Envestnet Asset Management Inc. Boosts Holdings in Paycom Software, Inc. (NYSE:PAYC)

Envestnet Asset Management Inc. grew its stake in Paycom Software, Inc. (NYSE:PAYC) by 33.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 285,349 shares of the software maker’s stock after purchasing an additional 71,384 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.49% of Paycom Software worth $40,816,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Sylebra Capital LLC purchased a new stake in Paycom Software during the 1st quarter worth approximately $253,196,000. ValueAct Holdings L.P. acquired a new stake in shares of Paycom Software in the fourth quarter worth approximately $125,686,000. Federated Hermes Inc. increased its position in shares of Paycom Software by 1,011.2% during the second quarter. Federated Hermes Inc. now owns 581,964 shares of the software maker’s stock worth $83,244,000 after purchasing an additional 529,591 shares in the last quarter. Raymond James & Associates raised its stake in Paycom Software by 769.2% in the 2nd quarter. Raymond James & Associates now owns 201,366 shares of the software maker’s stock valued at $28,803,000 after purchasing an additional 178,198 shares during the last quarter. Finally, Strategic Financial Concepts LLC raised its stake in Paycom Software by 12,268.6% in the 2nd quarter. Strategic Financial Concepts LLC now owns 169,202 shares of the software maker’s stock valued at $242,000 after purchasing an additional 167,834 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Paycom Software Stock Performance

Paycom Software stock opened at $172.91 on Friday. The company’s 50 day simple moving average is $161.66 and its 200-day simple moving average is $168.34. Paycom Software, Inc. has a 1 year low of $139.50 and a 1 year high of $279.96. The company has a market capitalization of $10.05 billion, a price-to-earnings ratio of 21.06, a price-to-earnings-growth ratio of 2.37 and a beta of 1.17.

Paycom Software (NYSE:PAYC) last released its quarterly earnings results on Wednesday, July 31st. The software maker reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.07. Paycom Software had a return on equity of 33.36% and a net margin of 26.55%. The company had revenue of $437.51 million for the quarter, compared to analysts’ expectations of $436.19 million. Equities analysts expect that Paycom Software, Inc. will post 6.67 earnings per share for the current year.

Paycom Software Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were issued a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend was Monday, August 26th. Paycom Software’s dividend payout ratio (DPR) is 18.27%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. TD Cowen upped their target price on shares of Paycom Software from $147.00 to $171.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Barclays upped their price objective on shares of Paycom Software from $161.00 to $167.00 and gave the company an “equal weight” rating in a research note on Thursday, August 1st. Needham & Company LLC restated a “hold” rating on shares of Paycom Software in a report on Thursday, August 1st. StockNews.com lowered Paycom Software from a “buy” rating to a “hold” rating in a research report on Monday, July 15th. Finally, Jefferies Financial Group lowered their price objective on Paycom Software from $170.00 to $145.00 and set a “hold” rating on the stock in a research note on Monday, June 24th. Seventeen research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $178.33.

Insider Buying and Selling at Paycom Software

In other news, CEO Chad R. Richison sold 1,950 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $170.27, for a total value of $332,026.50. Following the completion of the transaction, the chief executive officer now owns 2,932,058 shares of the company’s stock, valued at $499,241,515.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Craig E. Boelte sold 11,882 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $155.98, for a total transaction of $1,853,354.36. Following the sale, the chief financial officer now directly owns 294,849 shares in the company, valued at $45,990,547.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Chad R. Richison sold 1,950 shares of Paycom Software stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $170.27, for a total transaction of $332,026.50. Following the completion of the transaction, the chief executive officer now owns 2,932,058 shares of the company’s stock, valued at approximately $499,241,515.66. The disclosure for this sale can be found here. Insiders sold a total of 73,856 shares of company stock valued at $11,532,113 in the last three months. 14.50% of the stock is owned by corporate insiders.

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.