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 stock in a transaction on 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 approximately $602,459,194.02. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Monday, July 6th, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was 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 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 shares were sold at an average price of $72.09, for a total value of $499,151.16.

PC Connection Stock Performance

Shares of NASDAQ:CNXN opened at $84.14 on Friday. The business’s 50-day simple moving average is $76.06 and its 200 day simple moving average is $66.88. The company has a market cap of $2.12 billion, a P/E ratio of 22.26, a PEG ratio of 2.07 and a beta of 0.86. PC Connection, Inc. has a one year low of $54.97 and a one year high of $88.31.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.31. The company had revenue of $854.00 million during the quarter, compared to the consensus estimate of $764.79 million. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. Analysts predict that PC Connection, Inc. will post 4.18 earnings per share for the current year.

PC Connection Announces Dividend

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

Institutional Investors Weigh In On PC Connection

A number of institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its stake in PC Connection by 137.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 61,038 shares of the company’s stock valued at $3,661,000 after buying an additional 35,358 shares in the last quarter. Teacher Retirement System of Texas grew its position in shares of PC Connection by 12.0% in the 4th quarter. Teacher Retirement System of Texas now owns 114,768 shares of the company’s stock worth $6,629,000 after acquiring an additional 12,275 shares in the last quarter. OP Asset Management Ltd bought a new stake in shares of PC Connection in the 1st quarter valued at approximately $686,000. Vanguard Group Inc. raised its position in shares of PC Connection by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company’s stock valued at $62,390,000 after acquiring an additional 10,218 shares in the last quarter. Finally, Royce & Associates LP raised its position in shares of PC Connection by 11.2% during the 4th quarter. Royce & Associates LP now owns 79,288 shares of the company’s stock valued at $4,580,000 after acquiring an additional 7,996 shares in the last quarter. Institutional investors and hedge funds own 42.85% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on CNXN. Zacks Research upgraded shares of PC Connection from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 30th. Weiss Ratings raised PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 30th. Finally, Wall Street Zen upgraded PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Strong Buy”.

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.