Insider Selling: PC Connection (NASDAQ:CNXN) Chairman Sells $498,011.66 in Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 7,142 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $69.73, for a total transaction of $498,011.66. Following the sale, the chairman directly owned 7,020,605 shares of the company’s stock, valued at $489,546,786.65. The trade was a 0.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Tuesday, June 9th, Patricia Gallup sold 7,384 shares of PC Connection stock. The stock was 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 Trading Up 0.3%

Shares of NASDAQ CNXN opened at $71.31 on Friday. PC Connection, Inc. has a 12-month low of $54.97 and a 12-month high of $75.00. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 20.73, a price-to-earnings-growth ratio of 1.82 and a beta of 0.88. The firm has a 50 day moving average of $67.54 and a 200 day moving average of $62.65.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.15. PC Connection had a net margin of 3.02% and a return on equity of 10.17%. The business had revenue of $721.87 million for the quarter, compared to the consensus estimate of $696.09 million. Sell-side analysts predict that PC Connection, Inc. will post 3.93 EPS for the current year.

PC Connection Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Tuesday, May 12th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, May 12th. PC Connection’s dividend payout ratio (DPR) is currently 23.26%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its holdings in PC Connection by 625.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock worth $38,000 after buying 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 third quarter. PNC Financial Services Group Inc. now owns 629 shares of the company’s stock valued at $39,000 after acquiring an additional 417 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of PC Connection by 200.4% in the first quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock valued at $41,000 after acquiring an additional 473 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of PC Connection in the first quarter worth about $44,000. Finally, Quarry LP purchased a new stake in shares of PC Connection during the third quarter worth about $75,000. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Analyst Ratings Changes

CNXN has been the subject of several recent research reports. Weiss Ratings raised PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. Wall Street Zen raised 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 Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate 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.