PC Connection (NASDAQ:CNXN) Chairman Sells $499,151.16 in Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 6,924 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $72.09, for a total transaction of $499,151.16. Following the completion of the sale, the chairman owned 7,035,131 shares in the company, valued at $507,162,593.79. This represents a 0.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Tuesday, June 9th, Patricia Gallup sold 7,384 shares of PC Connection stock. The stock was sold at an average price of $71.91, for a total transaction of $530,983.44.

PC Connection Trading Up 1.1%

CNXN stock traded up $0.83 on Wednesday, hitting $74.11. The company had a trading volume of 176,791 shares, compared to its average volume of 86,338. The stock’s 50-day simple moving average is $64.95 and its 200 day simple moving average is $61.49. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of 21.54, a P/E/G ratio of 1.83 and a beta of 0.88. PC Connection, Inc. has a 12-month low of $54.97 and a 12-month high of $75.00.

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

PC Connection Announces Dividend

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

Wall Street Analysts Forecast Growth

CNXN has been the topic of a number of research reports. Wall Street Zen upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Weiss Ratings upgraded shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, PC Connection currently has an average rating of “Moderate Buy”.

Hedge Funds Weigh In On PC Connection

Institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its stake in shares of PC Connection by 625.0% during the second quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock valued at $38,000 after buying an additional 500 shares during the period. PNC Financial Services Group Inc. lifted its position in PC Connection by 196.7% during the third quarter. PNC Financial Services Group Inc. now owns 629 shares of the company’s stock valued at $39,000 after acquiring an additional 417 shares during the last quarter. Parallel Advisors LLC lifted its position in PC Connection by 200.4% during the first quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock valued at $41,000 after acquiring an additional 473 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of PC Connection in the first quarter worth $44,000. Finally, Quarry LP purchased a new position in shares of PC Connection in the third quarter worth $75,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

PC Connection Company Profile

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.