Insider Selling: PC Connection (NASDAQ:CNXN) Chairman Sells $616,640.28 in Stock

Key Points

• PC Connection Chairman Patricia Gallup sold 7,142 shares at an average price of $86.34, generating $616,640.28. She retained 6.98 million shares valued at approximately $602.5 million, with the sale reducing her position by 0.10%.
• PC Connection reported quarterly earnings of $1.31 per share, beating estimates of $1.00, while revenue reached $854 million versus the $764.79 million consensus forecast.
• The stock traded near its 12-month high at $86.60, while analysts maintained a favorable outlook, with the company carrying an average “Strong Buy” rating. PC Connection also announced a quarterly dividend of $0.20 per share, equivalent to a 0.9% yield.

PC Connection, Inc. (NASDAQ:CNXN - Get Free Report) Chairman Patricia Gallup sold 7,142 shares of the business's stock in a transaction on Tuesday, August 4th. The shares were 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 of the company's stock, valued at approximately $602,459,194.02. The trade was a 0.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Monday, July 6th, Patricia Gallup sold 7,142 shares of PC Connection stock. The stock was 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 shares were sold at an average price of $69.73, for a total transaction of $498,011.66.
• On Tuesday, June 9th, Patricia Gallup sold 7,384 shares of PC Connection stock. The stock was sold at an average price of $71.91, for a total transaction of $530,983.44.
• On Monday, June 8th, Patricia Gallup sold 6,924 shares of PC Connection stock. The shares were sold at an average price of $72.09, for a total transaction of $499,151.16.

PC Connection Price Performance

Shares of NASDAQ:CNXN traded up $0.64 during trading on Thursday, reaching $86.60. 207,272 shares of the company were exchanged, compared to its average volume of 162,098. The business's fifty day simple moving average is $75.77 and its 200-day simple moving average is $66.76. PC Connection, Inc. has a 12-month low of $54.97 and a 12-month high of $88.31. The firm has a market capitalization of $2.19 billion, a PE ratio of 22.91, a P/E/G ratio of 2.06 and a beta of 0.86.

PC Connection (NASDAQ:CNXN - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.31. PC Connection had a return on equity of 10.90% and a net margin of 3.21%.The business had revenue of $854.00 million during the quarter, compared to analysts' expectations of $764.79 million. On average, sell-side analysts anticipate that PC Connection, Inc. will post 4.18 EPS for the current fiscal year.

PC Connection Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, August 11th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. PC Connection's dividend payout ratio (DPR) is currently 21.16%.

Analysts Set New Price Targets

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

Institutional Trading of PC Connection

Institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC grew its position in shares of PC Connection by 137.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 61,038 shares of the company's stock valued at $3,661,000 after acquiring an additional 35,358 shares during the period. Teacher Retirement System of Texas boosted its position in PC Connection by 12.0% during the fourth quarter. Teacher Retirement System of Texas now owns 114,768 shares of the company's stock worth $6,629,000 after purchasing an additional 12,275 shares in the last quarter. OP Asset Management Ltd acquired a new stake in PC Connection in the first quarter valued at approximately $686,000. Vanguard Group Inc. grew its holdings in PC Connection by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 1,080,151 shares of the company's stock valued at $62,390,000 after purchasing an additional 10,218 shares during the period. Finally, Royce & Associates LP increased its position in shares of PC Connection by 11.2% in the fourth quarter. Royce & Associates LP now owns 79,288 shares of the company's stock valued at $4,580,000 after buying an additional 7,996 shares in the last quarter. 42.85% of the stock is currently owned by institutional investors and hedge funds.

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.

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