136,757 Shares in PC Connection, Inc. $CNXN Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 136,757 shares of PC Connection in the second quarter, worth approximately $9.98 million and representing about 0.54% of the company. Institutional investors collectively own 42.85% of the stock.
• PC Connection reported quarterly earnings of $1.31 per share, beating estimates of $1.00, while revenue of $854 million exceeded expectations of $764.79 million.
• The company pays a quarterly dividend of $0.20, or $0.80 annually, for a 1.0% yield. Analysts maintain a consensus “Strong Buy” rating, and the stock recently traded at $80.97.

Bank of New York Mellon Corp acquired a new position in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 136,757 shares of the company's stock, valued at approximately $9,982,000. Bank of New York Mellon Corp owned about 0.54% of PC Connection at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Qube Research & Technologies Ltd grew its holdings in PC Connection by 71.3% during 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 period. UBS Group AG raised its holdings in PC Connection by 189.9% in the fourth quarter. UBS Group AG now owns 89,814 shares of the company's stock worth $5,188,000 after purchasing an additional 58,831 shares during the period. 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 during the period. Invesco Ltd. boosted its position in shares of PC Connection by 22.1% during 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. Finally, Engineers Gate Manager LP bought a new position in PC Connection during the second quarter worth about $2,585,000. 42.85% of the stock is currently owned by institutional investors.

PC Connection Trading Up 1.1%

CNXN opened at $80.97 on Thursday. PC Connection, Inc. has a 1-year low of $54.97 and a 1-year high of $88.31. The stock has a market cap of $2.04 billion, a PE ratio of 21.42, a price-to-earnings-growth ratio of 1.92 and a beta of 0.85. The stock's fifty day simple moving average is $79.03 and its 200 day simple moving average is $69.34.

PC Connection (NASDAQ:CNXN - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $764.79 million. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. Equities analysts forecast that PC Connection, Inc. will post 4.18 earnings per share for the current year.

PC Connection Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 11th were given a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, August 11th. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. PC Connection's dividend payout ratio is presently 21.16%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CNXN. Zacks Research raised shares of PC Connection from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 30th. Weiss Ratings upgraded PC Connection from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat.com, PC Connection presently has a consensus rating of "Strong Buy".

Insider Activity at PC Connection

In other news, Chairman Patricia Gallup sold 7,384 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $71.91, for a total transaction of $530,983.44. Following the transaction, the chairman owned 7,027,747 shares in the company, valued at approximately $505,365,286.77. This trade represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 42,876 shares of company stock valued at $3,226,800 over the last 90 days. 56.60% of the stock is currently owned by corporate insiders.

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.

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