Oppenheimer Asset Management Inc. Raises Stake in Paycom Software, Inc. (NYSE:PAYC)

Oppenheimer Asset Management Inc. grew its stake in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 35.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 103,599 shares of the software maker's stock after acquiring an additional 27,179 shares during the period. Oppenheimer Asset Management Inc. owned about 0.18% of Paycom Software worth $17,256,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PAYC. Sylebra Capital LLC raised its stake in Paycom Software by 53.9% in the second quarter. Sylebra Capital LLC now owns 1,957,468 shares of the software maker's stock worth $279,996,000 after buying an additional 685,190 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in shares of Paycom Software by 9.4% during the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,069,104 shares of the software maker's stock worth $152,925,000 after purchasing an additional 92,049 shares in the last quarter. 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. Bank of New York Mellon Corp increased its position in shares of Paycom Software by 6.3% during the second quarter. Bank of New York Mellon Corp now owns 455,271 shares of the software maker's stock worth $65,122,000 after purchasing an additional 26,934 shares in the last quarter. Finally, Confluence Investment Management LLC increased its position in shares of Paycom Software by 147.3% during the third quarter. Confluence Investment Management LLC now owns 377,876 shares of the software maker's stock worth $62,943,000 after purchasing an additional 225,081 shares in the last quarter. Institutional investors own 87.77% of the company's stock.

Paycom Software Price Performance

NYSE:PAYC traded down $1.09 during trading hours on Wednesday, reaching $227.80. The company had a trading volume of 427,805 shares, compared to its average volume of 815,313. Paycom Software, Inc. has a 1-year low of $139.50 and a 1-year high of $233.69. The firm has a market cap of $13.13 billion, a PE ratio of 27.41, a price-to-earnings-growth ratio of 3.06 and a beta of 1.14. The business's 50 day moving average price is $176.21 and its 200-day moving average price is $164.88.

Paycom Software Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 25th will be issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date is Monday, November 25th. Paycom Software's payout ratio is presently 18.05%.

Insider Buying and Selling at Paycom Software

In other news, CEO Chad R. Richison sold 1,950 shares of the company's stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $158.66, for a total transaction of $309,387.00. Following the completion of the transaction, the chief executive officer now directly owns 2,973,008 shares of the company's stock, valued at $471,697,449.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 60,450 shares of company stock valued at $10,535,480. 14.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PAYC shares. Mizuho upped their price target on Paycom Software from $170.00 to $190.00 and gave the stock a "neutral" rating in a research report on Monday, November 4th. Needham & Company LLC reaffirmed a "hold" rating on shares of Paycom Software in a research report on Thursday, August 1st. TD Cowen upped their price target on Paycom Software from $171.00 to $188.00 and gave the stock a "hold" rating in a research report on Monday, September 23rd. Barclays upped their price target on Paycom Software from $172.00 to $181.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 31st. Finally, Piper Sandler boosted their price objective on shares of Paycom Software from $160.00 to $191.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Twelve equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $193.67.

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.