Jennison Associates LLC Takes $49.85 Million Position in Paycom Software, Inc. $PAYC

Jennison Associates LLC acquired a new stake in shares of Paycom Software, Inc. (NYSE:PAYC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 215,443 shares of the software maker’s stock, valued at approximately $49,853,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SouthState Corp purchased a new position in Paycom Software during the first quarter worth about $27,000. von Borstel & Associates Inc. purchased a new position in Paycom Software during the first quarter worth about $27,000. Golden State Wealth Management LLC boosted its holdings in Paycom Software by 112.3% during the first quarter. Golden State Wealth Management LLC now owns 138 shares of the software maker’s stock worth $30,000 after purchasing an additional 73 shares during the last quarter. S Bank Fund Management Ltd purchased a new position in Paycom Software during the first quarter worth about $37,000. Finally, Brooklyn Investment Group boosted its holdings in Paycom Software by 19.4% during the first quarter. Brooklyn Investment Group now owns 240 shares of the software maker’s stock worth $52,000 after purchasing an additional 39 shares during the last quarter. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Bradley Scott Smith sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $223.27, for a total value of $334,905.00. Following the sale, the insider owned 24,533 shares of the company’s stock, valued at $5,477,482.91. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 10.90% of the stock is currently owned by company insiders.

Paycom Software Stock Performance

Shares of PAYC stock opened at $186.74 on Thursday. The firm’s 50-day simple moving average is $212.80 and its two-hundred day simple moving average is $228.08. Paycom Software, Inc. has a 52 week low of $166.99 and a 52 week high of $267.76. The firm has a market cap of $10.81 billion, a price-to-earnings ratio of 25.27, a P/E/G ratio of 2.19 and a beta of 0.82.

Paycom Software (NYSE:PAYC) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.28. Paycom Software had a net margin of 21.22% and a return on equity of 25.40%. The company had revenue of $483.60 million for the quarter, compared to analyst estimates of $472.00 million. During the same quarter in the previous year, the firm posted $1.62 earnings per share. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. Analysts forecast that Paycom Software, Inc. will post 7.15 earnings per share for the current year.

Paycom Software Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Monday, August 25th were given a $0.375 dividend. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.50 annualized dividend and a dividend yield of 0.8%. Paycom Software’s payout ratio is 20.30%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. BMO Capital Markets boosted their price target on shares of Paycom Software from $244.00 to $258.00 and gave the stock a “market perform” rating in a report on Thursday, August 7th. Cantor Fitzgerald upgraded shares of Paycom Software to a “hold” rating in a report on Thursday, September 11th. JPMorgan Chase & Co. lifted their price objective on shares of Paycom Software from $215.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Guggenheim initiated coverage on shares of Paycom Software in a research report on Friday, September 26th. They issued a “buy” rating and a $270.00 price objective on the stock. Finally, Jefferies Financial Group lowered their price objective on shares of Paycom Software from $250.00 to $225.00 and set a “hold” rating on the stock in a research report on Monday, October 13th. Four analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Paycom Software has a consensus rating of “Hold” and an average price target of $243.69.

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.