PNC Financial Services Group Inc. Sells 514 Shares of Paycom Software, Inc. (NYSE:PAYC)

PNC Financial Services Group Inc. reduced its position in Paycom Software, Inc. (NYSE:PAYC) by 8.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,691 shares of the software maker’s stock after selling 514 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Paycom Software were worth $948,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Sylebra Capital LLC raised its holdings in shares of Paycom Software by 53.9% in the 2nd 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. Federated Hermes Inc. raised its stake in 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 acquiring an additional 529,591 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Paycom Software by 9,997.5% during the third quarter. International Assets Investment Management LLC now owns 281,315 shares of the software maker’s stock valued at $46,859,000 after acquiring an additional 278,529 shares during the period. Confluence Investment Management LLC boosted its stake in shares of Paycom Software by 147.3% in the 3rd quarter. Confluence Investment Management LLC now owns 377,876 shares of the software maker’s stock valued at $62,943,000 after purchasing an additional 225,081 shares in the last quarter. Finally, Raymond James & Associates grew its holdings in shares of Paycom Software by 769.2% in the 2nd quarter. Raymond James & Associates now owns 201,366 shares of the software maker’s stock worth $28,803,000 after purchasing an additional 178,198 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on PAYC. TD Cowen boosted their price target on shares of Paycom Software from $171.00 to $188.00 and gave the company a “hold” rating in a research report on Monday, September 23rd. Barclays increased 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. Mizuho lifted their price objective on 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 target price on Paycom Software from $170.00 to $175.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. Finally, BMO Capital Markets lifted their price target on Paycom Software from $183.00 to $197.00 and gave the company a “market perform” rating in a report on Thursday, October 31st. Twelve analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $193.67.

Insider Activity

In other news, CEO Chad R. Richison sold 1,950 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $229.09, for a total value of $446,725.50. Following the completion of the sale, the chief executive officer now directly owns 2,731,410 shares of the company’s stock, valued at $625,738,716.90. This represents a 0.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 54,600 shares of company stock valued at $9,726,717 in the last 90 days. 12.60% of the stock is owned by company insiders.

Paycom Software Price Performance

Shares of NYSE:PAYC opened at $234.99 on Friday. The company has a 50 day moving average of $190.93 and a 200-day moving average of $169.19. Paycom Software, Inc. has a one year low of $139.50 and a one year high of $237.33. The stock has a market cap of $13.55 billion, a price-to-earnings ratio of 28.28, a P/E/G ratio of 3.12 and a beta of 1.14.

Paycom Software Announces Dividend

The firm also recently announced 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 dividend yield of 0.64%. The ex-dividend date of this dividend is Monday, November 25th. Paycom Software’s payout ratio is 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.