Paycom Software, Inc. (NYSE:PAYC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 3.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 62,874 shares of the software maker's stock after selling 2,463 shares during the period. Principal Financial Group Inc. owned approximately 0.11% of Paycom Software worth $13,737,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in PAYC. Salvus Wealth Management LLC boosted its position in shares of Paycom Software by 4.9% in the 1st quarter. Salvus Wealth Management LLC now owns 1,238 shares of the software maker's stock worth $270,000 after buying an additional 58 shares in the last quarter. Benjamin Edwards Inc. boosted its position in shares of Paycom Software by 1.1% in the 4th quarter. Benjamin Edwards Inc. now owns 5,502 shares of the software maker's stock worth $1,128,000 after buying an additional 60 shares in the last quarter. Private Trust Co. NA boosted its position in shares of Paycom Software by 11.0% in the 1st quarter. Private Trust Co. NA now owns 638 shares of the software maker's stock worth $139,000 after buying an additional 63 shares in the last quarter. Fourpath Capital Management LLC boosted its position in shares of Paycom Software by 1.9% in the 1st quarter. Fourpath Capital Management LLC now owns 3,798 shares of the software maker's stock worth $830,000 after buying an additional 69 shares in the last quarter. Finally, Fiduciary Trust Co boosted its position in shares of Paycom Software by 1.6% in the 4th quarter. Fiduciary Trust Co now owns 4,495 shares of the software maker's stock worth $921,000 after buying an additional 71 shares in the last quarter. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PAYC has been the topic of several recent research reports. Needham & Company LLC reiterated a "hold" rating on shares of Paycom Software in a research report on Thursday, May 8th. Stifel Nicolaus boosted their price objective on shares of Paycom Software from $187.00 to $215.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. Barclays boosted their price objective on shares of Paycom Software from $221.00 to $240.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. Piper Sandler boosted their price objective on shares of Paycom Software from $224.00 to $246.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Finally, KeyCorp boosted their price objective on shares of Paycom Software from $245.00 to $270.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Eleven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Paycom Software currently has an average rating of "Hold" and an average price target of $226.90.

Insider Activity

In other news, CEO Chad R. Richison sold 120,000 shares of the company's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $243.52, for a total transaction of $29,222,400.00. Following the completion of the transaction, the chief executive officer owned 3,307,249 shares of the company's stock, valued at $805,381,276.48. This represents a 3.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Randall Peck sold 890 shares of the company'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 of the company's stock, valued at approximately $13,000,994.74. This represents a 1.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 172,016 shares of company stock valued at $42,736,608 in the last 90 days. 10.90% of the stock is currently owned by insiders.

Paycom Software Stock Performance

PAYC stock traded down $9.21 during trading on Friday, hitting $220.15. The stock had a trading volume of 624,486 shares, compared to its average volume of 659,698. The company's 50 day moving average price is $245.69 and its two-hundred day moving average price is $223.62. Paycom Software, Inc. has a 1-year low of $148.22 and a 1-year high of $267.76. The stock has a market cap of $12.74 billion, a price-to-earnings ratio of 31.41, a price-to-earnings-growth ratio of 2.43 and a beta of 0.77.

Paycom Software (NYSE:PAYC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $2.80 EPS for the quarter, beating analysts' consensus estimates of $2.62 by $0.18. Paycom Software had a net margin of 20.60% and a return on equity of 25.53%. The company had revenue of $530.50 million during the quarter, compared to the consensus estimate of $522.92 million. During the same quarter in the prior year, the company posted $2.59 EPS. The company's quarterly revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Paycom Software, Inc. will post 7.15 earnings per share for the current fiscal year.

Paycom Software Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were paid a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date was Tuesday, May 27th. Paycom Software's dividend payout ratio is currently 21.40%.

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.