JPMorgan Chase & Co. Increases Position in PC Connection, Inc. $CNXN

Key Points

• JPMorgan Chase raised its stake in PC Connection by 63.1% in Q3 to 46,021 shares (about $2.85 million), representing roughly 0.18% of the company following the purchase of an additional 17,808 shares.
• PC Connection beat Q4 EPS estimates at $0.91 versus $0.86 but missed on revenue ($702.9M vs. $735.5M consensus), and analysts’ consensus rating remains a Hold.
• The company increased its quarterly dividend to $0.20 (annualized $0.80) for a yield of about 1.3%, with a dividend payout ratio near 24.5%.

JPMorgan Chase & Co. raised its holdings in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 63.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 46,021 shares of the company's stock after purchasing an additional 17,808 shares during the period. JPMorgan Chase & Co. owned 0.18% of PC Connection worth $2,853,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its stake in shares of PC Connection by 625.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company's stock worth $38,000 after buying an additional 500 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in PC Connection by 196.7% during the third 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 last quarter. Quarry LP bought a new stake in PC Connection in the third quarter worth $75,000. Russell Investments Group Ltd. boosted its holdings in PC Connection by 194.0% in the third 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 grew its stake in shares of PC Connection by 535.3% in the second 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 during the last quarter. 42.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on CNXN. Zacks Research raised PC Connection from a "strong sell" rating to a "hold" rating in a research report on Monday, December 29th. Weiss Ratings restated a "hold (c)" rating on shares of PC Connection in a research note on Monday, December 29th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of "Hold".

PC Connection Stock Performance

Shares of CNXN opened at $59.60 on Monday. The company has a market cap of $1.50 billion, a price-to-earnings ratio of 18.23, a P/E/G ratio of 1.57 and a beta of 0.83. The business's fifty day simple moving average is $60.48 and its two-hundred day simple moving average is $59.86. PC Connection, Inc. has a 12 month low of $54.97 and a 12 month high of $71.17.

PC Connection (NASDAQ:CNXN - Get Free Report) last announced its quarterly earnings results on Wednesday, February 4th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.05. PC Connection had a return on equity of 9.87% and a net margin of 2.91%.The firm had revenue of $702.94 million for the quarter, compared to the consensus estimate of $735.49 million. As a group, research analysts forecast that PC Connection, Inc. will post 3.33 EPS for the current year.

PC Connection Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, February 17th. This represents a $0.80 annualized dividend and a yield of 1.3%. This is an increase from PC Connection's previous quarterly dividend of $0.15. PC Connection's dividend payout ratio (DPR) is currently 24.46%.

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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