Paycom Software, Inc. $PAYC Shares Acquired by Summit Financial LLC

Key Points

• Summit Financial LLC increased its stake in Paycom Software by 160.9% in Q1, owning 3,214 shares valued at $702,000.
• Analysts have varying ratings for PAYC, with a consensus target price set at $234.36 and one analyst issuing a Buy rating while eleven rated it as Hold.
• The company recently reported quarterly earnings, delivering $2.06 earnings per share, exceeding consensus estimates of $1.78, alongside a 10.5% year-over-year revenue increase.

Summit Financial LLC grew its holdings in Paycom Software, Inc. (NYSE:PAYC - Free Report) by 160.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,214 shares of the software maker's stock after buying an additional 1,982 shares during the quarter. Summit Financial LLC's holdings in Paycom Software were worth $702,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. von Borstel & Associates Inc. purchased a new stake in shares of Paycom Software in the first quarter valued at approximately $27,000. SouthState Corp purchased a new stake in shares of Paycom Software in the first quarter valued at approximately $27,000. Golden State Wealth Management LLC increased its position in shares of Paycom Software by 112.3% during the first quarter. Golden State Wealth Management LLC now owns 138 shares of the software maker's stock worth $30,000 after purchasing an additional 73 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Paycom Software by 135.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 151 shares of the software maker's stock worth $33,000 after purchasing an additional 87 shares in the last quarter. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Paycom Software during the first quarter worth approximately $35,000. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, COO Randall Peck sold 890 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $263.21, for a total value of $234,256.90. Following the transaction, the chief operating officer owned 49,394 shares of the company's stock, valued at $13,000,994.74. This represents a 1.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Chad R. Richison sold 23,200 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $265.20, for a total value of $6,152,640.00. Following the completion of the transaction, the chief executive officer directly owned 3,224,049 shares in the company, valued at approximately $855,017,794.80. This trade represents a 0.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,590 shares of company stock valued at $6,761,837 in the last quarter. Insiders own 10.90% of the company's stock.

Wall Street Analysts Forecast Growth

PAYC has been the subject of several research reports. BMO Capital Markets boosted their price target on Paycom Software from $244.00 to $258.00 and gave the stock a "market perform" rating in a research report on Thursday, August 7th. Cantor Fitzgerald initiated coverage on Paycom Software in a research report on Thursday, August 14th. They set a "neutral" rating and a $230.00 price target for the company. KeyCorp boosted their price target on Paycom Software from $285.00 to $290.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Needham & Company LLC reiterated a "hold" rating on shares of Paycom Software in a research report on Thursday, May 8th. Finally, Barclays boosted their price target on Paycom Software from $240.00 to $250.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $234.36.

Paycom Software Trading Down 0.9%

NYSE PAYC traded down $2.08 on Thursday, reaching $225.81. 304,512 shares of the company were exchanged, compared to its average volume of 626,139. The business's fifty day moving average price is $228.70 and its 200 day moving average price is $228.57. The stock has a market capitalization of $13.07 billion, a P/E ratio of 30.57, a price-to-earnings-growth ratio of 2.47 and a beta of 0.81. Paycom Software, Inc. has a fifty-two week low of $153.08 and a fifty-two week high of $267.76.

Paycom Software (NYSE:PAYC - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $2.06 earnings per share for the quarter, topping analysts' consensus estimates of $1.78 by $0.28. The company had revenue of $483.60 million for the quarter, compared to analyst estimates of $472.00 million. Paycom Software had a return on equity of 25.40% and a net margin of 21.22%.The firm's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 earnings per share. Equities research analysts forecast that Paycom Software, Inc. will post 7.15 earnings per share for the current year.

Paycom Software Announces Dividend

The business also recently disclosed 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 of this dividend is Monday, August 25th. This represents a $1.50 dividend on an annualized basis and a yield of 0.7%. Paycom Software's payout ratio is 20.30%.

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.