Sumitomo Mitsui Trust Group Inc. Sells 19,201 Shares of Paycom Software, Inc. (NYSE:PAYC)

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Paycom Software, Inc. (NYSE:PAYC) by 16.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,556 shares of the software maker’s stock after selling 19,201 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.17% of Paycom Software worth $16,416,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PAYC. Andina Capital Management LLC increased its stake in Paycom Software by 4.0% in the 3rd quarter. Andina Capital Management LLC now owns 1,651 shares of the software maker’s stock valued at $275,000 after buying an additional 63 shares during the last quarter. Davis Investment Partners LLC boosted its holdings in Paycom Software by 1.0% in the 3rd quarter. Davis Investment Partners LLC now owns 6,397 shares of the software maker’s stock valued at $1,067,000 after purchasing an additional 64 shares during the period. GAMMA Investing LLC boosted its holdings in Paycom Software by 26.7% in the 3rd quarter. GAMMA Investing LLC now owns 323 shares of the software maker’s stock valued at $54,000 after purchasing an additional 68 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Paycom Software by 1.7% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,624 shares of the software maker’s stock valued at $661,000 after purchasing an additional 79 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Paycom Software by 37.0% during the 1st quarter. Advisors Asset Management Inc. now owns 300 shares of the software maker’s stock worth $60,000 after acquiring an additional 81 shares during the last quarter. Institutional investors own 87.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. BMO Capital Markets lifted their target price on shares of Paycom Software from $183.00 to $197.00 and gave the stock a “market perform” rating in a research report on Thursday, October 31st. Citigroup lifted their target price on shares of Paycom Software from $172.00 to $196.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Piper Sandler lifted their target price on shares of Paycom Software from $160.00 to $191.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Needham & Company LLC restated a “hold” rating on shares of Paycom Software in a research report on Thursday, August 1st. Finally, Barclays boosted their price objective on shares of Paycom Software from $172.00 to $181.00 and gave the company an “equal weight” rating in a research report 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. According to data from MarketBeat, Paycom Software currently has a consensus rating of “Hold” and a consensus target price of $193.67.

Insider Activity at Paycom Software

In related news, CEO Chad R. Richison sold 1,950 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $162.27, for a total transaction of $316,426.50. Following the sale, the chief executive officer now owns 2,961,308 shares of the company’s stock, valued at $480,531,449.16. The trade was a 0.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 58,500 shares of company stock worth $10,361,228 over the last 90 days. 14.50% of the stock is owned by company insiders.

Paycom Software Price Performance

Shares of NYSE PAYC opened at $219.88 on Monday. Paycom Software, Inc. has a 1 year low of $139.50 and a 1 year high of $233.69. The company’s 50-day moving average is $180.24 and its 200 day moving average is $165.76. The stock has a market capitalization of $12.68 billion, a P/E ratio of 26.46, a P/E/G ratio of 2.94 and a beta of 1.14.

Paycom Software Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Investors 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 dividend yield of 0.68%. The ex-dividend date of this dividend is Monday, November 25th. Paycom Software’s dividend payout ratio is currently 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.