The Manufacturers Life Insurance Company Reduces Holdings in Paycom Software, Inc. $PAYC

Key Points

• The Manufacturers Life Insurance Company cut its Paycom Software stake by 65.9% in the first quarter, selling 24,729 shares and retaining 12,801 shares valued at approximately $1.56 million. Institutional investors collectively own 87.77% of PAYC.
• Analyst sentiment remains mixed, with one Strong Buy, five Buy, and nine Hold ratings. Paycom’s average price target is $204.69, below its reported opening price of $213.99.
• Paycom exceeded quarterly expectations, reporting adjusted earnings of $2.78 per share and revenue of $531.2 million, while revenue grew 9.8% year over year. The company also announced a quarterly dividend of $0.375 per share, equivalent to a 0.7% annualized yield.

The Manufacturers Life Insurance Company lowered its stake in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 65.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,801 shares of the software maker's stock after selling 24,729 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Paycom Software were worth $1,556,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brown Brothers Harriman & Co. grew its position in Paycom Software by 190.6% during the 4th quarter. Brown Brothers Harriman & Co. now owns 154 shares of the software maker's stock worth $25,000 after purchasing an additional 101 shares during the last quarter. Clearstead Advisors LLC raised its holdings in shares of Paycom Software by 140.3% in the fourth quarter. Clearstead Advisors LLC now owns 161 shares of the software maker's stock worth $26,000 after buying an additional 94 shares during the last quarter. CYBER HORNET ETFs LLC acquired a new stake in shares of Paycom Software during the second quarter worth $29,000. MUFG Securities EMEA plc purchased a new stake in shares of Paycom Software during the second quarter valued at $33,000. Finally, Palisade Asset Management LLC purchased a new stake in shares of Paycom Software during the third quarter valued at $33,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PAYC has been the subject of a number of research analyst reports. Barclays raised their target price on Paycom Software from $154.00 to $210.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 6th. Citigroup increased their price objective on Paycom Software from $136.00 to $194.00 and gave the company a "neutral" rating in a report on Friday. Zacks Research upgraded Paycom Software from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 18th. Mizuho lifted their target price on Paycom Software from $120.00 to $130.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Finally, Guggenheim upped their target price on Paycom Software from $180.00 to $225.00 and gave the company a "buy" rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $204.69.

Paycom Software Trading Down 0.4%

PAYC stock opened at $213.99 on Tuesday. Paycom Software, Inc. has a 52-week low of $104.90 and a 52-week high of $234.60. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.57. The firm has a market cap of $9.64 billion, a P/E ratio of 22.74, a PEG ratio of 1.33 and a beta of 0.75. The company's 50-day simple moving average is $145.80 and its 200-day simple moving average is $135.06.

Paycom Software (NYSE:PAYC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The software maker reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.40. The firm had revenue of $531.20 million during the quarter, compared to analyst estimates of $513.12 million. Paycom Software had a return on equity of 37.06% and a net margin of 22.78%.Paycom Software's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.06 EPS. As a group, equities analysts forecast that Paycom Software, Inc. will post 9.53 EPS for the current fiscal year.

Paycom Software Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be given a $0.375 dividend. The ex-dividend date is Monday, August 24th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.7%. Paycom Software's payout ratio is 15.94%.

Paycom Software Company Profile

Paycom Software, Inc NYSE: PAYC is a cloud-based human capital management (HCM) software provider that delivers an end-to-end solution for human resources, payroll, talent acquisition, time and labor management, and talent management. Its single-database platform enables organizations to process payroll, track time, administer benefits, and manage recruiting and employee development through a unified system. Paycom's software is designed to streamline administrative tasks, improve data accuracy, and provide real-time reporting and analytics to support strategic HR decisions.

The company's core offerings include payroll processing with built-in tax compliance, employee self-service functionality, automated time tracking, and customizable talent acquisition tools that allow employers to create and post job requisitions, screen candidates, and conduct onboarding electronically.

Want to see what other hedge funds are holding PAYC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paycom Software, Inc. (NYSE:PAYC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source