Legal & General Group Plc Makes New $1.87 Million Investment in PC Connection, Inc. $CNXN

Legal & General Group Plc purchased a new stake in shares of PC Connection, Inc. (NASDAQ:CNXN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 25,654 shares of the company’s stock, valued at approximately $1,872,000.

A number of other hedge funds have also modified their holdings of CNXN. EverSource Wealth Advisors LLC increased its stake in shares of PC Connection by 625.0% in the second quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock worth $38,000 after purchasing an additional 500 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake 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 valued at $39,000 after buying an additional 417 shares in the last quarter. Parallel Advisors LLC boosted its holdings in 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 buying an additional 473 shares during the period. Meeder Asset Management Inc. bought a new position in PC Connection in the 1st quarter worth $44,000. Finally, Quarry LP purchased a new stake in PC Connection in the 3rd quarter worth $75,000. 42.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on CNXN shares. Weiss Ratings raised 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 research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. According to MarketBeat, PC Connection has an average rating of “Strong Buy”.

PC Connection Price Performance

NASDAQ CNXN opened at $84.35 on Monday. The stock has a market capitalization of $2.13 billion, a PE ratio of 22.31, a P/E/G ratio of 2.02 and a beta of 0.85. The business has a 50 day simple moving average of $79.54 and a two-hundred day simple moving average of $69.63. PC Connection, Inc. has a 1-year low of $54.97 and a 1-year high of $88.31.

PC Connection (NASDAQ:CNXN) last posted its earnings results on Wednesday, July 29th. The company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.31. PC Connection had a return on equity of 10.90% and a net margin of 3.21%.The firm had revenue of $854.00 million during the quarter, compared to the consensus estimate of $764.79 million. On average, analysts anticipate that PC Connection, Inc. will post 4.18 EPS for the current fiscal year.

PC Connection Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 11th were issued a $0.20 dividend. The ex-dividend date was Tuesday, August 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. PC Connection’s payout ratio is 21.16%.

Insider Activity

In other PC Connection news, Chairman Patricia Gallup sold 7,142 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $78.96, for a total transaction of $563,932.32. Following the sale, the chairman directly owned 6,949,185 shares of the company’s stock, valued at $548,707,647.60. The trade was a 0.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 43,094 shares of company stock worth $3,291,581. 56.60% of the stock is currently owned by corporate insiders.

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.