JPMorgan Chase & Co. Boosts Position in Paycom Software, Inc. (NYSE:PAYC)

JPMorgan Chase & Co. lifted its position in Paycom Software, Inc. (NYSE:PAYC) by 14.5% in the third quarter, HoldingsChannel reports. The firm owned 326,018 shares of the software maker’s stock after buying an additional 41,187 shares during the period. JPMorgan Chase & Co.’s holdings in Paycom Software were worth $54,305,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PAYC. Armstrong Advisory Group Inc. purchased a new stake in Paycom Software in the third quarter valued at $26,000. Brooklyn Investment Group purchased a new stake in Paycom Software in the 3rd quarter valued at about $28,000. Ashton Thomas Private Wealth LLC purchased a new stake in Paycom Software in the 2nd quarter valued at about $25,000. Pin Oak Investment Advisors Inc. lifted its position in Paycom Software by 73.3% in the third quarter. Pin Oak Investment Advisors Inc. now owns 182 shares of the software maker’s stock valued at $30,000 after buying an additional 77 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in Paycom Software by 821.7% during the third quarter. First Horizon Advisors Inc. now owns 212 shares of the software maker’s stock worth $35,000 after buying an additional 189 shares during the period. 87.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PAYC has been the topic of several recent analyst reports. Jefferies Financial Group upped their price objective on shares of Paycom Software from $170.00 to $175.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. BMO Capital Markets lifted their price objective on Paycom Software from $183.00 to $197.00 and gave the company a “market perform” rating in a research note on Thursday, October 31st. TD Cowen increased their target price on Paycom Software from $193.00 to $248.00 and gave the stock a “hold” rating in a research note on Monday, December 9th. Citigroup lifted their target price on Paycom Software from $172.00 to $196.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Barclays increased their price target on shares of Paycom Software from $172.00 to $181.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Eleven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $202.56.

Paycom Software Stock Up 1.2 %

Shares of Paycom Software stock opened at $203.86 on Friday. Paycom Software, Inc. has a 52-week low of $139.50 and a 52-week high of $242.74. The company has a 50 day moving average of $219.14 and a 200 day moving average of $180.04. The company has a market capitalization of $11.75 billion, a P/E ratio of 24.53, a P/E/G ratio of 3.12 and a beta of 1.14.

Paycom Software Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were paid a dividend of $0.375 per share. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.74%. Paycom Software’s payout ratio is currently 18.05%.

Insider Activity at Paycom Software

In related news, CEO Chad R. Richison sold 1,950 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $229.09, for a total value of $446,725.50. Following the completion of the transaction, the chief executive officer now directly owns 2,731,410 shares of the company’s stock, valued at $625,738,716.90. This represents a 0.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 33,150 shares of company stock valued at $6,130,586 over the last quarter. 14.50% of the stock is owned by insiders.

Paycom Software 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.