Prosperity Wealth Management Inc. Has $400,000 Stock Holdings in Paycom Software, Inc. (NYSE:PAYC)

Prosperity Wealth Management Inc. cut its holdings in Paycom Software, Inc. (NYSE:PAYC - Free Report) by 41.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,830 shares of the software maker's stock after selling 1,300 shares during the quarter. Prosperity Wealth Management Inc.'s holdings in Paycom Software were worth $400,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Grove Bank & Trust increased its stake in shares of Paycom Software by 5.5% in the first quarter. Grove Bank & Trust now owns 6,138 shares of the software maker's stock valued at $1,341,000 after buying an additional 322 shares in the last quarter. QRG Capital Management Inc. acquired a new stake in Paycom Software in the first quarter worth about $528,000. Sowell Financial Services LLC acquired a new stake in Paycom Software in the first quarter worth about $415,000. Janney Montgomery Scott LLC increased its position in Paycom Software by 13.4% in the first quarter. Janney Montgomery Scott LLC now owns 14,316 shares of the software maker's stock worth $3,128,000 after purchasing an additional 1,690 shares during the period. Finally, Brown Miller Wealth Management LLC acquired a new stake in Paycom Software in the first quarter worth about $272,000. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Paycom Software Trading Down 1.9%

Paycom Software stock opened at $241.73 on Wednesday. The firm has a market capitalization of $13.98 billion, a P/E ratio of 34.48, a PEG ratio of 2.71 and a beta of 0.81. Paycom Software, Inc. has a 1 year low of $139.50 and a 1 year high of $267.76. The business has a 50-day moving average of $241.43 and a 200-day moving average of $222.89.

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

Paycom Software Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were given a dividend of $0.375 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.50 annualized dividend and a dividend yield of 0.62%. Paycom Software's payout ratio is currently 21.40%.

Insider Activity at Paycom Software

In related news, CEO Chad R. Richison sold 26,426 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $255.52, for a total value of $6,752,371.52. Following the completion of the transaction, the chief executive officer now directly owns 3,277,249 shares in the company, valued at approximately $837,402,664.48. The trade was a 0.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bradley Scott Smith sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $249.96, for a total value of $374,940.00. Following the completion of the transaction, the insider now owns 27,233 shares of the company's stock, valued at $6,807,160.68. This represents a 5.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 172,016 shares of company stock worth $42,736,608. 10.90% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently commented on the company. Wall Street Zen lowered Paycom Software from a "buy" rating to a "hold" rating in a research report on Tuesday, March 4th. BMO Capital Markets lifted their price objective on Paycom Software from $215.00 to $244.00 and gave the stock a "market perform" rating in a research report on Thursday, May 8th. Barclays lifted their price objective on Paycom Software from $221.00 to $240.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 8th. KeyCorp lifted their price objective on Paycom Software from $245.00 to $270.00 and gave the stock an "overweight" rating in a research report on Thursday, May 8th. Finally, Stifel Nicolaus lifted their price objective on Paycom Software from $187.00 to $215.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. Eleven analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, Paycom Software presently has an average rating of "Hold" and a consensus target price of $226.90.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.