Paycom Software (NYSE:PAYC) Price Target Raised to $264.00

Paycom Software (NYSE:PAYC) had its price target hoisted by JPMorgan Chase & Co. from $140.00 to $264.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

Several other brokerages have also recently commented on PAYC. Mizuho boosted their target price on shares of Paycom Software from $120.00 to $130.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Zacks Research upgraded shares of Paycom Software from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 18th. Citigroup lifted their price objective on shares of Paycom Software from $136.00 to $194.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Cantor Fitzgerald boosted their price objective on shares of Paycom Software from $135.00 to $195.00 and gave the company a “neutral” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Paycom Software from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $208.08.

Paycom Software Stock Up 2.5%

Shares of NYSE PAYC opened at $238.07 on Tuesday. The stock has a market capitalization of $10.73 billion, a P/E ratio of 25.30, a PEG ratio of 1.31 and a beta of 0.76. The stock’s fifty day moving average is $168.95 and its 200 day moving average is $142.82. Paycom Software has a 52 week low of $104.90 and a 52 week high of $239.92. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.07 and a current ratio of 1.07.

Paycom Software (NYSE:PAYC) last posted its quarterly earnings data on Wednesday, August 5th. The software maker reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.40. The business had revenue of $531.20 million during the quarter, compared to analysts’ expectations of $513.12 million. Paycom Software had a net margin of 22.78% and a return on equity of 37.06%. Paycom Software’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.06 earnings per share. Sell-side analysts forecast that Paycom Software will post 10.48 earnings per share for the current fiscal year.

Paycom Software Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be paid a dividend of $0.375 per share. The ex-dividend date of this dividend is Monday, August 24th. This represents a $1.50 annualized dividend and a yield of 0.6%. Paycom Software’s payout ratio is presently 15.94%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PAYC. Corient Private Wealth LP grew its holdings in shares of Paycom Software by 372.7% during the 2nd quarter. Corient Private Wealth LP now owns 86,007 shares of the software maker’s stock valued at $10,809,000 after purchasing an additional 67,811 shares during the last quarter. HighTower Advisors LLC lifted its stake in Paycom Software by 16.4% in the 2nd quarter. HighTower Advisors LLC now owns 5,960 shares of the software maker’s stock valued at $749,000 after purchasing an additional 839 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Paycom Software in the 2nd quarter valued at approximately $4,411,000. California State Teachers Retirement System boosted its position in Paycom Software by 9,363.4% in the second quarter. California State Teachers Retirement System now owns 5,681,993 shares of the software maker’s stock valued at $714,113,000 after buying an additional 5,621,951 shares in the last quarter. Finally, AlphaGrep UK Ltd acquired a new stake in Paycom Software in the second quarter valued at approximately $266,000. Institutional investors own 87.77% of the company’s stock.

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.