State of Michigan Retirement System Sells 300 Shares of Paycom Software, Inc. (NYSE:PAYC)

State of Michigan Retirement System lessened its position in Paycom Software, Inc. (NYSE:PAYC) by 2.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 13,173 shares of the software maker’s stock after selling 300 shares during the period. State of Michigan Retirement System’s holdings in Paycom Software were worth $2,622,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PAYC. Allspring Global Investments Holdings LLC lifted its position in Paycom Software by 3.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 6,544 shares of the software maker’s stock valued at $1,302,000 after purchasing an additional 217 shares during the period. Congress Wealth Management LLC DE lifted its position in Paycom Software by 22.5% during the first quarter. Congress Wealth Management LLC DE now owns 62,702 shares of the software maker’s stock valued at $12,478,000 after purchasing an additional 11,517 shares during the period. SteelPeak Wealth LLC bought a new position in Paycom Software during the first quarter valued at approximately $203,000. Optas LLC lifted its position in Paycom Software by 6.1% during the first quarter. Optas LLC now owns 1,059 shares of the software maker’s stock valued at $211,000 after purchasing an additional 61 shares during the period. Finally, Sendero Wealth Management LLC lifted its position in Paycom Software by 431.5% during the first quarter. Sendero Wealth Management LLC now owns 40,074 shares of the software maker’s stock valued at $7,975,000 after purchasing an additional 32,534 shares during the period. Institutional investors own 87.77% of the company’s stock.

Insider Activity at Paycom Software

In related news, CEO Chad R. Richison sold 1,950 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $180.82, for a total transaction of $352,599.00. Following the completion of the transaction, the chief executive officer now directly owns 3,091,958 shares of the company’s stock, valued at $559,087,845.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Paycom Software news, CEO Chad R. Richison sold 1,950 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $180.82, for a total transaction of $352,599.00. Following the completion of the transaction, the chief executive officer now owns 3,091,958 shares in the company, valued at $559,087,845.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Amy Vickroy sold 1,381 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $143.39, for a total transaction of $198,021.59. Following the transaction, the executive vice president now owns 19,962 shares of the company’s stock, valued at approximately $2,862,351.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,537 shares of company stock valued at $4,823,818. Corporate insiders own 12.60% of the company’s stock.

Paycom Software Price Performance

Shares of NYSE PAYC opened at $142.95 on Thursday. The firm has a fifty day moving average price of $160.70 and a 200-day moving average price of $182.25. The stock has a market cap of $8.31 billion, a PE ratio of 17.41, a price-to-earnings-growth ratio of 2.16 and a beta of 1.16. Paycom Software, Inc. has a 1 year low of $139.69 and a 1 year high of $374.04.

Paycom Software (NYSE:PAYC) last posted its earnings results on Wednesday, May 1st. The software maker reported $4.25 earnings per share for the quarter, beating the consensus estimate of $1.96 by $2.29. The company had revenue of $499.88 million during the quarter, compared to analysts’ expectations of $495.89 million. Paycom Software had a net margin of 26.91% and a return on equity of 32.84%. On average, research analysts expect that Paycom Software, Inc. will post 6.37 EPS for the current year.

Paycom Software Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Tuesday, May 28th were paid a dividend of $0.375 per share. The ex-dividend date was Friday, May 24th. This represents a $1.50 annualized dividend and a yield of 1.05%. Paycom Software’s payout ratio is 18.27%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Mizuho lowered their price objective on shares of Paycom Software from $185.00 to $170.00 and set a “neutral” rating on the stock in a research report on Monday, May 6th. Barclays lowered their price objective on shares of Paycom Software from $193.00 to $184.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 2nd. TD Cowen decreased their price target on shares of Paycom Software from $170.00 to $147.00 and set a “hold” rating on the stock in a research report on Thursday, June 20th. William Blair reiterated a “market perform” rating on shares of Paycom Software in a research report on Thursday, May 2nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Paycom Software in a research report on Thursday, May 2nd. Sixteen research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $237.81.

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.