Paycom Software, Inc. (NYSE:PAYC) Position Cut by State Street Corp

State Street Corp trimmed its holdings in Paycom Software, Inc. (NYSE:PAYC - Free Report) by 1.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,004,837 shares of the software maker's stock after selling 35,254 shares during the period. State Street Corp owned 3.48% of Paycom Software worth $333,946,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Armstrong Advisory Group Inc. purchased a new stake in Paycom Software in the third quarter valued at approximately $26,000. Brooklyn Investment Group acquired a new stake in shares of Paycom Software during the 3rd quarter worth $28,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Paycom Software in the 2nd quarter worth $25,000. Pin Oak Investment Advisors Inc. lifted its stake in shares of Paycom Software by 73.3% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 182 shares of the software maker's stock valued at $30,000 after purchasing an additional 77 shares in the last quarter. Finally, MFA Wealth Advisors LLC acquired a new stake in shares of Paycom Software in the second quarter worth $26,000. Hedge funds and other institutional investors own 87.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PAYC. Piper Sandler raised their price objective on Paycom Software from $160.00 to $191.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Jefferies Financial Group boosted their price target on Paycom Software from $170.00 to $175.00 and gave the stock a "hold" rating in a research report on Thursday, October 31st. TD Cowen increased their price objective on shares of Paycom Software from $193.00 to $248.00 and gave the company a "hold" rating in a research report on Monday. Barclays boosted their target price on shares of 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, Citigroup lifted their price target on shares of Paycom Software from $172.00 to $196.00 and gave the stock 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. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $200.33.

Insiders Place Their Bets

In other news, CEO Chad R. Richison sold 1,950 shares of the business's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $167.31, for a total transaction of $326,254.50. Following the completion of the transaction, the chief executive officer now owns 2,935,958 shares of the company's stock, valued at approximately $491,215,132.98. The trade was a 0.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 50,700 shares of company stock valued at $9,098,135. Company insiders own 12.60% of the company's stock.

Paycom Software Stock Up 0.3 %

NYSE:PAYC traded up $0.72 during trading hours on Tuesday, reaching $235.66. 447,433 shares of the stock were exchanged, compared to its average volume of 790,944. Paycom Software, Inc. has a 52 week low of $139.50 and a 52 week high of $238.57. The stock has a market capitalization of $13.59 billion, a P/E ratio of 28.27, a P/E/G ratio of 3.15 and a beta of 1.11. The firm has a 50 day simple moving average of $199.80 and a 200-day simple moving average of $171.75.

Paycom Software Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date was Monday, November 25th. Paycom Software's dividend payout ratio is presently 18.05%.

Paycom Software 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.