Zurich Insurance Group Ltd FI Sells 295,018 Shares of Paycom Software, Inc. $PAYC

Key Points

• Zurich Insurance Group Ltd FI significantly reduced its stake in Paycom Software, Inc. by 99.3% during the first quarter, holding shares worth $440,000 at the end of the reporting period.
• Analysts have varying price targets for Paycom Software, with Barclays raising its target from $240.00 to $250.00 and KeyCorp from $285.00 to $290.00, indicating ongoing interest in the stock.
• Paycom Software reported $2.06 EPS for the last quarter, exceeding expectations and showing 10.5% revenue growth year-over-year, alongside a recently announced quarterly dividend of $0.375 per share.

Zurich Insurance Group Ltd FI cut its stake in Paycom Software, Inc. (NYSE:PAYC - Free Report) by 99.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,012 shares of the software maker's stock after selling 295,018 shares during the quarter. Zurich Insurance Group Ltd FI's holdings in Paycom Software were worth $440,000 as of its most recent filing with the Securities & Exchange Commission.

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

Paycom Software Stock Down 1.6%

NYSE:PAYC traded down $3.68 during trading hours on Friday, hitting $222.69. 379,384 shares of the stock traded hands, compared to its average volume of 571,568. Paycom Software, Inc. has a 1 year low of $158.03 and a 1 year high of $267.76. The company has a market cap of $12.89 billion, a price-to-earnings ratio of 30.13, a price-to-earnings-growth ratio of 2.49 and a beta of 0.81. The stock has a 50 day moving average price of $227.07 and a 200 day moving average price of $229.56.

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 for the quarter, beating 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 business had revenue of $483.60 million for the quarter, compared to the consensus estimate of $472.00 million. During the same quarter in the previous year, the firm earned $1.62 earnings per share. The company's revenue for the quarter was up 10.5% on a year-over-year basis. Equities analysts forecast that Paycom Software, Inc. will post 7.15 earnings per share for the current fiscal year.

Paycom Software Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Barclays lifted their price target on shares of Paycom Software from $240.00 to $250.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. raised their price objective on shares of Paycom Software from $215.00 to $235.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Cantor Fitzgerald raised shares of Paycom Software to a "hold" rating in a report on Thursday. KeyCorp raised their price objective on shares of Paycom Software from $285.00 to $290.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Finally, BMO Capital Markets raised their price objective on shares of Paycom Software from $244.00 to $258.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $234.36.

About Paycom Software

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.