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

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $86.34, for a total value of $616,640.28. Following the completion of the transaction, the chairman owned 6,977,753 shares of the company’s stock, valued at $602,459,194.02. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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 transaction of $520,366.12.
• On Tuesday, June 23rd, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were 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 transaction 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 Stock Performance

Shares of NASDAQ:CNXN opened at $86.60 on Friday. The firm has a fifty day moving average price of $75.77 and a 200 day moving average price of $66.76. PC Connection, Inc. has a fifty-two week low of $54.97 and a fifty-two week high of $88.31. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of 22.91, a P/E/G ratio of 2.06 and a beta of 0.86.

PC Connection (NASDAQ:CNXN) last posted its earnings results on Wednesday, July 29th. The company reported $1.31 earnings per share 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 analysts’ expectations 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 predict that PC Connection, Inc. will post 4.18 earnings per share for the current year.

PC Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 11th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $0.80 annualized dividend and a yield of 0.9%. PC Connection’s dividend payout ratio (DPR) is presently 21.16%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CNXN shares. Weiss Ratings upgraded PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 30th. Wall Street Zen upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Finally, Zacks Research raised shares of 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. Based on data from MarketBeat, PC Connection currently has an average rating of “Strong Buy”.

Institutional Trading of PC Connection

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new stake in PC Connection during the second quarter valued at about $9,982,000. Qube Research & Technologies Ltd grew its stake in PC Connection by 71.3% in the third quarter. Qube Research & Technologies Ltd now owns 165,573 shares of the company’s stock valued at $10,264,000 after purchasing an additional 68,906 shares during the last quarter. UBS Group AG grew its stake in PC Connection by 189.9% in the fourth quarter. UBS Group AG now owns 89,814 shares of the company’s stock valued at $5,188,000 after purchasing an additional 58,831 shares during the last quarter. Millennium Management LLC raised its holdings in PC Connection by 98.8% in the first quarter. Millennium Management LLC now owns 115,237 shares of the company’s stock worth $7,193,000 after purchasing an additional 57,257 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in PC Connection by 22.1% in the fourth quarter. Invesco Ltd. now owns 219,220 shares of the company’s stock worth $12,662,000 after purchasing an additional 39,716 shares in the last quarter. Institutional investors 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.