2,176,088 Shares in PC Connection, Inc. $CNXN Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 2.18 million shares of PC Connection in the second quarter, valued at approximately $158.8 million, giving it an 8.62% stake. Institutional investors collectively own 42.85% of the company.
• PC Connection reported stronger-than-expected quarterly results, with EPS of $1.31 versus the $1.00 estimate and revenue of $854 million compared with expectations of $764.79 million.
• The stock traded at $79.67, while analysts maintained a consensus “Strong Buy” rating. The company also paid a quarterly dividend of $0.20 per share, representing a 1.0% annualized yield.

BlackRock Inc. acquired a new position in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,176,088 shares of the company's stock, valued at approximately $158,833,000. BlackRock Inc. owned 8.62% of PC Connection at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its position in 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 purchasing an additional 500 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in PC Connection by 196.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 629 shares of the company's stock valued at $39,000 after buying an additional 417 shares during the period. Parallel Advisors LLC lifted its position in PC Connection by 200.4% in the 1st quarter. Parallel Advisors LLC now owns 709 shares of the company's stock worth $41,000 after buying an additional 473 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in PC Connection in the 1st quarter worth approximately $44,000. Finally, Quarry LP acquired a new stake in shares of PC Connection during the 3rd quarter valued at $75,000. Hedge funds and other institutional investors own 42.85% of the company's stock.

Insiders Place Their Bets

In other PC Connection news, Chairman Patricia Gallup sold 7,142 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $78.64, for a total value of $561,646.88. Following the sale, the chairman owned 6,963,469 shares of the company's stock, valued at $547,607,202.16. This trade represents a 0.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last ninety days, insiders sold 42,876 shares of company stock worth $3,226,800. 56.60% of the stock is owned by corporate insiders.

PC Connection Trading Down 1.1%

NASDAQ CNXN opened at $79.67 on Friday. PC Connection, Inc. has a 1 year low of $54.97 and a 1 year high of $88.31. The company has a fifty day simple moving average of $78.41 and a 200 day simple moving average of $69.00. The company has a market cap of $2.01 billion, a P/E ratio of 21.08, a P/E/G ratio of 1.93 and a beta of 0.86.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%. Equities research analysts forecast that PC Connection, Inc. will post 4.18 EPS for the current fiscal year.

PC Connection Announces Dividend

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

Analyst Ratings Changes

CNXN has been the topic of several research analyst reports. Weiss Ratings upgraded shares of PC Connection from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, July 30th. Zacks Research upgraded PC Connection from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. Finally, Wall Street Zen raised PC Connection from a "hold" rating to a "buy" rating in a research report on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Strong 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.

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