PC Connection (NASDAQ:CNXN) Chairman Patricia Gallup Sells 7,142 Shares

Key Points

• Chairman Patricia Gallup sold 7,142 PC Connection shares at an average price of $85.42, generating approximately $610,070. She retained 6.93 million shares worth about $592.4 million, and has made several similar sales since June.
• CNXN shares rose 2.3% to $87.12, near their 52-week high of $88.35. The company recently exceeded quarterly earnings and revenue expectations, reporting EPS of $1.31 versus the $1.00 consensus and revenue of $854 million.
• Analyst sentiment remains positive, with the stock carrying a consensus “Strong Buy” rating. PC Connection also pays a quarterly dividend of $0.20, equivalent to an annualized $0.80 and a 0.9% yield.

PC Connection, Inc. (NASDAQ:CNXN - Get Free Report) Chairman Patricia Gallup sold 7,142 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $85.42, for a total transaction of $610,069.64. Following the completion of the transaction, the chairman directly owned 6,934,901 shares in the company, valued at $592,379,243.42. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Patricia Gallup also recently made the following trade(s):

• On Tuesday, September 1st, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $78.96, for a total value of $563,932.32.
• On Monday, August 17th, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $78.64, for a total value of $561,646.88.
• On Tuesday, August 4th, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $86.34, for a total value of $616,640.28.
• On Monday, July 6th, Patricia Gallup sold 7,142 shares of PC Connection stock. The shares were sold at an average price of $72.86, for a total value of $520,366.12.
• On Tuesday, June 23rd, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was sold at an average price of $69.73, for a total transaction of $498,011.66.

PC Connection Trading Up 2.3%

CNXN stock traded up $1.92 on Wednesday, hitting $87.12. The company's stock had a trading volume of 174,602 shares, compared to its average volume of 110,768. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 23.05, a price-to-earnings-growth ratio of 2.04 and a beta of 0.85. The firm has a 50 day moving average of $81.35 and a two-hundred day moving average of $70.95. PC Connection, Inc. has a 1 year low of $54.97 and a 1 year high of $88.35.

PC Connection (NASDAQ:CNXN - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $1.31 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.31. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. The business had revenue of $854.00 million during the quarter, compared to analysts' expectations of $764.79 million. As a group, equities analysts forecast that PC Connection, Inc. will post 4.18 EPS for the current fiscal year.

PC Connection Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Zacks Research raised PC Connection from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. Weiss Ratings upgraded shares of PC Connection from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Strong Buy".

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CNXN. BlackRock Inc. purchased a new position in PC Connection in the 2nd quarter valued at approximately $158,833,000. Bank of New York Mellon Corp purchased a new stake in PC Connection during the second quarter worth $9,982,000. Man Group plc acquired a new stake in PC Connection in the second quarter valued at $6,925,000. UBS Group AG increased its position in shares of PC Connection by 189.9% in the fourth quarter. UBS Group AG now owns 89,814 shares of the company's stock valued at $5,188,000 after buying an additional 58,831 shares in the last quarter. Finally, PDT Partners LLC purchased a new position in shares of PC Connection in the second quarter valued at $3,557,000. Hedge funds and other institutional investors own 42.85% of the company's stock.

About PC Connection

PC Connection, Inc NASDAQ: CNXN is an information technology solutions provider serving businesses, government agencies, educational institutions and other organizations. The company supplies technology products and provides services designed to help customers plan, implement and manage their IT environments.

Its offerings include computers and mobile devices, servers, storage systems, networking equipment, software, peripherals and communications products. PC Connection also provides professional and lifecycle services, including consulting, systems integration, cloud and data-center solutions, cybersecurity, managed services, deployment, configuration and technical support.

Founded in 1982, the company operates primarily in the United States through brands and business units that include Connection, GovConnection and MoreDirect.

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