Voya Investment Management LLC Sells 6,251 Shares of Paycom Software, Inc. $PAYC

Key Points

• Voya Investment Management LLC has reduced its stake in Paycom Software by 20.9%, now holding 23,720 shares worth approximately $5.18 million.
• Paycom Software reported $2.06 EPS for the last quarter, exceeding analysts' expectations and showing a year-over-year revenue increase of 10.5%.
• Several analysts have upgraded their ratings and increased price targets for Paycom Software, with a consensus rating of "Hold" and an average price target of $238.58.

Voya Investment Management LLC lowered its stake in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 20.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,720 shares of the software maker's stock after selling 6,251 shares during the period. Voya Investment Management LLC's holdings in Paycom Software were worth $5,182,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Inspire Investing LLC acquired a new position in Paycom Software in the first quarter valued at $2,202,000. Strs Ohio purchased a new position in shares of Paycom Software in the 1st quarter worth about $728,000. GK Wealth Management LLC acquired a new position in shares of Paycom Software in the 1st quarter valued at about $599,000. Acadian Asset Management LLC grew its holdings in shares of Paycom Software by 69.7% during the 1st quarter. Acadian Asset Management LLC now owns 16,965 shares of the software maker's stock worth $3,703,000 after purchasing an additional 6,966 shares during the period. Finally, Focus Partners Wealth grew its holdings in shares of Paycom Software by 220.8% during the 1st quarter. Focus Partners Wealth now owns 3,940 shares of the software maker's stock worth $861,000 after purchasing an additional 2,712 shares during the period. 87.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on PAYC shares. JPMorgan Chase & Co. lifted their price target on shares of Paycom Software from $215.00 to $235.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Cantor Fitzgerald upgraded shares of Paycom Software to a "hold" rating in a report on Thursday, September 11th. TD Cowen raised shares of Paycom Software from a "hold" rating to a "buy" rating and upped their price target for the stock from $246.00 to $258.00 in a research report on Monday. UBS Group reduced their price target on Paycom Software from $310.00 to $285.00 and set a "buy" rating on the stock in a research report on Wednesday, September 17th. Finally, KeyCorp raised 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. Three investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $239.42.

Paycom Software Stock Performance

Shares of NYSE:PAYC traded up $3.48 during midday trading on Monday, hitting $220.08. 753,665 shares of the stock were exchanged, compared to its average volume of 606,669. The company has a market capitalization of $12.74 billion, a PE ratio of 29.78, a P/E/G ratio of 2.38 and a beta of 0.81. Paycom Software, Inc. has a 52-week low of $158.03 and a 52-week high of $267.76. The business's fifty day simple moving average is $225.64 and its two-hundred day simple moving average is $229.78.

Paycom Software (NYSE:PAYC - Get Free Report) last posted its earnings results on Wednesday, August 6th. The software maker reported $2.06 EPS for the quarter, topping the consensus estimate of $1.78 by $0.28. Paycom Software had a net margin of 21.22% and a return on equity of 25.40%. The firm had revenue of $483.60 million for the quarter, compared to the consensus estimate of $472.00 million. During the same period in the prior year, the business posted $1.62 earnings per share. The business's quarterly revenue was up 10.5% on a year-over-year basis. As a group, equities analysts anticipate that Paycom Software, Inc. will post 7.15 EPS for the current year.

Paycom Software Dividend Announcement

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

Insider Buying and Selling

In related news, insider Bradley Scott Smith sold 1,500 shares of Paycom Software 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 transaction, the insider directly owned 24,533 shares of the company's stock, valued at $5,477,482.91. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 10.90% of the stock is currently owned by company insiders.

Paycom Software Company 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.