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

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $69.73, for a total value of $498,011.66. Following the completion of the transaction, the chairman directly owned 7,020,605 shares of the company’s stock, valued at approximately $489,546,786.65. The trade was a 0.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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 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 transaction of $499,151.16.

PC Connection Stock Performance

Shares of NASDAQ:CNXN traded up $0.65 during mid-day trading on Thursday, reaching $71.11. 190,835 shares of the company’s stock were exchanged, compared to its average volume of 94,509. PC Connection, Inc. has a twelve month low of $54.97 and a twelve month high of $75.00. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 20.67, a PEG ratio of 1.79 and a beta of 0.88. The business’s fifty day moving average price is $67.23 and its 200-day moving average price is $62.50.

PC Connection (NASDAQ:CNXN) last announced its earnings results on Wednesday, April 29th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.62 by $0.15. The firm had revenue of $721.87 million for the quarter, compared to the consensus estimate of $696.09 million. PC Connection had a return on equity of 10.17% and a net margin of 3.02%. Analysts predict that PC Connection, Inc. will post 3.93 EPS for the current fiscal year.

PC Connection Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Tuesday, May 12th were given a $0.20 dividend. 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%.

Analysts Set New Price Targets

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

Institutional Trading of PC Connection

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNXN. EverSource Wealth Advisors LLC grew its stake in PC Connection by 625.0% in the second quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares during the period. PNC Financial Services Group Inc. raised its position in shares of 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 purchasing an additional 417 shares during the period. Parallel Advisors LLC raised its position in shares of 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 purchasing an additional 473 shares during the period. Meeder Asset Management Inc. bought a new position in shares of PC Connection in the 1st quarter worth $44,000. Finally, Quarry LP acquired a new stake in PC Connection in the 3rd quarter valued at $75,000. 42.85% of the stock is owned by institutional investors.

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.