Paycom Software, Inc. (NYSE:PAYC) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 16.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 98,556 shares of the software maker's stock after selling 19,201 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.17% of Paycom Software worth $16,416,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Ashton Thomas Private Wealth LLC purchased a new stake in Paycom Software during the 2nd quarter valued at about $25,000. MFA Wealth Advisors LLC acquired a new position in shares of Paycom Software in the 2nd quarter worth approximately $26,000. Armstrong Advisory Group Inc. acquired a new stake in Paycom Software during the 3rd quarter worth approximately $26,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Paycom Software during the 2nd quarter worth approximately $27,000. Finally, CVA Family Office LLC lifted its holdings in Paycom Software by 234.3% during the 2nd quarter. CVA Family Office LLC now owns 234 shares of the software maker's stock worth $33,000 after buying an additional 164 shares in the last quarter. Hedge funds and other institutional investors own 87.77% of the company's stock.

Insiders Place Their Bets

In other Paycom Software news, CEO Chad R. Richison sold 1,950 shares of the firm's stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $163.12, for a total transaction of $318,084.00. Following the transaction, the chief executive officer now directly owns 3,534,499 shares of the company's stock, valued at approximately $576,547,476.88. This trade represents a 0.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders have sold 58,500 shares of company stock valued at $10,361,228. Insiders own 14.50% of the company's stock.

Paycom Software Trading Down 0.4 %

Shares of NYSE PAYC traded down $0.98 during mid-day trading on Monday, reaching $218.90. The company had a trading volume of 373,019 shares, compared to its average volume of 810,423. The firm has a 50 day simple moving average of $180.24 and a two-hundred day simple moving average of $165.62. The stock has a market cap of $12.62 billion, a P/E ratio of 26.46, a PEG ratio of 2.94 and a beta of 1.14. Paycom Software, Inc. has a 52-week low of $139.50 and a 52-week high of $233.69.

Paycom Software Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, November 25th will be given a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend is Monday, November 25th. Paycom Software's payout ratio is currently 18.05%.

Analysts Set New Price Targets

PAYC has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a "hold" rating on shares of Paycom Software in a research report on Thursday, August 1st. Mizuho increased their price objective on shares of Paycom Software from $170.00 to $190.00 and gave the company a "neutral" rating in a research report on Monday, November 4th. Jefferies Financial Group increased their price objective on shares of Paycom Software from $170.00 to $175.00 and gave the company a "hold" rating in a research report on Thursday, October 31st. Citigroup increased their price objective on shares of Paycom Software from $172.00 to $196.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Finally, Piper Sandler increased their price objective on shares of Paycom Software from $160.00 to $191.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Twelve research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $193.67.

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.