PC Connection (NASDAQ:CNXN) Chairman Sells 7,142 Shares of Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of the business’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $86.34, for a total transaction of $616,640.28. Following the completion of the sale, the chairman directly owned 6,977,753 shares of the company’s stock, valued at approximately $602,459,194.02. The trade was a 0.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, July 6th, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $72.86, for a total transaction of $520,366.12.
• On Tuesday, June 23rd, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $69.73, for a total transaction of $498,011.66.
• On Tuesday, June 9th, Patricia Gallup sold 7,384 shares of PC Connection stock. The shares were sold at an average price of $71.91, for a total transaction of $530,983.44.
• 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 Price Performance

CNXN stock traded up $0.64 during trading on Thursday, hitting $86.60. The stock had a trading volume of 207,272 shares, compared to its average volume of 162,098. PC Connection, Inc. has a twelve month low of $54.97 and a twelve month high of $88.31. The company’s 50-day moving average price is $75.77 and its two-hundred day moving average price is $66.76. The stock has a market capitalization of $2.19 billion, a P/E ratio of 22.91, a PEG ratio of 2.06 and a beta of 0.86.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Wednesday, July 29th. The company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.31. The business had revenue of $854.00 million during the quarter, compared to analysts’ expectations of $764.79 million. PC Connection had a return on equity of 10.90% and a net margin of 3.21%. As a group, sell-side analysts expect that PC Connection, Inc. will post 4.18 EPS for the current fiscal year.

PC Connection Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, August 11th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, August 11th. PC Connection’s dividend payout ratio is 21.16%.

Institutional Investors Weigh In On PC Connection

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNXN. Allspring Global Investments Holdings LLC lifted its stake in shares of PC Connection by 137.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 61,038 shares of the company’s stock valued at $3,661,000 after purchasing an additional 35,358 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in PC Connection by 12.0% in the 4th quarter. Teacher Retirement System of Texas now owns 114,768 shares of the company’s stock valued at $6,629,000 after buying an additional 12,275 shares during the period. OP Asset Management Ltd acquired a new position in PC Connection in the first quarter valued at about $686,000. Vanguard Group Inc. increased its position in shares of PC Connection by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company’s stock valued at $62,390,000 after acquiring an additional 10,218 shares during the last quarter. Finally, Royce & Associates LP raised its stake in shares of PC Connection by 11.2% in the 4th quarter. Royce & Associates LP now owns 79,288 shares of the company’s stock valued at $4,580,000 after acquiring an additional 7,996 shares during the period. Institutional investors and hedge funds own 42.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CNXN shares. Wall Street Zen raised shares of PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings raised PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, July 30th. Finally, Zacks Research raised PC Connection from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Strong Buy”.

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.