Zurcher Kantonalbank Zurich Cantonalbank Purchases 1,483 Shares of Paycom Software, Inc. (NYSE:PAYC)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Paycom Software by 2.7%, bringing its total ownership to 56,412 shares valued at approximately $12.3 million.
• Paycom Software's earnings report showed $2.80 EPS, exceeding estimates and reflecting a 6.1% year-over-year revenue growth to $530.5 million.
• Wall Street analysts project a consensus target price of $226.90 for Paycom Software, with an average rating of "Hold" from multiple research teams.

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 56,412 shares of the software maker's stock after purchasing an additional 1,483 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.10% of Paycom Software worth $12,325,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of PAYC. Baillie Gifford & Co. increased its position in Paycom Software by 1,918.4% in the 1st quarter. Baillie Gifford & Co. now owns 1,584,493 shares of the software maker's stock worth $346,180,000 after purchasing an additional 1,505,990 shares during the last quarter. FMR LLC increased its position 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 purchasing an additional 1,388,533 shares during the last quarter. Sylebra Capital LLC increased its position in Paycom Software by 63.8% in the 4th quarter. Sylebra Capital LLC now owns 3,215,085 shares of the software maker's stock worth $658,996,000 after purchasing an additional 1,252,617 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Paycom Software by 1,153.4% in the 4th 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. Finally, Zurich Insurance Group Ltd FI acquired a new position in Paycom Software in the 4th quarter worth about $60,882,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

Paycom Software Price Performance

Shares of PAYC stock traded down $5.01 on Friday, reaching $226.53. 580,497 shares of the stock were exchanged, compared to its average volume of 463,397. The stock has a 50 day moving average price of $240.12 and a 200 day moving average price of $226.16. The stock has a market cap of $13.10 billion, a PE ratio of 32.32, a P/E/G ratio of 2.55 and a beta of 0.81. Paycom Software, Inc. has a one year low of $152.46 and a one year high of $267.76.

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 for the quarter, beating the consensus estimate of $2.62 by $0.18. The company had revenue of $530.50 million during the quarter, compared to analysts' expectations of $522.92 million. Paycom Software had a net margin of 20.60% and a return on equity of 25.53%. The business's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.59 earnings per share. On average, research analysts expect 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 was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were given a dividend of $0.375 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.50 annualized dividend and a yield of 0.7%. Paycom Software's dividend payout ratio is 21.40%.

Analyst Ratings Changes

PAYC has been the topic of a number of analyst reports. Barclays increased their price objective on Paycom Software from $221.00 to $240.00 and gave the company an "equal weight" rating in a report on Thursday, May 8th. KeyCorp increased their price objective on Paycom Software from $245.00 to $270.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Piper Sandler upped their price target on Paycom Software from $224.00 to $246.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. BMO Capital Markets upped their price target on 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 upped their price target on 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 stock. Based on data from MarketBeat, Paycom Software presently has a consensus rating of "Hold" and an average price target of $226.90.

Insider Activity at Paycom Software

In related news, COO Randall Peck sold 890 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $263.21, for a total transaction of $234,256.90. Following the completion of the transaction, the chief operating officer directly owned 49,394 shares of the company's stock, valued at approximately $13,000,994.74. This represents a 1.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Chad R. Richison sold 120,000 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $243.52, for a total value of $29,222,400.00. Following the transaction, the chief executive officer directly owned 3,307,249 shares of the company's stock, valued at $805,381,276.48. This trade represents a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 172,016 shares of company stock valued at $42,736,608. Insiders own 10.90% of the company's stock.

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.