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

State of Michigan Retirement System lowered its holdings in shares of Paycom Software, Inc. (NYSE:PAYC) by 2.2% in the first quarter, according to its most recent disclosure with the SEC. The firm 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 filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of PAYC. LPL Financial LLC lifted its position in Paycom Software by 27.7% during the third quarter. LPL Financial LLC now owns 29,542 shares of the software maker’s stock worth $7,659,000 after acquiring an additional 6,405 shares during the last quarter. Bank of Nova Scotia lifted its position in Paycom Software by 23.8% during the third quarter. Bank of Nova Scotia now owns 3,178 shares of the software maker’s stock worth $824,000 after acquiring an additional 611 shares during the last quarter. Alps Advisors Inc. lifted its position in Paycom Software by 26.9% during the third quarter. Alps Advisors Inc. now owns 6,731 shares of the software maker’s stock worth $1,745,000 after acquiring an additional 1,425 shares during the last quarter. Legacy Advisors LLC lifted its position in Paycom Software by 24.3% during the third quarter. Legacy Advisors LLC now owns 1,795 shares of the software maker’s stock worth $465,000 after acquiring an additional 351 shares during the last quarter. Finally, Seven Eight Capital LP lifted its position in Paycom Software by 234.1% during the third quarter. Seven Eight Capital LP now owns 4,935 shares of the software maker’s stock worth $1,279,000 after acquiring an additional 3,458 shares during the last quarter. Institutional investors own 87.77% of the company’s stock.

Paycom Software Price Performance

Shares of PAYC opened at $142.95 on Thursday. Paycom Software, Inc. has a one year low of $139.69 and a one year high of $374.04. The company has a market cap of $8.31 billion, a P/E ratio of 17.41, a P/E/G ratio of 2.16 and a beta of 1.16. The firm has a 50 day simple moving average of $160.70 and a two-hundred day simple moving average of $182.25.

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

Paycom Software Announces Dividend

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

Insiders Place Their Bets

In other Paycom Software news, CEO Chad R. Richison sold 1,950 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $142.43, for a total transaction of $277,738.50. Following the sale, the chief executive officer now owns 3,035,408 shares of the company’s stock, valued at $432,333,161.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Amy Vickroy sold 1,381 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $143.39, for a total value of $198,021.59. Following the sale, the executive vice president now owns 19,962 shares of the company’s stock, valued at $2,862,351.18. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Chad R. Richison sold 1,950 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $142.43, for a total transaction of $277,738.50. Following the completion of the sale, the chief executive officer now directly owns 3,035,408 shares in the company, valued at approximately $432,333,161.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,537 shares of company stock valued at $4,823,818. 12.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Jefferies Financial Group cut their price objective on shares of Paycom Software from $170.00 to $145.00 and set a “hold” rating for the company in a research report on Monday, June 24th. StockNews.com upgraded shares of Paycom Software from a “hold” rating to a “buy” rating in a research report on Tuesday, May 28th. Barclays dropped their price target on shares of Paycom Software from $193.00 to $184.00 and set an “equal weight” rating for the company in a research report on Thursday, May 2nd. BMO Capital Markets dropped their price target on shares of Paycom Software from $200.00 to $190.00 and set a “market perform” rating for the company in a research report on Thursday, May 2nd. Finally, William Blair reiterated a “market perform” rating on shares of Paycom Software in a research report on Thursday, May 2nd. Sixteen analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $237.81.

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.