PC Connection (NASDAQ:CNXN) Chairman Sells $561,646.88 in Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of PC Connection stock in a transaction on Monday, August 17th. The shares were sold at an average price of $78.64, for a total transaction of $561,646.88. Following the transaction, the chairman owned 6,963,469 shares in the company, valued at $547,607,202.16. The trade was a 0.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

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

• On Tuesday, August 4th, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $86.34, for a total transaction of $616,640.28.
• On Monday, July 6th, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $72.86, for a total value of $520,366.12.
• On Tuesday, June 23rd, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $69.73, for a total value 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 value of $530,983.44.
• On Monday, June 8th, Patricia Gallup sold 6,924 shares of PC Connection stock. The stock was sold at an average price of $72.09, for a total value of $499,151.16.

PC Connection Stock Down 1.2%

Shares of NASDAQ CNXN traded down $0.91 on Wednesday, hitting $77.95. The company had a trading volume of 134,290 shares, compared to its average volume of 110,680. PC Connection, Inc. has a 12-month low of $54.97 and a 12-month high of $88.31. The business has a 50 day moving average of $77.26 and a two-hundred day moving average of $68.08. The firm has a market capitalization of $1.97 billion, a P/E ratio of 20.62, a PEG ratio of 1.94 and a beta of 0.86.

PC Connection (NASDAQ:CNXN) last posted its earnings results on Wednesday, July 29th. The company reported $1.31 earnings per share (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 analyst estimates of $764.79 million. PC Connection had a return on equity of 10.90% and a net margin of 3.21%. On average, sell-side analysts anticipate that PC Connection, Inc. will post 4.18 earnings per share for the current year.

PC Connection Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 11th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, August 11th. PC Connection’s dividend payout ratio is currently 21.16%.

Institutional Trading of PC Connection

A number of institutional investors and hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new stake in PC Connection during the second quarter worth about $608,000. Bank of America Corp DE acquired a new position in shares of PC Connection during the second quarter valued at $3,080,000. Man Group plc acquired a new stake in shares of PC Connection in the 2nd quarter worth about $6,925,000. Jupiter Topco LLC bought a new position in PC Connection in the 2nd quarter worth about $376,000. Finally, Hsbc Holdings PLC bought a new stake in shares of PC Connection during the second quarter valued at approximately $1,138,000. 42.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CNXN has been the topic of a number of recent research reports. Weiss Ratings raised shares of PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 30th. Zacks Research raised shares of PC Connection from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 30th. Finally, Wall Street Zen raised PC Connection from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to MarketBeat.com, the company currently 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.