PC Connection, Inc. $CNXN Position Lessened by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. reduced its holdings in PC Connection, Inc. by 41.8%, owning 73,277 shares worth approximately $4.57 million at the end of the first quarter.
• PC Connection recently declared a quarterly dividend of $0.15 per share, yielding 1.0%, with a total annualized dividend of $0.60.
• Wall Street analysts have downgraded PC Connection from a "buy" to a "hold" rating, reflecting concerns about future performance.

Goldman Sachs Group Inc. lowered its stake in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 41.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,277 shares of the company's stock after selling 52,654 shares during the period. Goldman Sachs Group Inc. owned about 0.29% of PC Connection worth $4,574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Farther Finance Advisors LLC increased its holdings in shares of PC Connection by 23,450.0% in the 1st quarter. Farther Finance Advisors LLC now owns 471 shares of the company's stock valued at $30,000 after acquiring an additional 469 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of PC Connection by 6,900.0% in the 1st quarter. Russell Investments Group Ltd. now owns 980 shares of the company's stock valued at $61,000 after acquiring an additional 966 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of PC Connection by 143.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the company's stock valued at $77,000 after acquiring an additional 657 shares during the last quarter. CWM LLC increased its holdings in shares of PC Connection by 67.4% in the 1st quarter. CWM LLC now owns 1,637 shares of the company's stock valued at $102,000 after acquiring an additional 659 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of PC Connection by 333.4% in the 1st quarter. GAMMA Investing LLC now owns 2,167 shares of the company's stock valued at $135,000 after acquiring an additional 1,667 shares during the last quarter. Institutional investors and hedge funds own 42.85% of the company's stock.

PC Connection Stock Down 0.9%

NASDAQ:CNXN traded down $0.55 during mid-day trading on Friday, reaching $62.75. 271,649 shares of the stock were exchanged, compared to its average volume of 80,267. The company has a 50 day simple moving average of $63.56 and a 200-day simple moving average of $64.02. PC Connection, Inc. has a 1 year low of $56.72 and a 1 year high of $77.19. The stock has a market capitalization of $1.59 billion, a P/E ratio of 19.13, a P/E/G ratio of 1.81 and a beta of 0.73.

PC Connection (NASDAQ:CNXN - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.06. The company had revenue of $759.69 million for the quarter, compared to the consensus estimate of $774.66 million. PC Connection had a return on equity of 9.74% and a net margin of 2.97%. As a group, research analysts predict that PC Connection, Inc. will post 3.33 EPS for the current year.

PC Connection Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Tuesday, August 12th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, August 12th. PC Connection's dividend payout ratio (DPR) is currently 18.29%.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded PC Connection from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd.

PC Connection Company Profile

PC Connection, Inc, together with its subsidiaries, provides a range of information technology (IT) solutions. The company operates through three segments: Business Solutions, Enterprise Solutions, and Public Sector Solutions. It offers IT products, such as computer systems, software and peripheral equipment, networking communications, and other products and accessories.