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

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,384 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $71.91, for a total value of $530,983.44. Following the completion of the sale, the chairman directly owned 7,027,747 shares in the company, valued at $505,365,286.77. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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 Stock Down 2.3%

Shares of NASDAQ CNXN opened at $72.40 on Friday. PC Connection, Inc. has a fifty-two week low of $54.97 and a fifty-two week high of $75.00. The firm’s 50-day simple moving average is $65.56 and its 200 day simple moving average is $61.72. The stock has a market cap of $1.83 billion, a P/E ratio of 21.05, a P/E/G ratio of 1.89 and a beta of 0.88.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.77 earnings per share for the quarter, beating 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 analysts’ expectations of $696.09 million. On average, sell-side analysts anticipate that PC Connection, Inc. will post 3.93 earnings per share for the current fiscal year.

PC Connection Announces Dividend

The business also recently disclosed 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Tuesday, May 12th. PC Connection’s payout ratio is currently 23.26%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Weiss Ratings upgraded shares of PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, June 3rd. Wall Street Zen upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, PC Connection has a consensus rating of “Moderate Buy”.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its holdings in PC Connection by 625.0% during the second quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock worth $38,000 after acquiring an additional 500 shares during the period. PNC Financial Services Group Inc. grew its holdings in PC Connection by 196.7% during the third quarter. PNC Financial Services Group Inc. now owns 629 shares of the company’s stock worth $39,000 after acquiring an additional 417 shares during the period. Parallel Advisors LLC grew its holdings in PC Connection by 200.4% during the first quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock worth $41,000 after acquiring an additional 473 shares during the period. Meeder Asset Management Inc. acquired a new position in PC Connection during the first quarter worth about $44,000. Finally, Quarry LP acquired a new position in PC Connection during the third quarter worth about $75,000. 42.85% of the stock is owned by institutional investors and hedge funds.

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.