Vanguard Group Inc. Sells 37,767 Shares of PC Connection, Inc. $CNXN

Vanguard Group Inc. reduced its stake in PC Connection, Inc. (NASDAQ:CNXN) by 3.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,069,933 shares of the company’s stock after selling 37,767 shares during the quarter. Vanguard Group Inc. owned about 4.24% of PC Connection worth $66,325,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its position 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 purchasing an additional 500 shares during the period. PNC Financial Services Group Inc. lifted its position 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 period. Tower Research Capital LLC TRC boosted its stake in shares of PC Connection by 535.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,601 shares of the company’s stock valued at $105,000 after purchasing an additional 1,349 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of PC Connection during the third quarter worth $159,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of PC Connection during the second quarter worth $202,000. 42.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of PC Connection in a report on Monday, December 29th. Zacks Research upgraded PC Connection from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of “Hold”.

PC Connection Stock Performance

PC Connection stock opened at $60.69 on Friday. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 1.63 and a beta of 0.83. PC Connection, Inc. has a 52-week low of $54.97 and a 52-week high of $71.17. The stock’s 50 day moving average price is $60.17 and its two-hundred day moving average price is $60.62.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, February 4th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.05. PC Connection had a net margin of 2.91% and a return on equity of 9.87%. The company had revenue of $702.94 million during the quarter, compared to analyst estimates of $735.49 million. On average, equities research analysts forecast that PC Connection, Inc. will post 3.33 EPS for the current year.

PC Connection Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.3%. This is an increase from PC Connection’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Tuesday, February 17th. PC Connection’s payout ratio is presently 24.46%.

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.