Legal & General Group Plc Purchases New Shares in PC Connection, Inc. $CNXN

Key Points

• Legal & General Group acquired 25,654 shares of PC Connection worth approximately $1.87 million, while institutional investors collectively own 42.85% of the company.
• PC Connection reported quarterly earnings of $1.31 per share, beating estimates of $1.00, and revenue of $854 million versus the $764.79 million consensus forecast.
• The company maintains a quarterly dividend of $0.20 per share, while recent analyst actions upgraded the stock to a consensus “Strong Buy” rating.

Legal & General Group Plc purchased a new position in PC Connection, Inc. (NASDAQ:CNXN - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 25,654 shares of the company's stock, valued at approximately $1,872,000. Legal & General Group Plc owned 0.10% of PC Connection as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of PC Connection in the 2nd quarter worth about $158,833,000. Dimensional Fund Advisors LP boosted its stake in PC Connection by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,526,494 shares of the company's stock worth $89,237,000 after acquiring an additional 4,345 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of PC Connection by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company's stock valued at $62,390,000 after purchasing an additional 10,218 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of PC Connection by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 377,001 shares of the company's stock valued at $21,777,000 after purchasing an additional 2,945 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of PC Connection by 22.1% during the fourth quarter. Invesco Ltd. now owns 219,220 shares of the company's stock valued at $12,662,000 after purchasing an additional 39,716 shares during the last quarter. Institutional investors own 42.85% of the company's stock.

PC Connection Stock Performance

Shares of NASDAQ:CNXN opened at $84.35 on Monday. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of 22.31, a PEG ratio of 2.02 and a beta of 0.85. The stock's 50-day simple moving average is $79.54 and its two-hundred day simple moving average is $69.63. PC Connection, Inc. has a 52-week low of $54.97 and a 52-week high of $88.31.

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 for the quarter, topping 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 net margin of 3.21% and a return on equity of 10.90%. As a group, equities analysts forecast that PC Connection, Inc. will post 4.18 earnings per share for the current fiscal year.

PC Connection Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 11th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, August 11th. PC Connection's dividend payout ratio (DPR) is currently 21.16%.

Insider Buying and Selling

In related news, Chairman Patricia Gallup sold 7,384 shares of PC Connection stock in a transaction 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 directly owned 7,027,747 shares in the company, valued at approximately $505,365,286.77. The trade was a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 43,094 shares of company stock valued at $3,291,581. 56.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CNXN has been the topic of a number of recent research reports. 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 upgraded 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 given a Buy rating to the company's stock. Based on data from MarketBeat.com, PC Connection has a consensus rating of "Strong Buy".

PC Connection 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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