62, a P/E/G ratio of 2.47 and a beta of 0.81. Paycom Software, Inc. has a 12 month low of $153.08 and a 12 month high of $267.76.

Paycom Software (NYSE:PAYC - Get Free Report) last released its earnings results on Wednesday, August 6th. The software maker reported $2.06 EPS for the quarter, topping the consensus estimate of $1.78 by $0.28. Paycom Software had a net margin of 21.22% and a return on equity of 25.40%. The firm had revenue of $483.60 million for the quarter, compared to the consensus estimate of $472.00 million. During the same quarter in the previous year, the firm earned $1.62 earnings per share. The company's quarterly revenue was up 10.5% compared to the same quarter last year. On average, equities analysts anticipate that Paycom Software, Inc. will post 7.15 earnings per share for the current year.

Paycom Software Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Monday, August 25th will be issued a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Monday, August 25th. Paycom Software's dividend payout ratio is presently 20.30%.

Insider Transactions at Paycom Software

In other news, insider Bradley Scott Smith sold 1,500 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $249.96, for a total transaction of $374,940.00. Following the transaction, the insider directly owned 27,233 shares of the company's stock, valued at approximately $6,807,160.68. This trade represents a 5.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,590 shares of company stock worth $6,761,837. 10.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PAYC shares. BMO Capital Markets boosted their target price on shares of Paycom Software from $244.00 to $258.00 and gave the company a "market perform" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on Paycom Software from $215.00 to $235.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Cantor Fitzgerald initiated coverage on Paycom Software in a research report on Thursday, August 14th. They set a "neutral" rating and a $230.00 price objective for the company. Needham & Company LLC reissued a "hold" rating on shares of Paycom Software in a report on Thursday, May 8th. Finally, Piper Sandler boosted their price target on Paycom Software from $224.00 to $246.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. One research analyst has rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $234.36.

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.