Victory Capital Management Inc. Buys 12,018 Shares of 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 stake in shares of PC Connection, Inc. (NASDAQ:CNXN - Free Report) by 22.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 64,686 shares of the company's stock after buying an additional 12,018 shares during the period. Victory Capital Management Inc. owned 0.25% of PC Connection worth $4,038,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC boosted its holdings in shares of PC Connection by 23,450.0% during the 1st quarter. Farther Finance Advisors LLC now owns 471 shares of the company's stock worth $30,000 after buying an additional 469 shares during the period. New Age Alpha Advisors LLC acquired a new stake in PC Connection in the 4th quarter worth about $40,000. Public Employees Retirement System of Ohio raised its stake in PC Connection by 143.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 1,114 shares of the company's stock worth $77,000 after purchasing an additional 657 shares in the last quarter. CWM LLC raised its stake in PC Connection by 67.4% in the first quarter. CWM LLC now owns 1,637 shares of the company's stock valued at $102,000 after purchasing an additional 659 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of PC Connection by 333.4% in the 1st quarter. GAMMA Investing LLC now owns 2,167 shares of the company's stock valued at $135,000 after buying an additional 1,667 shares in the last quarter. Institutional investors own 42.85% of the company's stock.

PC Connection Price Performance

CNXN stock opened at $64.00 on Monday. The company has a 50 day simple moving average of $65.77 and a 200 day simple moving average of $65.39. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 19.39, a P/E/G ratio of 1.89 and a beta of 0.69. PC Connection, Inc. has a 1 year low of $56.82 and a 1 year high of $77.19.

PC Connection (NASDAQ:CNXN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.18. PC Connection had a net margin of 3.04% and a return on equity of 9.95%. The firm had revenue of $701.05 million during the quarter, compared to analysts' expectations of $646.37 million. On average, equities research analysts anticipate that PC Connection, Inc. will post 3.33 EPS for the current fiscal year.

PC Connection Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.94%. The ex-dividend date was Tuesday, May 13th. PC Connection's dividend payout ratio (DPR) is presently 18.18%.

Insider Buying and Selling at PC Connection

In other PC Connection news, Director Jack L. Ferguson sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $66.32, for a total transaction of $66,320.00. Following the transaction, the director directly owned 66,055 shares in the company, valued at approximately $4,380,767.60. This represents a 1.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Timothy J. Mcgrath sold 5,440 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $67.05, for a total transaction of $364,752.00. Following the transaction, the chief executive officer directly owned 260,387 shares in the company, valued at approximately $17,458,948.35. This represents a 2.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,005 shares of company stock valued at $2,205,614. 55.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

PC Connection 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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