Sumitomo Mitsui Trust Holdings Inc. Decreases Stake in Paycom Software, Inc. (NYSE:PAYC)

Posted by Defense World Staff on Jul 19th, 2023

Sumitomo Mitsui Trust Holdings Inc. decreased its position in Paycom Software, Inc. (NYSE:PAYC – Free Report) by 0.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 148,601 shares of the software maker’s stock after selling 1,403 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.25% of Paycom Software worth $45,176,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Employees Retirement System of Texas purchased a new stake in Paycom Software in the 1st quarter valued at about $116,000. Jennison Associates LLC increased its stake in Paycom Software by 25.3% in the 1st quarter. Jennison Associates LLC now owns 263,397 shares of the software maker’s stock valued at $80,075,000 after buying an additional 53,181 shares during the last quarter. Tributary Capital Management LLC increased its stake in shares of Paycom Software by 35.1% during the 1st quarter. Tributary Capital Management LLC now owns 1,365 shares of the software maker’s stock worth $415,000 after purchasing an additional 355 shares during the last quarter. Mn Services Vermogensbeheer B.V. increased its stake in shares of Paycom Software by 3.3% during the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 25,200 shares of the software maker’s stock worth $7,661,000 after purchasing an additional 800 shares during the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in shares of Paycom Software during the 1st quarter worth approximately $26,000. Hedge funds and other institutional investors own 74.73% of the company’s stock.

Insider Transactions at Paycom Software

In other news, Director Jason D. Clark sold 430 shares of Paycom Software stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $278.99, for a total transaction of $119,965.70. Following the completion of the sale, the director now directly owns 5,100 shares of the company’s stock, valued at approximately $1,422,849. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 14.50% of the stock is currently owned by insiders.

Paycom Software Stock Up 1.4 %

Shares of NYSE:PAYC opened at $363.94 on Wednesday. The firm has a fifty day moving average price of $306.52 and a two-hundred day moving average price of $301.40. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19. Paycom Software, Inc. has a one year low of $262.11 and a one year high of $402.78. The company has a market cap of $21.94 billion, a price-to-earnings ratio of 68.28, a PEG ratio of 2.32 and a beta of 1.44.

Paycom Software (NYSE:PAYC – Get Free Report) last announced its quarterly earnings results on Tuesday, May 2nd. The software maker reported $2.06 EPS for the quarter, beating the consensus estimate of $2.00 by $0.06. Paycom Software had a net margin of 20.96% and a return on equity of 26.29%. The firm had revenue of $451.64 million during the quarter, compared to the consensus estimate of $444.23 million. Analysts anticipate that Paycom Software, Inc. will post 6.2 EPS for the current fiscal year.

Paycom Software Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Tuesday, May 30th were issued a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date was Friday, May 26th. Paycom Software’s dividend payout ratio is currently 28.14%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PAYC. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Paycom Software from $400.00 to $370.00 in a research note on Wednesday, May 3rd. Piper Sandler decreased their price target on shares of Paycom Software from $417.00 to $399.00 in a research note on Wednesday, May 3rd. Credit Suisse Group reduced their price objective on shares of Paycom Software from $430.00 to $375.00 in a research note on Wednesday, May 3rd. William Blair started coverage on shares of Paycom Software in a research note on Wednesday, June 28th. They issued an “outperform” rating for the company. Finally, Mizuho reduced their price objective on shares of Paycom Software from $350.00 to $300.00 in a research note on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Paycom Software presently has a consensus rating of “Moderate Buy” and a consensus target price of $368.53.

Paycom Software Profile

(Free Report)

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.