M&G Plc Invests $9.03 Million in Paycom Software, Inc. (NYSE:PAYC)

M&G Plc bought a new position in shares of Paycom Software, Inc. (NYSE:PAYC) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 63,145 shares of the software maker’s stock, valued at approximately $9,030,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PAYC. Raymond James & Associates boosted its stake in Paycom Software by 25.4% in the fourth quarter. Raymond James & Associates now owns 15,614 shares of the software maker’s stock valued at $3,228,000 after acquiring an additional 3,164 shares during the last quarter. Valeo Financial Advisors LLC purchased a new position in Paycom Software in the fourth quarter valued at approximately $341,000. Louisiana State Employees Retirement System bought a new position in Paycom Software during the fourth quarter valued at $620,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in Paycom Software by 0.3% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 129,688 shares of the software maker’s stock worth $26,809,000 after buying an additional 340 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its stake in shares of Paycom Software by 19.3% in the fourth quarter. Vontobel Holding Ltd. now owns 4,790 shares of the software maker’s stock valued at $990,000 after buying an additional 774 shares during the period. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Insider Activity

In other news, CEO Chad R. Richison sold 1,950 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $155.63, for a total value of $303,478.50. Following the transaction, the chief executive officer now owns 2,978,858 shares in the company, valued at $463,599,670.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Chad R. Richison sold 1,950 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $155.63, for a total value of $303,478.50. Following the completion of the sale, the chief executive officer now directly owns 2,978,858 shares of the company’s stock, valued at approximately $463,599,670.54. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Bradley Scott Smith sold 1,524 shares of Paycom Software stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $157.62, for a total transaction of $240,212.88. Following the sale, the insider now directly owns 14,769 shares in the company, valued at approximately $2,327,889.78. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,161 shares of company stock valued at $10,516,114. Insiders own 14.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PAYC. Barclays lifted their price objective on Paycom Software from $161.00 to $167.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. TD Cowen boosted their price target on shares of Paycom Software from $147.00 to $171.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Citigroup cut their price objective on shares of Paycom Software from $193.00 to $162.00 and set a “neutral” rating for the company in a report on Tuesday, June 18th. Mizuho lowered their target price on shares of Paycom Software from $185.00 to $170.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. Finally, William Blair reaffirmed a “market perform” rating on shares of Paycom Software in a report on Thursday, May 2nd. Seventeen research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $178.33.

Paycom Software Stock Performance

PAYC stock opened at $156.65 on Wednesday. The firm’s fifty day moving average is $150.73 and its 200 day moving average is $173.06. Paycom Software, Inc. has a 52 week low of $139.50 and a 52 week high of $299.00. The firm has a market cap of $9.10 billion, a P/E ratio of 19.08, a P/E/G ratio of 2.20 and a beta of 1.16.

Paycom Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 9th. Stockholders of record on Monday, August 26th will be paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend is Monday, August 26th. Paycom Software’s dividend payout ratio (DPR) is presently 18.27%.

Paycom Software Company 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.