Sei Investments Co. Acquires 16,441 Shares of PC Connection, Inc. $CNXN

Key Points

• Sei Investments increased its PC Connection stake by 150.2% in the first quarter, acquiring 16,441 additional shares and bringing its holdings to 27,384 shares, worth approximately $1.6 million.
• PC Connection reported quarterly EPS of $1.31, beating estimates of $1.00, while revenue of $854 million exceeded the $764.79 million consensus forecast. Analysts featured in the article maintained a positive outlook, with the stock receiving an average “Strong Buy” rating.
• The company declared a quarterly dividend of $0.20 per share, equivalent to $0.80 annually and a 1.0% yield. Meanwhile, insiders own 56.6% of the stock, though company insiders sold approximately $2.7 million worth of shares over the prior 90 days.

Sei Investments Co. raised its holdings in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 150.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 27,384 shares of the company's stock after acquiring an additional 16,441 shares during the quarter. Sei Investments Co. owned approximately 0.11% of PC Connection worth $1,601,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in PC Connection by 625.0% in the second quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company's stock valued at $38,000 after purchasing an additional 500 shares during the period. PNC Financial Services Group Inc. lifted its holdings in 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 buying an additional 417 shares during the period. Parallel Advisors LLC lifted its holdings in PC Connection by 200.4% during the 1st quarter. Parallel Advisors LLC now owns 709 shares of the company's stock worth $41,000 after buying an additional 473 shares during the period. Meeder Asset Management Inc. bought a new stake in shares of PC Connection in the 1st quarter valued at about $44,000. Finally, Quarry LP bought a new stake in shares of PC Connection in the 3rd quarter valued at about $75,000. Institutional investors own 42.85% of the company's stock.

PC Connection Trading Down 2.1%

NASDAQ CNXN opened at $82.40 on Tuesday. The firm has a market capitalization of $2.08 billion, a P/E ratio of 21.80, a PEG ratio of 2.02 and a beta of 0.86. The business has a fifty day simple moving average of $76.28 and a 200 day simple moving average of $67.13. PC Connection, Inc. has a 12 month low of $54.97 and a 12 month high of $88.31.

PC Connection (NASDAQ:CNXN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $1.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.31. The firm 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, sell-side analysts predict that PC Connection, Inc. will post 4.18 EPS for the current fiscal year.

PC Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 11th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, August 11th. PC Connection's dividend payout ratio is presently 21.16%.

Analyst Upgrades and Downgrades

CNXN has been the subject of a number of analyst reports. Wall Street Zen upgraded PC Connection from a "hold" rating to a "buy" rating in a research report on Saturday, May 2nd. Weiss Ratings upgraded PC Connection from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, July 30th. Finally, Zacks Research upgraded shares of PC Connection from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. Based on data from MarketBeat, PC Connection has an average rating of "Strong Buy".

Insider Buying and Selling

In other news, Chairman Patricia Gallup sold 7,142 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $86.34, for a total value of $616,640.28. Following the transaction, the chairman owned 6,977,753 shares in the company, valued at $602,459,194.02. The trade was a 0.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders have sold 35,734 shares of company stock valued at $2,665,153. Company insiders own 56.60% of the company's stock.

About PC Connection

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.

Want to see what other hedge funds are holding CNXN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PC Connection, Inc. (NASDAQ:CNXN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source