PC Connection (NASDAQ:CNXN) COO Acquires $199,698.00 in Stock

PC Connection, Inc. (NASDAQ:CNXN) COO Matthew David Zafirovski bought 2,490 shares of PC Connection stock in a transaction that occurred on Monday, November 9th. The stock was purchased at an average price of $80.20 per share, with a total value of $199,698.00. Following the purchase, the chief operating officer directly owned 2,490 shares in the company, valued at $199,698. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

PC Connection Stock Performance

Shares of CNXN opened at $83.16 on Friday. The stock has a 50-day moving average of $87.47 and a two-hundred day moving average of $73.47. PC Connection, Inc. has a one year low of $54.97 and a one year high of $96.90. The stock has a market cap of $2.10 billion, a P/E ratio of 19.73, a P/E/G ratio of 1.87 and a beta of 0.83.

PC Connection (NASDAQ:CNXN) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.20. PC Connection had a return on equity of 11.38% and a net margin of 3.25%. The business had revenue of $874.31 million for the quarter, compared to the consensus estimate of $773.74 million. Analysts predict that PC Connection, Inc. will post 4.46 EPS for the current fiscal year.

PC Connection Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Tuesday, November 10th will be given a $0.20 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. PC Connection’s dividend payout ratio is currently 19.75%.

Institutional Investors Weigh In On PC Connection

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNXN. BlackRock Inc. purchased a new stake in shares of PC Connection in the second quarter worth about $158,833,000. Bank of New York Mellon Corp purchased a new position in PC Connection during the second quarter valued at approximately $9,982,000. Advisors Asset Management Inc. purchased a new position in PC Connection during the third quarter valued at approximately $11,465,000. Man Group plc purchased a new position in PC Connection during the second quarter valued at approximately $6,925,000. Finally, PDT Partners LLC purchased a new position in PC Connection during the second quarter valued at approximately $3,557,000. 42.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CNXN has been the topic of several research reports. Weiss Ratings upgraded shares of PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Zacks Research raised shares of PC Connection from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 30th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Strong Buy”.

About PC Connection

PC Connection, Inc. is an information technology solutions provider that helps businesses, government agencies, educational institutions and other organizations select, acquire and manage technology. The company sells computers, software, networking equipment, peripherals and other IT products, alongside services such as technology deployment, configuration, logistics and support. Operating through the Connection brand and specialized channels including GovConnection, the company serves customers across the United States.