Victory Capital Management Inc. Has $4.04 Million Holdings in PC Connection, Inc. (NASDAQ:CNXN)

Key Points

• Victory Capital Management Inc. has increased its stake in PC Connection, Inc. by 22.8%, acquiring an additional 12,018 shares to hold a total of 64,686 shares valued at approximately $4 million.
• In its latest earnings report, PC Connection reported earnings per share of $0.60, exceeding analyst expectations of $0.42, and achieved a revenue of $701.05 million, significantly above forecasts of $646.37 million.
• The company recently paid a quarterly dividend of $0.15 per share, resulting in a 0.94% dividend yield, with a payout ratio of 18.18%.

Victory Capital Management Inc. increased its holdings in PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 22.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,686 shares of the company's stock after acquiring an additional 12,018 shares during the period. Victory Capital Management Inc. owned about 0.25% of PC Connection worth $4,038,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Nuveen Asset Management LLC lifted its stake in PC Connection by 12.7% in the 4th quarter. Nuveen Asset Management LLC now owns 113,261 shares of the company's stock worth $7,846,000 after acquiring an additional 12,795 shares in the last quarter. SG Americas Securities LLC acquired a new stake in PC Connection during the first quarter valued at $339,000. GAMMA Investing LLC boosted its position in PC Connection by 333.4% during the first quarter. GAMMA Investing LLC now owns 2,167 shares of the company's stock valued at $135,000 after purchasing an additional 1,667 shares during the last quarter. Vanguard Group Inc. boosted its position in PC Connection by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 1,118,289 shares of the company's stock valued at $77,464,000 after purchasing an additional 8,723 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in PC Connection by 17.3% during the first quarter. Rhumbline Advisers now owns 100,200 shares of the company's stock valued at $6,254,000 after purchasing an additional 14,768 shares during the last quarter. 42.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other PC Connection news, Director Jack L. Ferguson sold 1,000 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $66.32, for a total value of $66,320.00. Following the completion of the sale, the director owned 66,055 shares of the company's stock, valued at $4,380,767.60. The trade was a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Timothy J. Mcgrath sold 5,440 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $67.05, for a total value of $364,752.00. Following the completion of the sale, the chief executive officer directly owned 260,387 shares of the company's stock, valued at $17,458,948.35. This represents a 2.05% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,005 shares of company stock valued at $2,205,614. Insiders own 55.20% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen cut PC Connection from a "strong-buy" rating to a "buy" rating in a research report on Friday, May 9th.

PC Connection Price Performance

CNXN traded down $4.93 during trading on Thursday, reaching $59.10. 32,992 shares of the stock traded hands, compared to its average volume of 104,631. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 17.46, a price-to-earnings-growth ratio of 1.90 and a beta of 0.69. PC Connection, Inc. has a fifty-two week low of $56.72 and a fifty-two week high of $77.19. The stock's 50-day simple moving average is $65.60 and its two-hundred day simple moving average is $65.35.

PC Connection (NASDAQ:CNXN - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.06. The firm had revenue of $759.69 million during the quarter, compared to analysts' expectations of $774.66 million. PC Connection had a return on equity of 9.95% and a net margin of 3.04%. Research analysts anticipate that PC Connection, Inc. will post 3.33 earnings per share for the current fiscal year.

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.