Hsbc Holdings PLC Acquires Shares of 15,558 PC Connection, Inc. $CNXN

Key Points

• HSBC Holdings PLC acquired 15,558 shares of PC Connection in the second quarter, valued at approximately $1.14 million; institutional investors collectively own 42.85% of the company.
• Analysts improved their outlook, with Weiss Ratings upgrading the stock to “buy” and Zacks Research raising it to “strong buy.” PC Connection also exceeded quarterly expectations, reporting $1.31 in EPS versus the $1.00 consensus and revenue of $854 million.
• PC Connection declared a quarterly dividend of $0.20 per share, equivalent to an annualized $0.80 payout and a 1.0% yield. Separately, Chairman Patricia Gallup sold 7,142 shares, while insiders sold $3.23 million worth of stock over the past 90 days.

Hsbc Holdings PLC acquired a new stake in PC Connection, Inc. (NASDAQ:CNXN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 15,558 shares of the company's stock, valued at approximately $1,138,000. Hsbc Holdings PLC owned 0.06% of PC Connection as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CNXN. EverSource Wealth Advisors LLC raised 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 acquiring an additional 500 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of PC Connection by 196.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 629 shares of the company's stock worth $39,000 after acquiring an additional 417 shares in the last quarter. Parallel Advisors LLC boosted its position in PC Connection by 200.4% during the first quarter. Parallel Advisors LLC now owns 709 shares of the company's stock worth $41,000 after purchasing an additional 473 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in PC Connection in the first quarter valued at approximately $44,000. Finally, Quarry LP acquired a new stake in PC Connection in the third quarter valued at approximately $75,000. Hedge funds and other institutional investors own 42.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CNXN shares. Weiss Ratings raised PC Connection from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 30th. Zacks Research raised shares of PC Connection from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Strong Buy".

PC Connection Trading Up 0.3%

CNXN stock opened at $79.87 on Tuesday. PC Connection, Inc. has a 12-month low of $54.97 and a 12-month high of $88.31. The business's 50-day moving average is $78.62 and its 200 day moving average is $69.12. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 21.13, a PEG ratio of 1.91 and a beta of 0.86.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its earnings results 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 business had revenue of $854.00 million for the quarter, compared to the consensus estimate of $764.79 million. PC Connection had a return on equity of 10.90% and a net margin of 3.21%. As a group, equities 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. Shareholders of record on Tuesday, August 11th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Tuesday, August 11th. PC Connection's payout ratio is 21.16%.

Insider Activity

In other news, Chairman Patricia Gallup sold 7,142 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $78.64, for a total value of $561,646.88. Following the completion of the sale, the chairman directly owned 6,963,469 shares in the company, valued at $547,607,202.16. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 42,876 shares of company stock worth $3,226,800 over the last ninety days. 56.60% of the stock is 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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