Reinhart Partners LLC. lowered its stake in Paycom Software, Inc. (NYSE:PAYC – Free Report) by 15.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,029,269 shares of the software maker’s stock after selling 190,637 shares during the quarter. Paycom Software comprises about 5.4% of Reinhart Partners LLC.’s portfolio, making the stock its 2nd biggest holding. Reinhart Partners LLC. owned about 2.28% of Paycom Software worth $224,020,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Paycom Software in the 2nd quarter worth approximately $632,460,000. Contour Asset Management LLC acquired a new stake in Paycom Software in the 4th quarter valued at approximately $60,333,000. Bank of New York Mellon Corp purchased a new stake in Paycom Software in the second quarter valued at approximately $42,858,000. River Road Asset Management LLC raised its position in Paycom Software by 481.9% in the fourth quarter. River Road Asset Management LLC now owns 392,403 shares of the software maker’s stock valued at $62,533,000 after purchasing an additional 324,970 shares during the period. Finally, Equity Investment Corp acquired a new position in Paycom Software during the second quarter worth $37,085,000. Hedge funds and other institutional investors own 87.77% of the company’s stock.
Insiders Place Their Bets
In other news, insider Shane Hadlock sold 241 shares of Paycom Software stock in a transaction on Friday, August 28th. The stock was sold at an average price of $240.07, for a total transaction of $57,856.87. Following the completion of the transaction, the insider owned 69,911 shares of the company’s stock, valued at $16,783,533.77. The trade was a 0.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 13.20% of the company’s stock.
Paycom Software Stock Up 1.0%
Paycom Software (NYSE:PAYC – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The software maker reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.40. The business had revenue of $531.20 million for the quarter, compared to analyst estimates of $513.12 million. Paycom Software had a net margin of 22.78% and a return on equity of 37.06%. The business’s revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.06 earnings per share. As a group, research analysts anticipate that Paycom Software, Inc. will post 10.64 EPS for the current year.
Paycom Software Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were given a dividend of $0.3750 per share. This represents a $1.50 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Monday, August 24th. Paycom Software’s payout ratio is presently 15.94%.
Wall Street Analyst Weigh In
Several research firms have weighed in on PAYC. BTIG Research lifted their target price on Paycom Software from $160.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen downgraded shares of Paycom Software from a “buy” rating to a “hold” rating in a research note on Sunday, September 6th. Bank of America started coverage on Paycom Software in a research report on Tuesday, September 29th. They set an “underperform” rating and a $200.00 target price on the stock. BMO Capital Markets boosted their price target on shares of Paycom Software from $145.00 to $208.00 and gave the company a “market perform” rating in a research report on Thursday, August 6th. Finally, TD Cowen upped their price objective on shares of Paycom Software from $244.00 to $286.00 and gave the company a “buy” rating in a research note on Friday, October 2nd. Five research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $216.93.
Read Our Latest Report on Paycom Software
About Paycom Software
Paycom Software, Inc develops and provides cloud-based human capital management (HCM) software for businesses. Its platform is designed to help employers manage payroll and other workforce processes through a unified system, reducing the need for separate applications and manual data entry.
The company’s products and services include payroll processing, tax management, time and labor management, talent acquisition, onboarding, talent management, employee benefits administration, expense management, and workforce analytics.
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