Paycom Software, Inc. (NYSE:PAYC) Shares Sold by Meridian Wealth Management LLC

Meridian Wealth Management LLC lowered its stake in Paycom Software, Inc. (NYSE:PAYC) by 48.0% during the third quarter, HoldingsChannel reports. The firm owned 2,264 shares of the software maker’s stock after selling 2,091 shares during the quarter. Meridian Wealth Management LLC’s holdings in Paycom Software were worth $377,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Sylebra Capital LLC acquired a new position in Paycom Software in the 1st quarter valued at $253,196,000. Federated Hermes Inc. increased its stake in Paycom Software by 1,011.2% in the 2nd quarter. Federated Hermes Inc. now owns 581,964 shares of the software maker’s stock valued at $83,244,000 after purchasing an additional 529,591 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Paycom Software by 9,997.5% during the 3rd quarter. International Assets Investment Management LLC now owns 281,315 shares of the software maker’s stock worth $46,859,000 after buying an additional 278,529 shares during the last quarter. Confluence Investment Management LLC raised its position in Paycom Software by 147.3% during the third quarter. Confluence Investment Management LLC now owns 377,876 shares of the software maker’s stock worth $62,943,000 after acquiring an additional 225,081 shares during the last quarter. Finally, Raymond James & Associates raised its position in shares of Paycom Software by 769.2% during 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. Hedge funds and other institutional investors own 87.77% of the company’s stock.

Paycom Software Stock Up 1.5 %

PAYC opened at $230.32 on Monday. Paycom Software, Inc. has a 52-week low of $139.50 and a 52-week high of $233.69. The company has a 50 day moving average of $185.75 and a two-hundred day moving average of $167.42. The company has a market cap of $13.28 billion, a P/E ratio of 27.72, a P/E/G ratio of 3.04 and a beta of 1.14.

Paycom Software Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, November 25th will be given a dividend of $0.375 per share. The ex-dividend date of this dividend is Monday, November 25th. This represents a $1.50 dividend on an annualized basis and a yield of 0.65%. Paycom Software’s dividend payout ratio (DPR) is 18.05%.

Insider Activity at Paycom Software

In related news, CEO Chad R. Richison sold 1,950 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $160.35, for a total transaction of $312,682.50. Following the completion of the sale, the chief executive officer now directly owns 2,947,658 shares of the company’s stock, valued at approximately $472,656,960.30. This trade represents a 0.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 56,550 shares of company stock worth $10,044,801. Corporate insiders own 14.50% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Piper Sandler boosted their price objective on shares of Paycom Software from $160.00 to $191.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Citigroup raised their price objective on Paycom Software from $172.00 to $196.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Needham & Company LLC reaffirmed a “hold” rating on shares of Paycom Software in a research report on Thursday, August 1st. 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 research report on Thursday, October 31st. Finally, Mizuho lifted their price target on Paycom Software from $170.00 to $190.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Twelve equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $193.67.

About Paycom Software

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.