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

Key Points

• Chairman Patricia Gallup sold 7,142 PC Connection shares at an average price of $78.96, generating approximately $563,932. She retained 6.95 million shares, and the sale reduced her ownership by 0.10%; she has also made several similar sales since June.
• PC Connection shares recently traded at $83.53, near their 12-month high of $88.31, with a market capitalization of about $2.11 billion. The company reported quarterly EPS of $1.31, beating estimates by $0.31, and revenue of $854 million.
• The company maintains a quarterly dividend of $0.20 per share, equivalent to a 1.0% yield, while analysts have recently upgraded the stock to a consensus “Strong Buy” rating. Institutional investors own 42.85% of outstanding shares.

PC Connection, Inc. (NASDAQ:CNXN - Get Free Report) Chairman Patricia Gallup sold 7,142 shares of the company's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $78.96, for a total transaction of $563,932.32. Following the transaction, the chairman owned 6,949,185 shares of the company's stock, valued at approximately $548,707,647.60. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• 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 transaction 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 transaction 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 value of $498,011.66.
• On Tuesday, June 9th, Patricia Gallup sold 7,384 shares of PC Connection stock. The shares were sold at an average price of $71.91, for a total value of $530,983.44.
• On Monday, June 8th, Patricia Gallup sold 6,924 shares of PC Connection stock. The stock was sold at an average price of $72.09, for a total value of $499,151.16.

PC Connection Stock Performance

Shares of PC Connection stock traded up $2.56 on Thursday, hitting $83.53. The stock had a trading volume of 114,335 shares, compared to its average volume of 111,102. The stock has a 50 day moving average of $79.03 and a 200 day moving average of $69.34. PC Connection, Inc. has a twelve month low of $54.97 and a twelve month high of $88.31. The firm has a market capitalization of $2.11 billion, a P/E ratio of 22.10, a PEG ratio of 1.92 and a beta of 0.85.

PC Connection (NASDAQ:CNXN - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $1.31 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $764.79 million. Equities analysts expect that PC Connection, Inc. will post 4.18 earnings per share for the current year.

PC Connection Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 11th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Tuesday, August 11th. PC Connection's payout ratio is 21.16%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its position in shares of PC Connection by 6,957.7% in the 2nd quarter. California State Teachers Retirement System now owns 747,199 shares of the company's stock worth $54,538,000 after purchasing an additional 736,612 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in shares of PC Connection during the second quarter worth $1,468,000. Public Employees Retirement System of Ohio acquired a new stake in shares of PC Connection during the second quarter worth $608,000. Bank of America Corp DE acquired a new stake in shares of PC Connection during the second quarter worth $3,080,000. Finally, Man Group plc bought a new position in PC Connection during the second quarter worth $6,925,000. Institutional investors own 42.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CNXN. Weiss Ratings upgraded PC Connection from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, July 30th. Zacks Research raised PC Connection from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Strong Buy".

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.

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