Moran Wealth Management LLC Invests $2.15 Million in PC Connection, Inc. $CNXN

Key Points

• Moran Wealth Management LLC invested approximately $2.15 million in PC Connection, Inc., acquiring 32,743 shares during the second quarter of 2023.
• PC Connection's quarterly earnings report revealed an EPS of $0.97, exceeding analyst expectations of $0.91, despite revenue falling short of estimates at $759.69 million.
• The company announced a quarterly dividend of $0.15 per share, reflecting an annualized dividend of $0.60 and a yield of 1.0%.

Moran Wealth Management LLC purchased a new position in PC Connection, Inc. (NASDAQ:CNXN - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 32,743 shares of the company's stock, valued at approximately $2,154,000. Moran Wealth Management LLC owned approximately 0.13% of PC Connection at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. grew its holdings in PC Connection by 0.9% in the first quarter. Vanguard Group Inc. now owns 1,128,524 shares of the company's stock worth $70,442,000 after purchasing an additional 10,235 shares during the period. American Century Companies Inc. boosted its position in shares of PC Connection by 7.7% in the 1st quarter. American Century Companies Inc. now owns 320,915 shares of the company's stock worth $20,032,000 after purchasing an additional 23,082 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of PC Connection by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 252,870 shares of the company's stock worth $15,784,000 after buying an additional 1,149 shares during the last quarter. AQR Capital Management LLC increased its position in PC Connection by 25.8% during the 1st quarter. AQR Capital Management LLC now owns 124,258 shares of the company's stock valued at $7,756,000 after buying an additional 25,461 shares in the last quarter. Finally, Millennium Management LLC raised its stake in PC Connection by 98.8% during the first quarter. Millennium Management LLC now owns 115,237 shares of the company's stock valued at $7,193,000 after buying an additional 57,257 shares during the last quarter. Institutional investors own 42.85% of the company's stock.

PC Connection Price Performance

CNXN stock opened at $61.24 on Thursday. PC Connection, Inc. has a 1-year low of $56.72 and a 1-year high of $75.84. The business has a fifty day moving average price of $62.59 and a 200-day moving average price of $63.87. The stock has a market capitalization of $1.55 billion, a P/E ratio of 18.67, a P/E/G ratio of 1.74 and a beta of 0.70.

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

PC Connection Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Tuesday, August 12th were issued a dividend of $0.15 per share. 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 payout ratio is presently 18.29%.

Analysts Set New Price Targets

A number of research firms have recently commented on CNXN. Weiss Ratings reissued a "hold (c+)" rating on shares of PC Connection in a research note on Wednesday, October 8th. Wall Street Zen cut shares of PC Connection from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of "Hold".

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.

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