Procyon Advisors LLC Acquires New Holdings in Paycom Software, Inc. $PAYC

Key Points

• Procyon Advisors LLC acquired 3,640 shares of Paycom Software, valued at approximately $842,000, indicating continued institutional interest in the company.
• Several other institutional investors, including the Czech National Bank and Parallel Advisors LLC, have increased their stakes, reflecting strong investor confidence.
• Research analysts have raised target prices for Paycom Software, with Barclays setting a new target at $250.00, aligning with a consensus target price of $238.58.

Procyon Advisors LLC bought a new stake in Paycom Software, Inc. (NYSE:PAYC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,640 shares of the software maker's stock, valued at approximately $842,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Sylebra Capital LLC increased its stake in shares of Paycom Software by 63.8% during the 4th quarter. Sylebra Capital LLC now owns 3,215,085 shares of the software maker's stock valued at $658,996,000 after acquiring an additional 1,252,617 shares during the last quarter. Baillie Gifford & Co. increased its stake in shares of Paycom Software by 1,918.4% during the 1st quarter. Baillie Gifford & Co. now owns 1,584,493 shares of the software maker's stock valued at $346,180,000 after acquiring an additional 1,505,990 shares during the last quarter. Invesco Ltd. increased its stake in shares of Paycom Software by 5.0% during the 1st quarter. Invesco Ltd. now owns 1,233,057 shares of the software maker's stock valued at $269,398,000 after acquiring an additional 58,176 shares during the last quarter. Northern Trust Corp increased its stake in shares of Paycom Software by 2.3% during the 1st quarter. Northern Trust Corp now owns 740,385 shares of the software maker's stock valued at $161,759,000 after acquiring an additional 16,369 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Paycom Software by 12.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 633,626 shares of the software maker's stock valued at $138,435,000 after acquiring an additional 69,884 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company's stock.

Insider Transactions at Paycom Software

In related news, insider Bradley Scott Smith sold 1,500 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $223.27, for a total value of $334,905.00. Following the completion of the sale, the insider directly owned 24,533 shares of the company's stock, valued at approximately $5,477,482.91. This represents a 5.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 10.90% of the company's stock.

Paycom Software Stock Performance

Shares of NYSE:PAYC traded down $0.23 during midday trading on Friday, reaching $216.32. The company had a trading volume of 1,660,400 shares, compared to its average volume of 558,613. Paycom Software, Inc. has a 1-year low of $158.03 and a 1-year high of $267.76. The firm has a market cap of $12.52 billion, a price-to-earnings ratio of 29.27, a price-to-earnings-growth ratio of 2.38 and a beta of 0.81. The company has a fifty day simple moving average of $225.68 and a two-hundred day simple moving average of $229.47.

Paycom Software (NYSE:PAYC - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $483.60 million during the quarter, compared to the consensus estimate of $472.00 million. Paycom Software had a return on equity of 25.40% and a net margin of 21.22%.The business's revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.62 EPS. Analysts expect that Paycom Software, Inc. will post 7.15 EPS for the current year.

Paycom Software Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were paid a $0.375 dividend. This represents a $1.50 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Monday, August 25th. Paycom Software's dividend payout ratio is currently 20.30%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PAYC shares. KeyCorp upped their price target on Paycom Software from $285.00 to $290.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. BMO Capital Markets upped their price target on Paycom Software from $244.00 to $258.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. upped their price target on Paycom Software from $215.00 to $235.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. UBS Group reduced their target price on Paycom Software from $310.00 to $285.00 and set a "buy" rating for the company in a research note on Wednesday. Finally, Cantor Fitzgerald raised Paycom Software to a "hold" rating in a research report on Thursday, September 11th. Two research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $238.58.

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.