Paycom Software, Inc. $PAYC Stock Position Boosted by Sterling Capital Management LLC

Sterling Capital Management LLC raised its holdings in Paycom Software, Inc. (NYSE:PAYC) by 157.8% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,176 shares of the software maker’s stock after acquiring an additional 1,944 shares during the quarter. Sterling Capital Management LLC’s holdings in Paycom Software were worth $691,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PAYC. BlackRock Inc. bought a new stake in shares of Paycom Software during the second quarter worth $632,460,000. Bank of New York Mellon Corp purchased a new stake in shares of Paycom Software during the second quarter valued at $42,858,000. Equity Investment Corp bought a new position in shares of Paycom Software in the second quarter worth about $37,085,000. Bank of America Corp DE bought a new position in shares of Paycom Software in the second quarter worth about $34,146,000. Finally, Reinhart Partners LLC. grew its holdings in shares of Paycom Software by 20.1% in the second quarter. Reinhart Partners LLC. now owns 1,219,906 shares of the software maker’s stock worth $153,320,000 after purchasing an additional 204,191 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Insider Buying and Selling at Paycom Software

In related news, insider Shane Hadlock sold 241 shares of Paycom Software stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $240.07, for a total transaction of $57,856.87. Following the transaction, the insider directly owned 69,911 shares of the company’s stock, valued at $16,783,533.77. This trade represents a 0.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 13.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. BMO Capital Markets raised their price target on shares of Paycom Software from $145.00 to $208.00 and gave the stock a “market perform” rating in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of Paycom Software from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. UBS Group raised their target price on shares of Paycom Software from $205.00 to $285.00 and gave the stock a “buy” rating in a research report on Tuesday, September 1st. Guggenheim raised their target price on shares of Paycom Software from $225.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, October 23rd. Finally, BTIG Research lifted their price target on shares of Paycom Software from $230.00 to $305.00 and gave the company a “buy” rating in a research note on Monday. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $248.71.

Paycom Software Price Performance

PAYC opened at $261.07 on Wednesday. Paycom Software, Inc. has a 12-month low of $104.90 and a 12-month high of $275.22. The business’s fifty day simple moving average is $233.37 and its 200-day simple moving average is $162.55.

Paycom Software (NYSE:PAYC) last issued its earnings results on Wednesday, August 5th. The software maker reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.40. The business had revenue of $531.20 million for the quarter, compared to the consensus estimate of $513.12 million. The firm’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.06 earnings per share. Equities analysts predict that Paycom Software, Inc. will post 10.80 earnings per share for the current fiscal year.

Paycom Software Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th were given a $0.3750 dividend. This represents a $1.50 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, August 24th.

About Paycom Software

Paycom Software, Inc is a provider of cloud-based human capital management (HCM) software designed to help businesses manage employee-related processes through a unified platform. Its solutions support payroll, human resources, talent acquisition and management, time and labor management, compliance, and employee engagement.

The company’s software is intended to allow employers and employees to enter and manage workforce information within a single system. Its offerings include payroll processing, benefits administration, expense management, scheduling, performance management, learning, and recruiting tools.