Principal Financial Group Inc. grew its position in shares of Paycom Software, Inc. (NYSE:PAYC - Free Report) by 9.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 65,809 shares of the software maker's stock after purchasing an additional 5,574 shares during the quarter. Principal Financial Group Inc. owned 0.11% of Paycom Software worth $10,962,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the company. Marks Group Wealth Management Inc increased its position in shares of Paycom Software by 168.3% during the 3rd quarter. Marks Group Wealth Management Inc now owns 35,124 shares of the software maker's stock valued at $5,851,000 after purchasing an additional 22,035 shares during the period. Robeco Institutional Asset Management B.V. increased its position in shares of Paycom Software by 6.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 13,971 shares of the software maker's stock valued at $2,327,000 after purchasing an additional 867 shares during the period. Van ECK Associates Corp increased its position in shares of Paycom Software by 11.0% during the 3rd quarter. Van ECK Associates Corp now owns 10,452 shares of the software maker's stock valued at $1,718,000 after purchasing an additional 1,037 shares during the period. Optas LLC acquired a new position in shares of Paycom Software during the 3rd quarter valued at $954,000. Finally, Farther Finance Advisors LLC increased its position in shares of Paycom Software by 22.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 602 shares of the software maker's stock valued at $100,000 after purchasing an additional 112 shares during the period. 87.77% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently issued reports on the company. 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. Jefferies Financial Group lifted 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. Mizuho lifted their target price on Paycom Software from $170.00 to $190.00 and gave the stock a "neutral" rating in a report on Monday, November 4th. Citigroup lifted their target price on Paycom Software from $172.00 to $196.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. Finally, TD Cowen lifted their target price on Paycom Software from $171.00 to $188.00 and gave the stock a "hold" rating in a report on Monday, September 23rd. Twelve equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $193.67.
Read Our Latest Research Report on PAYC
In related news, CEO Chad R. Richison sold 1,950 shares of Paycom Software stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $163.12, for a total transaction of $318,084.00. Following the completion of the sale, the chief executive officer now 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 58,500 shares of company stock valued at $10,361,228. Insiders own 14.50% of the company's stock.
Shares of Paycom Software stock opened at $219.88 on Monday. The stock has a market cap of $12.68 billion, a PE ratio of 26.46, a price-to-earnings-growth ratio of 2.94 and a beta of 1.14. The business has a fifty day simple moving average of $180.24 and a 200-day simple moving average of $165.76. Paycom Software, Inc. has a 12 month low of $139.50 and a 12 month high of $233.69.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Monday, November 25th will be given a $0.375 dividend. The ex-dividend date is Monday, November 25th. This represents a $1.50 annualized dividend and a dividend yield of 0.68%. Paycom Software's dividend payout ratio (DPR) is presently 18.05%.
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.
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