Sumitomo Mitsui Trust Group Inc. Trims Stake in Paycom Software, Inc. (NYSE:PAYC)

Sumitomo Mitsui Trust Group Inc. reduced its holdings in shares of Paycom Software, Inc. (NYSE:PAYC) by 16.3% in the third quarter, Holdings Channel reports. The institutional investor owned 98,556 shares of the software maker’s stock after selling 19,201 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Paycom Software were worth $16,416,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Andina Capital Management LLC increased its stake in shares of Paycom Software by 4.0% in the third quarter. Andina Capital Management LLC now owns 1,651 shares of the software maker’s stock worth $275,000 after purchasing an additional 63 shares in the last quarter. Davis Investment Partners LLC increased its stake in shares of Paycom Software by 1.0% in the third quarter. Davis Investment Partners LLC now owns 6,397 shares of the software maker’s stock worth $1,067,000 after purchasing an additional 64 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Paycom Software by 26.7% in the third quarter. GAMMA Investing LLC now owns 323 shares of the software maker’s stock worth $54,000 after purchasing an additional 68 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Paycom Software by 1.7% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,624 shares of the software maker’s stock worth $661,000 after purchasing an additional 79 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its stake in shares of Paycom Software by 37.0% in the first quarter. Advisors Asset Management Inc. now owns 300 shares of the software maker’s stock worth $60,000 after purchasing an additional 81 shares in the last quarter. 87.77% of the stock is owned by hedge funds and other institutional investors.

Paycom Software Trading Down 2.1 %

Shares of NYSE PAYC opened at $219.88 on Monday. Paycom Software, Inc. has a 12 month low of $139.50 and a 12 month high of $233.69. The company has a 50 day simple moving average of $180.24 and a two-hundred day simple moving average of $165.76. The stock has a market cap of $12.68 billion, a price-to-earnings ratio of 26.46, a PEG ratio of 2.94 and a beta of 1.14.

Paycom Software Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 25th will be given a $0.375 dividend. The ex-dividend date of this dividend is Monday, November 25th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.68%. Paycom Software’s dividend payout ratio (DPR) is currently 18.05%.

Analyst Ratings Changes

A number of brokerages recently weighed in on PAYC. Piper Sandler upped their target price on shares of Paycom Software from $160.00 to $191.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. BMO Capital Markets upped their target price on shares of Paycom Software from $183.00 to $197.00 and gave the stock a “market perform” rating in a research report on Thursday, October 31st. TD Cowen upped their target price on shares of Paycom Software from $171.00 to $188.00 and gave the stock a “hold” rating in a research report on Monday, September 23rd. Mizuho upped their target price on shares of Paycom Software from $170.00 to $190.00 and gave the stock a “neutral” rating in a research report on Monday, November 4th. Finally, Needham & Company LLC restated a “hold” rating on shares of Paycom Software in a research report on Thursday, August 1st. Twelve investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $193.67.

Insider Activity

In related news, CEO Chad R. Richison sold 1,950 shares of Paycom Software stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $229.09, for a total value of $446,725.50. Following the sale, the chief executive officer now owns 2,731,410 shares of the company’s stock, valued at approximately $625,738,716.90. This trade represents a 0.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 58,500 shares of company stock worth $10,361,228 in the last ninety days. Company insiders own 14.50% of the company’s stock.

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.