PC Connection (NASDAQ:CNXN) Chairman Patricia Gallup Sells 7,384 Shares

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,384 shares of PC Connection stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $71.91, for a total transaction of $530,983.44. Following the completion of the sale, the chairman owned 7,027,747 shares of the company’s stock, valued at $505,365,286.77. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Patricia Gallup also recently made the following trade(s):

• On Monday, June 8th, Patricia Gallup sold 6,924 shares of PC Connection stock. The shares were sold at an average price of $72.09, for a total transaction of $499,151.16.

PC Connection Trading Up 1.1%

Shares of CNXN stock opened at $74.11 on Thursday. PC Connection, Inc. has a 1 year low of $54.97 and a 1 year high of $75.00. The firm’s fifty day simple moving average is $65.29 and its 200 day simple moving average is $61.61. The firm has a market capitalization of $1.87 billion, a P/E ratio of 21.54, a price-to-earnings-growth ratio of 1.87 and a beta of 0.88.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Wednesday, April 29th. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.15. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. The business had revenue of $721.87 million for the quarter, compared to analyst estimates of $696.09 million. Equities research analysts anticipate that PC Connection, Inc. will post 3.93 EPS for the current fiscal year.

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 12th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Tuesday, May 12th. PC Connection’s payout ratio is currently 23.26%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CNXN. Weiss Ratings raised PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. Wall Street Zen raised PC Connection from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, PC Connection presently has an average rating of “Moderate Buy”.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Amundi bought a new position in shares of PC Connection in the first quarter worth $519,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of PC Connection by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,900 shares of the company’s stock valued at $431,000 after purchasing an additional 312 shares in the last quarter. Millennium Management LLC raised its position in shares of PC Connection by 98.8% during the first quarter. Millennium Management LLC now owns 115,237 shares of the company’s stock worth $7,193,000 after acquiring an additional 57,257 shares during the last quarter. Invesco Ltd. increased its holdings in PC Connection by 2.4% in the second quarter. Invesco Ltd. now owns 179,487 shares of the company’s stock worth $11,807,000 after purchasing an additional 4,146 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in PC Connection by 625.0% in the second quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock worth $38,000 after purchasing an additional 500 shares in the last quarter. Institutional investors own 42.85% of the company’s stock.

About PC Connection

PC Connection, Inc (NASDAQ: CNXN), now operating under the trade name Connection, is a value-added provider of information technology solutions founded in 1982 and headquartered in Merrimack, New Hampshire. The company offers a broad portfolio of hardware and software products sourced from leading technology vendors, alongside professional services designed to help organizations design, deploy and maintain IT environments.

Connection’s product offerings encompass desktop and notebook computers, servers and storage systems, networking and cybersecurity solutions, as well as cloud and virtualization technologies.