Raymond James Financial Inc. Lowers Stock Holdings in Paycom Software, Inc. $PAYC

Key Points

• Raymond James Financial Inc. has reduced its stake in Paycom Software, Inc. by 14.3%, owning approximately 0.46% of the company valued at $58.39 million after selling over 44,600 shares.
• Paycom Software's quarterly earnings exceeded expectations, with reported earnings per share of $2.06 compared to the analysts' consensus estimate of $1.78, and revenue of $483.60 million.
• The company announced a quarterly dividend of $0.375 per share, equating to an annualized yield of 0.7%, with the ex-dividend date set for August 25th.

Raymond James Financial Inc. trimmed its stake in Paycom Software, Inc. (NYSE:PAYC - Free Report) by 14.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 267,240 shares of the software maker's stock after selling 44,626 shares during the period. Raymond James Financial Inc. owned about 0.46% of Paycom Software worth $58,386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in PAYC. Brighton Jones LLC purchased a new stake in Paycom Software in the 4th quarter valued at about $638,000. Mariner LLC lifted its position in shares of Paycom Software by 13.1% in the 4th quarter. Mariner LLC now owns 12,194 shares of the software maker's stock worth $2,499,000 after purchasing an additional 1,415 shares during the period. Guggenheim Capital LLC lifted its position in shares of Paycom Software by 48.0% in the 4th quarter. Guggenheim Capital LLC now owns 5,577 shares of the software maker's stock worth $1,143,000 after purchasing an additional 1,808 shares during the period. GeoWealth Management LLC lifted its position in shares of Paycom Software by 34.6% in the 4th quarter. GeoWealth Management LLC now owns 568 shares of the software maker's stock worth $116,000 after purchasing an additional 146 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Paycom Software by 20.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 300,538 shares of the software maker's stock worth $61,603,000 after purchasing an additional 51,317 shares during the period. 87.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. KeyCorp upped their price target on shares of Paycom Software from $285.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Piper Sandler upped their price target 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. JPMorgan Chase & Co. upped their price target on shares of Paycom Software from $215.00 to $235.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. BMO Capital Markets boosted their price objective on shares of Paycom Software from $244.00 to $258.00 and gave the stock a "market perform" rating in a research note on Thursday, August 7th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Paycom Software in a research note on Thursday, May 8th. One investment analyst has rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $234.36.

Paycom Software Trading Down 0.5%

Shares of Paycom Software stock opened at $226.87 on Thursday. Paycom Software, Inc. has a 12-month low of $153.08 and a 12-month high of $267.76. The firm has a market capitalization of $13.13 billion, a price-to-earnings ratio of 30.70, a PEG ratio of 2.49 and a beta of 0.81. The firm's 50 day simple moving average is $230.15 and its two-hundred day simple moving average is $227.72.

Paycom Software (NYSE:PAYC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $2.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.78 by $0.28. Paycom Software had a net margin of 21.22% and a return on equity of 25.40%. The business had revenue of $483.60 million for the quarter, compared to analyst estimates of $472.00 million. During the same quarter in the prior year, the business posted $1.62 EPS. Paycom Software's revenue for the quarter was up 10.5% compared to the same quarter last year. On average, sell-side analysts predict that Paycom Software, Inc. will post 7.15 EPS for the current fiscal year.

Paycom Software Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Monday, August 25th will be paid a dividend of $0.375 per share. The ex-dividend date is Monday, August 25th. This represents a $1.50 dividend on an annualized basis and a yield of 0.7%. Paycom Software's dividend payout ratio is presently 20.30%.

Insider Buying and Selling at Paycom Software

In other Paycom Software news, CEO Chad R. Richison sold 23,200 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $265.20, for a total transaction of $6,152,640.00. Following the transaction, the chief executive officer owned 3,224,049 shares in the company, valued at approximately $855,017,794.80. This represents a 0.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bradley Scott Smith sold 1,500 shares of the company'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 transaction of $374,940.00. Following the transaction, the insider owned 27,233 shares in the company, valued at $6,807,160.68. The trade was a 5.22% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,590 shares of company stock worth $6,761,837. 10.90% of the stock is owned by corporate insiders.

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.

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