Mackenzie Financial Corp Trims Stock Holdings in Paycom Software, Inc. (NYSE:PAYC)

Key Points

• Mackenzie Financial Corp has reduced its holdings in Paycom Software by 79.9%, owning only 1,633 shares after selling 6,488 shares in the first quarter.
• Paycom Software's stock analysts have raised price targets, with JPMorgan increasing their target price from $215 to $235 and Piper Sandler raising it from $224 to $246, both maintaining a "neutral" rating.
• Paycom Software recently announced a quarterly dividend of $0.375 per share, with an ex-dividend date set for August 25th, reflecting a 0.7% yield for investors.

Mackenzie Financial Corp lowered its stake in Paycom Software, Inc. (NYSE:PAYC - Free Report) by 79.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,633 shares of the software maker's stock after selling 6,488 shares during the period. Mackenzie Financial Corp's holdings in Paycom Software were worth $357,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PAYC. Brighton Jones LLC acquired a new position in shares of Paycom Software during the 4th quarter worth about $638,000. O Shaughnessy Asset Management LLC increased its stake in Paycom Software by 46.0% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 2,254 shares of the software maker's stock valued at $462,000 after acquiring an additional 710 shares during the period. Bank of Nova Scotia grew its holdings in shares of Paycom Software by 293.7% in the 4th quarter. Bank of Nova Scotia now owns 23,401 shares of the software maker's stock worth $4,796,000 after purchasing an additional 17,457 shares during the last quarter. Advisory Services Network LLC increased its position in shares of Paycom Software by 41.2% during the 4th quarter. Advisory Services Network LLC now owns 15,105 shares of the software maker's stock worth $3,096,000 after purchasing an additional 4,408 shares in the last quarter. Finally, APG Asset Management N.V. grew its position in Paycom Software by 523.9% during the 4th quarter. APG Asset Management N.V. now owns 27,500 shares of the software maker's stock worth $5,443,000 after acquiring an additional 23,092 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company's stock.

Insiders Place Their Bets

In other news, COO Randall Peck sold 890 shares of the firm's stock in a transaction that occurred on 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 owned 49,394 shares in the company, valued at $13,000,994.74. This trade represents a 1.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Chad R. Richison sold 23,200 shares of Paycom Software stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $265.20, for a total transaction of $6,152,640.00. Following the completion of the transaction, the chief executive officer owned 3,224,049 shares of the company's stock, valued at $855,017,794.80. This represents a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,590 shares of company stock worth $6,761,837. Company insiders own 10.90% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on PAYC. BMO Capital Markets increased their price target on Paycom Software from $244.00 to $258.00 and gave the stock a "market perform" rating in a research report on Thursday, August 7th. Barclays increased their price target on Paycom Software from $240.00 to $250.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. KeyCorp increased their price target on Paycom Software from $285.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Piper Sandler increased their price target on Paycom Software from $224.00 to $246.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Finally, Needham & Company LLC restated a "hold" rating on shares of Paycom Software in a research report on Thursday, May 8th. Eleven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $234.80.

Paycom Software Stock Performance

Shares of NYSE PAYC traded up $4.53 during midday trading on Wednesday, reaching $219.74. The company's stock had a trading volume of 283,810 shares, compared to its average volume of 625,415. The company has a market cap of $12.71 billion, a P/E ratio of 29.78, a P/E/G ratio of 2.50 and a beta of 0.81. Paycom Software, Inc. has a fifty-two week low of $153.08 and a fifty-two week high of $267.76. The business's 50 day moving average price is $234.64 and its two-hundred day moving average price is $227.30.

Paycom Software (NYSE:PAYC - Get Free Report) last announced its earnings results on Wednesday, August 6th. The software maker reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.28. The business had revenue of $483.60 million during the quarter, compared to analyst estimates of $472.00 million. Paycom Software had a return on equity of 25.40% and a net margin of 21.22%. Paycom Software's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period last year, the company earned $1.62 EPS. Sell-side analysts forecast that Paycom Software, Inc. will post 7.15 earnings per share for the current fiscal year.

Paycom Software Announces Dividend

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

Paycom Software Profile

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.