PC Connection (NASDAQ:CNXN) Chairman Sells $624,782.16 in Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of the company’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $87.48, for a total value of $624,782.16. Following the sale, the chairman owned 6,892,049 shares of the company’s stock, valued at approximately $602,916,446.52. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Wednesday, October 21st, Patricia Gallup sold 7,192 shares of PC Connection stock. The stock was sold at an average price of $87.20, for a total value of $627,142.40.
• On Tuesday, October 20th, Patricia Gallup sold 8,004 shares of PC Connection stock. The stock was sold at an average price of $86.57, for a total value of $692,906.28.
• On Tuesday, October 6th, Patricia Gallup sold 6,230 shares of PC Connection stock. The stock was sold at an average price of $92.08, for a total value of $573,658.40.
• On Monday, October 5th, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $92.56, for a total value of $661,063.52.
• On Monday, September 14th, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $85.42, for a total transaction of $610,069.64.
• On Tuesday, September 1st, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $78.96, for a total transaction of $563,932.32.
• On Monday, August 17th, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $78.64, for a total transaction of $561,646.88.

PC Connection Stock Down 0.7%

Shares of PC Connection stock opened at $79.15 on Friday. PC Connection, Inc. has a 12-month low of $54.97 and a 12-month high of $96.90. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 1.77 and a beta of 0.83. The firm’s 50-day moving average price is $87.31 and its two-hundred day moving average price is $72.98.

PC Connection (NASDAQ:CNXN) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.20. The company had revenue of $874.31 million during the quarter, compared to the consensus estimate of $773.74 million. PC Connection had a net margin of 3.25% and a return on equity of 11.38%. On average, sell-side analysts expect that PC Connection, Inc. will post 4.46 earnings per share for the current year.

PC Connection Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Tuesday, November 10th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, November 10th. This represents a $0.80 annualized dividend and a yield of 1.0%. PC Connection’s dividend payout ratio is presently 19.75%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Zacks Research raised PC Connection from a “hold” rating to a “strong-buy” rating in a report on Friday, October 30th. Weiss Ratings raised PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat, the stock has an average rating of “Strong Buy”.

Institutional Investors Weigh In On PC Connection

Several hedge funds and other institutional investors have recently made changes to their positions in CNXN. PDT Partners LLC acquired a new position in shares of PC Connection during the second quarter worth $3,557,000. Bank of America Corp DE bought a new position in shares of PC Connection in the 2nd quarter valued at $3,080,000. Legal & General Group Plc acquired a new stake in shares of PC Connection during the 2nd quarter valued at $1,872,000. Hsbc Holdings PLC acquired a new stake in shares of PC Connection during the 2nd quarter valued at $1,138,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of PC Connection by 137.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 61,038 shares of the company’s stock valued at $3,661,000 after acquiring an additional 35,358 shares in the last quarter. 42.85% of the stock is owned by institutional investors.

About PC Connection

PC Connection, Inc is an information technology solutions provider that supplies technology products, services and expertise to businesses, government agencies, educational institutions and other organizations. The company helps customers plan, acquire, deploy and manage IT environments across workplace, data center, networking, security and cloud infrastructure.

Its offerings include computers, servers, storage systems, networking equipment, software, peripherals and related technology accessories.