Paycom Software, Inc. (NYSE:PAYC) Stake Increased by National Bank of Canada FI

National Bank of Canada FI lifted its holdings in Paycom Software, Inc. (NYSE:PAYC - Free Report) by 186.5% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 70,050 shares of the software maker's stock after acquiring an additional 45,600 shares during the quarter. National Bank of Canada FI owned 0.12% of Paycom Software worth $11,668,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PAYC. Ashton Thomas Private Wealth LLC bought a new stake in shares of Paycom Software in the 2nd quarter worth approximately $25,000. MFA Wealth Advisors LLC bought a new position in shares of Paycom Software during the second quarter valued at $26,000. Armstrong Advisory Group Inc. purchased a new position in shares of Paycom Software in the 3rd quarter worth about $26,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Paycom Software in the 2nd quarter worth about $27,000. Finally, Brooklyn Investment Group purchased a new stake in Paycom Software during the 3rd quarter valued at about $28,000. 87.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Chad R. Richison sold 1,950 shares of the firm's stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $162.17, for a total transaction of $316,231.50. Following the sale, the chief executive officer now owns 2,780,160 shares in the company, valued at $450,858,547.20. This trade represents a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders sold 50,700 shares of company stock worth $9,098,135. Insiders own 12.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PAYC. TD Cowen upped their target price on shares of Paycom Software from $193.00 to $248.00 and gave the stock a "hold" rating in a research report on Monday. Barclays lifted their target price on Paycom Software from $172.00 to $181.00 and gave the stock an "equal weight" rating in a report on Thursday, October 31st. Mizuho increased their price target on Paycom Software from $170.00 to $190.00 and gave the company a "neutral" rating in a research note on Monday, November 4th. Jefferies Financial Group raised their target price on shares of Paycom Software from $170.00 to $175.00 and gave the company a "hold" rating in a report on Thursday, October 31st. Finally, Piper Sandler upped their price target on shares of Paycom Software from $160.00 to $191.00 and gave the company a "neutral" rating in a research note on Thursday, October 31st. Twelve investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $200.33.

Paycom Software Stock Up 2.0 %

Shares of Paycom Software stock traded up $4.60 during trading on Wednesday, reaching $240.26. The company's stock had a trading volume of 673,579 shares, compared to its average volume of 790,453. Paycom Software, Inc. has a 12-month low of $139.50 and a 12-month high of $242.74. The business has a 50 day moving average price of $202.66 and a 200-day moving average price of $172.69. The company has a market capitalization of $13.85 billion, a P/E ratio of 28.91, a price-to-earnings-growth ratio of 3.15 and a beta of 1.11.

Paycom Software Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were issued a dividend of $0.375 per share. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.50 annualized dividend and a yield of 0.62%. Paycom Software's dividend payout ratio (DPR) is currently 18.05%.

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.