Key Points
- Director David Beffa-Negrini sold 5,000 PC Connection shares at an average price of $81.05, generating $405,250. He retained 60,875 shares, a 7.59% reduction in his holdings.
- PC Connection recently reported stronger-than-expected quarterly results, with EPS of $1.31 versus the $1.00 consensus and revenue of $854 million compared with estimates of $764.79 million.
- The company maintains a quarterly dividend of $0.20 per share, equivalent to an annualized $0.80 payout and a 0.9% yield. Analysts’ overall view remains “Moderate Buy,” although some ratings were recently downgraded.
PC Connection, Inc. (NASDAQ:CNXN - Get Free Report) Director David Beffa-Negrini sold 5,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $81.05, for a total transaction of $405,250.00. Following the completion of the transaction, the director owned 60,875 shares in the company, valued at $4,933,918.75. This represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
PC Connection Stock Performance
CNXN opened at $91.98 on Thursday. The company has a fifty day moving average price of $84.35 and a two-hundred day moving average price of $74.07. PC Connection, Inc. has a 52 week low of $54.97 and a 52 week high of $93.89. The firm has a market capitalization of $2.32 billion, a PE ratio of 24.33, a P/E/G ratio of 2.21 and a beta of 0.81.
PC Connection (NASDAQ:CNXN - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $1.31 EPS for the quarter, beating the consensus estimate of $1.00 by $0.31. The company had revenue of $854.00 million during the quarter, compared to analysts' expectations of $764.79 million. PC Connection had a net margin of 3.21% and a return on equity of 10.90%. Equities analysts forecast that PC Connection, Inc. will post 4.18 EPS for the current year.
PC Connection Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, August 11th were paid 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 yield of 0.9%. PC Connection's payout ratio is presently 21.16%.
Institutional Investors Weigh In On PC Connection
Several institutional investors have recently bought and sold shares of CNXN. Tidal Investments LLC acquired a new position in PC Connection during the 2nd quarter worth approximately $711,000. Arizona State Retirement System acquired a new stake in shares of PC Connection in the second quarter valued at approximately $229,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of PC Connection in the second quarter worth $1,468,000. Public Employees Retirement System of Ohio bought a new stake in shares of PC Connection in the second quarter worth $608,000. Finally, Bank of America Corp DE acquired a new position in PC Connection during the second quarter worth $3,080,000. Institutional investors own 42.85% of the company's stock.
Analyst Ratings Changes
CNXN has been the topic of several research reports. Weiss Ratings cut shares of PC Connection from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, September 16th. Zacks Research cut PC Connection from a "strong-buy" rating to a "hold" rating in a report on Monday, September 28th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy".
View Our Latest Stock Report on PC Connection
About PC Connection
(
Get Free Report)
PC Connection, Inc is an information technology solutions provider that supplies computer hardware, software, networking equipment, peripherals and related technology products to organizations in the United States. The company serves businesses, government agencies and educational institutions through its Connection brand and online and sales channels.
In addition to product distribution, PC Connection provides technology services designed to help customers plan, deploy and manage IT environments.
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