Paycom Software, Inc. $PAYC Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its Paycom Software stake by 5.3% in the first quarter, selling 18,691 shares and ending with 337,237 shares valued at about $41 million.
• Several other institutional investors increased or opened positions in PAYC, and hedge funds/institutions now own 87.77% of the company’s stock.
• Paycom reported strong quarterly results, with EPS of $3.15 beating estimates and revenue of $571.8 million topping expectations; analysts currently see a Moderate Buy consensus with a $159.75 price target.

Bank of New York Mellon Corp cut its position in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 5.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 337,237 shares of the software maker's stock after selling 18,691 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.71% of Paycom Software worth $40,988,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. grew its stake in Paycom Software by 81.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 895 shares of the software maker's stock worth $109,000 after acquiring an additional 401 shares during the period. Maryland State Retirement & Pension System boosted its holdings in shares of Paycom Software by 299.4% during the first quarter. Maryland State Retirement & Pension System now owns 9,505 shares of the software maker's stock worth $1,155,000 after purchasing an additional 7,125 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of Paycom Software in the first quarter valued at $312,000. Principal Financial Group Inc. increased its stake in Paycom Software by 290.5% in the first quarter. Principal Financial Group Inc. now owns 243,762 shares of the software maker's stock valued at $29,627,000 after purchasing an additional 181,346 shares during the last quarter. Finally, Chicago Partners Investment Group LLC increased its stake in Paycom Software by 110.6% in the first quarter. Chicago Partners Investment Group LLC now owns 4,300 shares of the software maker's stock valued at $561,000 after purchasing an additional 2,258 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PAYC shares. BTIG Research increased their target price on Paycom Software from $140.00 to $160.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Barclays lifted their price target on Paycom Software from $148.00 to $154.00 and gave the company an "equal weight" rating in a report on Tuesday, July 21st. Zacks Research raised shares of Paycom Software from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 18th. BMO Capital Markets increased their price objective on shares of Paycom Software from $137.00 to $145.00 and gave the stock a "market perform" rating in a report on Thursday, May 7th. Finally, Citigroup raised their target price on shares of Paycom Software from $120.00 to $136.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $159.75.

Paycom Software Trading Up 5.1%

Shares of PAYC opened at $145.71 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $6.94 billion, a P/E ratio of 16.84, a price-to-earnings-growth ratio of 1.23 and a beta of 0.80. The stock's fifty day simple moving average is $136.71 and its 200 day simple moving average is $133.26. Paycom Software, Inc. has a twelve month low of $104.90 and a twelve month high of $248.95.

Paycom Software (NYSE:PAYC - Get Free Report) last issued its earnings results on Wednesday, May 6th. The software maker reported $3.15 earnings per share for the quarter, beating analysts' consensus estimates of $2.99 by $0.16. Paycom Software had a return on equity of 28.34% and a net margin of 22.44%.The firm had revenue of $571.80 million for the quarter, compared to analysts' expectations of $564.37 million. During the same quarter last year, the firm earned $2.80 earnings per share. The firm's revenue for the quarter was up 7.8% compared to the same quarter last year. On average, equities research analysts forecast that Paycom Software, Inc. will post 9.37 earnings per share for the current year.

Paycom Software Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were paid a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, May 26th. Paycom Software's payout ratio is currently 17.34%.

About Paycom Software

Paycom Software, Inc NYSE: PAYC is a cloud-based human capital management (HCM) software provider that delivers an end-to-end solution for human resources, payroll, talent acquisition, time and labor management, and talent management. Its single-database platform enables organizations to process payroll, track time, administer benefits, and manage recruiting and employee development through a unified system. Paycom's software is designed to streamline administrative tasks, improve data accuracy, and provide real-time reporting and analytics to support strategic HR decisions.

The company's core offerings include payroll processing with built-in tax compliance, employee self-service functionality, automated time tracking, and customizable talent acquisition tools that allow employers to create and post job requisitions, screen candidates, and conduct onboarding electronically.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.