Paycom Software (NYSE:PAYC) Given New $270.00 Price Target at KeyCorp

Paycom Software (NYSE:PAYC) had its price objective raised by KeyCorp from $245.00 to $270.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

Several other equities analysts have also recently weighed in on PAYC. BMO Capital Markets lifted their price target on Paycom Software from $215.00 to $244.00 and gave the company a “market perform” rating in a research report on Thursday. Needham & Company LLC restated a “hold” rating on shares of Paycom Software in a research note on Thursday. Piper Sandler upped their price target on Paycom Software from $224.00 to $246.00 and gave the company a “neutral” rating in a research report on Thursday. JPMorgan Chase & Co. increased their price target on shares of Paycom Software from $185.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, Barclays reduced their price objective on shares of Paycom Software from $229.00 to $221.00 and set an “equal weight” rating for the company in a research note on Thursday, January 23rd. Eleven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $226.90.

Paycom Software Stock Performance

Shares of Paycom Software stock opened at $252.95 on Thursday. The stock has a market capitalization of $14.63 billion, a P/E ratio of 28.42, a P/E/G ratio of 2.40 and a beta of 0.80. Paycom Software has a 52-week low of $139.50 and a 52-week high of $255.12. The stock’s 50-day simple moving average is $217.84 and its 200 day simple moving average is $214.97.

Paycom Software (NYSE:PAYC) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $2.80 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.18. The company had revenue of $530.50 million for the quarter, compared to analysts’ expectations of $522.92 million. Paycom Software had a net margin of 26.66% and a return on equity of 33.53%. Paycom Software’s revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.59 EPS. Equities research analysts forecast that Paycom Software will post 7.15 EPS for the current fiscal year.

Paycom Software Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be paid a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 0.59%. The ex-dividend date is Tuesday, May 27th. Paycom Software’s dividend payout ratio (DPR) is presently 16.85%.

Insider Activity at Paycom Software

In related news, COO Randall Peck sold 3,600 shares of Paycom Software stock in a transaction on Friday, February 21st. The shares were sold at an average price of $212.19, for a total value of $763,884.00. Following the transaction, the chief operating officer now directly owns 50,665 shares of the company’s stock, valued at $10,750,606.35. The trade was a 6.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Chad R. Richison sold 120,000 shares of the company’s stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $243.52, for a total transaction of $29,222,400.00. Following the sale, the chief executive officer now owns 3,307,249 shares of the company’s stock, valued at $805,381,276.48. This represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,100 shares of company stock valued at $30,698,424. Insiders own 10.90% of the company’s stock.

Hedge Funds Weigh In On Paycom Software

A number of hedge funds have recently modified their holdings of PAYC. Proficio Capital Partners LLC purchased a new stake in shares of Paycom Software during the fourth quarter worth about $7,142,000. Glenview Trust co raised its position in Paycom Software by 27.1% during the 4th quarter. Glenview Trust co now owns 12,294 shares of the software maker’s stock valued at $2,520,000 after purchasing an additional 2,625 shares during the last quarter. Friedenthal Financial purchased a new stake in Paycom Software in the 4th quarter worth approximately $776,000. Nisa Investment Advisors LLC grew its position in shares of Paycom Software by 175.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,351 shares of the software maker’s stock worth $1,507,000 after buying an additional 4,685 shares during the last quarter. Finally, American Century Companies Inc. grew its position in shares of Paycom Software by 43.0% in the 4th quarter. American Century Companies Inc. now owns 52,755 shares of the software maker’s stock worth $10,813,000 after buying an additional 15,852 shares during the last quarter. Hedge funds and other institutional investors own 87.77% of the company’s stock.

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.