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

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of PC Connection stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $72.86, for a total value of $520,366.12. Following the completion of the sale, the chairman directly owned 7,006,321 shares in the company, valued at $510,480,548.06. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Tuesday, June 23rd, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $69.73, for a total transaction 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 transaction of $499,151.16.

PC Connection Trading Up 0.8%

Shares of CNXN opened at $74.90 on Thursday. The company’s 50-day moving average price is $69.01 and its 200 day moving average price is $63.41. PC Connection, Inc. has a 12-month low of $54.97 and a 12-month high of $75.30. The firm has a market cap of $1.89 billion, a P/E ratio of 21.77, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88.

PC Connection (NASDAQ:CNXN) last announced its 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 firm had revenue of $721.87 million for the quarter, compared to the consensus estimate of $696.09 million. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. Equities 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. Stockholders of record on Tuesday, May 12th were given 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 subject of several analyst reports. Wall Street Zen upgraded PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings raised PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, PC Connection has a consensus rating of “Moderate Buy”.

Institutional Investors Weigh In On PC Connection

Several hedge funds have recently modified their holdings of CNXN. EverSource Wealth Advisors LLC boosted its stake in PC Connection by 625.0% during the 2nd 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 last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of PC Connection by 196.7% in the 3rd 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 last quarter. Parallel Advisors LLC lifted its holdings in shares of PC Connection by 200.4% in the 1st quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock worth $41,000 after purchasing an additional 473 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in PC Connection during the 1st quarter valued at approximately $44,000. Finally, Quarry LP acquired a new position in PC Connection during the 3rd quarter valued at approximately $75,000. 42.85% of the stock is currently owned by hedge funds and other 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.