Paycom Software, Inc. $PAYC Stock Sold by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue cut its Paycom Software stake by 39.8% in the third quarter, selling 5,443 shares and retaining 8,223 shares valued at approximately $1.79 million.
• Analysts remain cautious: Paycom has an overall “Hold” rating, with 10 Hold, five Buy, and one Sell recommendation and an average price target of $219.79.
• Paycom reported stronger-than-expected quarterly results, with EPS of $2.78 versus estimates of $2.38 and revenue of $531.2 million. The company also pays a quarterly dividend of $0.375, equivalent to a 0.6% yield.

State of Alaska Department of Revenue lowered its stake in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 39.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,223 shares of the software maker's stock after selling 5,443 shares during the quarter. State of Alaska Department of Revenue's holdings in Paycom Software were worth $1,789,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Elevation Wealth Partners LLC raised its position in shares of Paycom Software by 76.5% in the third quarter. Elevation Wealth Partners LLC now owns 233 shares of the software maker's stock valued at $51,000 after purchasing an additional 101 shares during the period. Caitlin John LLC acquired a new stake in shares of Paycom Software in the second quarter worth $31,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Paycom Software in the second quarter worth $33,000. EFG International AG acquired a new stake in shares of Paycom Software in the second quarter worth $36,000. Finally, Trust Co. of Vermont bought a new stake in shares of Paycom Software during the 2nd quarter worth $40,000. Institutional investors and hedge funds own 87.77% of the company's stock.

Insider Buying and Selling at Paycom Software

In other news, insider Shane Hadlock sold 241 shares of the firm's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $240.07, for a total value of $57,856.87. Following the sale, the insider owned 69,911 shares in the company, valued at approximately $16,783,533.77. This trade represents a 0.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 13.20% of the company's stock.

Wall Street Analyst Weigh In

PAYC has been the subject of several recent analyst reports. Weiss Ratings raised shares of Paycom Software from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. Zacks Research downgraded shares of Paycom Software from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. BMO Capital Markets lifted their target price on shares of Paycom Software from $145.00 to $208.00 and gave the stock a "market perform" rating in a report on Thursday, August 6th. Stifel Nicolaus boosted their target price on shares of Paycom Software from $120.00 to $200.00 and gave the stock a "hold" rating in a research report on Thursday, August 6th. Finally, Bank of America initiated coverage on shares of Paycom Software in a research report on Tuesday, September 29th. They set an "underperform" rating and a $200.00 target price for the company. Five investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $219.79.

Paycom Software Price Performance

Shares of NYSE:PAYC opened at $253.39 on Tuesday. The business has a 50 day moving average price of $227.57 and a 200 day moving average price of $169.88. Paycom Software, Inc. has a twelve month low of $104.90 and a twelve month high of $256.60. The company has a market cap of $11.42 billion, a price-to-earnings ratio of 29.02, a PEG ratio of 1.35 and a beta of 0.82. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.57.

Paycom Software (NYSE:PAYC - Get Free Report) last released its earnings results on Wednesday, August 5th. The software maker reported $2.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.38 by $0.40. The firm had revenue of $531.20 million for the quarter, compared to analyst estimates of $513.12 million. Paycom Software had a return on equity of 37.06% and a net margin of 22.78%. The company's revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.06 EPS. Research analysts predict that Paycom Software, Inc. will post 10.80 earnings per share for the current year.

Paycom Software Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th were given a $0.3750 dividend. This represents a $1.50 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, August 24th. Paycom Software's dividend payout ratio is currently 15.94%.

Paycom Software Profile

Paycom Software, Inc is a provider of cloud-based human capital management (HCM) software designed to help businesses manage employee-related processes through a unified platform. Its solutions support payroll, human resources, talent acquisition and management, time and labor management, compliance, and employee engagement.

The company's software is intended to allow employers and employees to enter and manage workforce information within a single system. Its offerings include payroll processing, benefits administration, expense management, scheduling, performance management, learning, and recruiting tools.

Want to see what other hedge funds are holding PAYC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paycom Software, Inc. (NYSE:PAYC - Free Report).

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.