Insider Selling: PC Connection (NASDAQ:CNXN) Chairman Sells $616,640.28 in Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $86.34, for a total value of $616,640.28. Following the completion of the sale, the chairman owned 6,977,753 shares of the company’s stock, valued at $602,459,194.02. This represents a 0.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, July 6th, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $72.86, for a total value of $520,366.12.
• 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 value of $498,011.66.
• 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 value of $499,151.16.

PC Connection Price Performance

Shares of CNXN stock opened at $84.14 on Friday. The stock has a market cap of $2.12 billion, a PE ratio of 22.26, a price-to-earnings-growth ratio of 2.02 and a beta of 0.86. The stock has a 50-day moving average of $76.06 and a 200-day moving average of $66.88. PC Connection, Inc. has a one year low of $54.97 and a one year high of $88.31.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, July 29th. The company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.31. The business had revenue of $854.00 million for the quarter, compared to analyst estimates of $764.79 million. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. As a group, research analysts anticipate that PC Connection, Inc. will post 4.18 earnings per share for the current year.

PC Connection Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 11th will be issued a $0.20 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $0.80 annualized dividend and a yield of 1.0%. PC Connection’s dividend payout ratio (DPR) is 21.16%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CNXN. Weiss Ratings raised shares of PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 30th. Zacks Research upgraded PC Connection from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Finally, 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 Strong Buy rating and one has issued a Buy rating to the stock. According to MarketBeat, PC Connection has a consensus rating of “Strong Buy”.

Institutional Trading of PC Connection

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its position in 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 purchasing an additional 500 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of PC Connection by 196.7% during 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 increased its position in shares of PC Connection by 200.4% during 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. bought a new stake in shares of PC Connection during the 1st quarter worth approximately $44,000. Finally, Quarry LP acquired a new stake in shares of PC Connection in the 3rd quarter valued at approximately $75,000. Institutional investors and hedge funds own 42.85% of the company’s stock.

About PC Connection

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.