Meeder Asset Management Inc. Grows Position in Paycom Software, Inc. (NYSE:PAYC)

Meeder Asset Management Inc. boosted its stake in Paycom Software, Inc. (NYSE:PAYC) by 2,289.2% in the second quarter, HoldingsChannel reports. The institutional investor owned 4,205 shares of the software maker’s stock after buying an additional 4,029 shares during the quarter. Meeder Asset Management Inc.’s holdings in Paycom Software were worth $601,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PAYC. Ashton Thomas Private Wealth LLC bought a new position in Paycom Software in the 2nd quarter valued at $25,000. Mather Group LLC. bought a new position in Paycom Software in the 1st quarter valued at $26,000. MFA Wealth Advisors LLC bought a new position in Paycom Software in the 2nd quarter valued at $26,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Paycom Software in the 2nd quarter valued at $27,000. Finally, Palisade Asset Management LLC bought a new position in Paycom Software in the 1st quarter valued at $32,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

Paycom Software Stock Up 1.1 %

Shares of NYSE PAYC opened at $169.38 on Friday. Paycom Software, Inc. has a 52 week low of $139.50 and a 52 week high of $283.00. The business has a 50-day simple moving average of $159.32 and a two-hundred day simple moving average of $168.70. The company has a market cap of $9.73 billion, a P/E ratio of 20.63, a P/E/G ratio of 2.38 and a beta of 1.17.

Paycom Software Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were paid a $0.375 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $1.50 annualized dividend and a yield of 0.89%. Paycom Software’s dividend payout ratio is currently 18.27%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PAYC. Citigroup reduced their price objective on Paycom Software from $193.00 to $162.00 and set a “neutral” rating for the company in a research note on Tuesday, June 18th. StockNews.com downgraded Paycom Software from a “buy” rating to a “hold” rating in a research note on Monday, July 15th. Barclays increased their price target on Paycom Software from $161.00 to $167.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 1st. TD Cowen increased their price target on Paycom Software from $147.00 to $171.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Finally, Jefferies Financial Group cut their price target on Paycom Software from $170.00 to $145.00 and set a “hold” rating for the company in a research note on Monday, June 24th. Seventeen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Paycom Software has a consensus rating of “Hold” and an average target price of $178.33.

Insiders Place Their Bets

In other Paycom Software news, CEO Chad R. Richison sold 1,950 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $140.20, for a total value of $273,390.00. Following the completion of the transaction, the chief executive officer now owns 3,023,708 shares in the company, valued at approximately $423,923,861.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Paycom Software news, CFO Craig E. Boelte sold 11,882 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $155.98, for a total value of $1,853,354.36. Following the sale, the chief financial officer now owns 294,849 shares of the company’s stock, valued at approximately $45,990,547.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Chad R. Richison sold 1,950 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $140.20, for a total value of $273,390.00. Following the completion of the sale, the chief executive officer now directly owns 3,023,708 shares in the company, valued at approximately $423,923,861.60. The disclosure for this sale can be found here. Insiders sold a total of 71,906 shares of company stock worth $11,149,367 in the last quarter. 14.50% of the stock is owned by company insiders.

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.