Key Points
- Chairman Patricia Gallup sold 7,142 PC Connection shares at an average price of $86.34, generating $616,640; she still directly owns nearly 6.98 million shares.
- PC Connection reported quarterly earnings of $1.31 per share, beating estimates of $1.00, while revenue of $854 million also exceeded expectations. Shares opened at $86.60, near their 12-month high of $88.31.
- The company declared a quarterly dividend of $0.20 per share, equal to an annualized yield of 0.9%, while recent analysts upgraded the stock and gave it an overall “Strong Buy” rating.
PC Connection, Inc. (NASDAQ:CNXN - Get Free Report) Chairman Patricia Gallup sold 7,142 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $86.34, for a total transaction of $616,640.28. Following the sale, the chairman directly owned 6,977,753 shares of the company's stock, valued at $602,459,194.02. The trade was a 0.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Patricia Gallup also recently made the following trade(s):
- 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 transaction 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.
- 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 stock was sold at an average price of $72.09, for a total value of $499,151.16.
PC Connection Trading Up 0.7%
Shares of CNXN opened at $86.60 on Friday. PC Connection, Inc. has a 12 month low of $54.97 and a 12 month high of $88.31. The stock has a fifty day moving average price of $75.77 and a 200-day moving average price of $66.76. The firm has a market cap 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 posted its quarterly earnings data on Wednesday, July 29th. The company reported $1.31 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.31. PC Connection had a return on equity of 10.90% and a net margin of 3.21%.The firm had revenue of $854.00 million during the quarter, compared to analysts' expectations of $764.79 million. As a group, research analysts forecast that PC Connection, Inc. will post 4.18 EPS for the current year.
PC Connection Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Tuesday, August 11th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, August 11th. PC Connection's dividend payout ratio (DPR) is currently 21.16%.
Analyst Ratings Changes
A number of brokerages have recently weighed in on CNXN. Zacks Research upgraded PC Connection from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 30th. Weiss Ratings raised shares of PC Connection from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of PC Connection from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Strong Buy".
Read Our Latest Analysis on CNXN
Institutional Trading of PC Connection
A number of hedge funds and other institutional investors have recently made changes to their positions in CNXN. Bank of New York Mellon Corp purchased a new position in shares of PC Connection during the second quarter worth $9,982,000. State of Wyoming purchased a new stake in PC Connection in the second quarter valued at $237,000. GSA Capital Partners LLP purchased a new stake in PC Connection in the second quarter valued at $826,000. Parallel Advisors LLC grew its position in PC Connection by 200.4% during the 1st quarter. Parallel Advisors LLC now owns 709 shares of the company's stock worth $41,000 after purchasing an additional 473 shares during the period. Finally, Amundi acquired a new stake in PC Connection during the 1st quarter worth about $206,000. Institutional investors and hedge funds own 42.85% of the company's stock.
About PC Connection
(
Get Free Report)
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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