Moran Wealth Management LLC Buys 7,427 Shares of PC Connection, Inc. $CNXN

Moran Wealth Management LLC lifted its stake in PC Connection, Inc. (NASDAQ:CNXN) by 27.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,942 shares of the company’s stock after purchasing an additional 7,427 shares during the period. Moran Wealth Management LLC owned 0.14% of PC Connection worth $2,043,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of CNXN. EverSource Wealth Advisors LLC increased its position in shares of PC Connection by 625.0% during the second quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock valued at $38,000 after buying an additional 500 shares during the period. PNC Financial Services Group Inc. boosted its position in 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 acquiring an additional 417 shares in the last quarter. Quarry LP purchased a new position in shares of PC Connection during the 3rd quarter worth approximately $75,000. Russell Investments Group Ltd. raised its position in shares of PC Connection by 194.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,411 shares of the company’s stock worth $87,000 after acquiring an additional 931 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of PC Connection by 535.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,601 shares of the company’s stock worth $105,000 after acquiring an additional 1,349 shares in the last quarter. Institutional investors own 42.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CNXN. Weiss Ratings upgraded PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research note 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 investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy”.

PC Connection Stock Performance

Shares of CNXN stock opened at $72.43 on Monday. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 21.06, a price-to-earnings-growth ratio of 1.85 and a beta of 0.88. PC Connection, Inc. has a one year low of $54.97 and a one year high of $75.30. The company’s 50-day moving average is $68.40 and its 200 day moving average is $63.13.

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

PC Connection Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Tuesday, May 12th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.80 annualized dividend and a yield of 1.1%. PC Connection’s dividend payout ratio is 23.26%.

Insider Buying and Selling

In other PC Connection news, Chairman Patricia Gallup sold 7,142 shares of the stock in a transaction on Tuesday, June 23rd. The stock was 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 in the company, valued at approximately $489,546,786.65. This trade represents a 0.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 21,450 shares of company stock worth $1,528,146. Company insiders own 56.60% of the company’s stock.

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.