Insider Selling: PC Connection (NASDAQ:CNXN) Chairman Sells $499,151.16 in Stock

PC Connection, Inc. (NASDAQ:CNXN) Chairman Patricia Gallup sold 6,924 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $72.09, for a total value of $499,151.16. Following the transaction, the chairman owned 7,035,131 shares in the company, valued at approximately $507,162,593.79. This represents a 0.10% decrease in their position. The sale 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 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.

PC Connection Price Performance

Shares of NASDAQ:CNXN opened at $72.86 on Friday. PC Connection, Inc. has a 1 year low of $54.97 and a 1 year high of $75.00. The company has a market cap of $1.84 billion, a PE ratio of 21.18, a P/E/G ratio of 1.84 and a beta of 0.88. The stock’s 50-day moving average is $65.82 and its 200 day moving average is $61.80.

PC Connection (NASDAQ:CNXN) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.15. PC Connection had a return on equity of 10.17% and a net margin of 3.02%.The company had revenue of $721.87 million for the quarter, compared to the consensus estimate of $696.09 million. Analysts expect that PC Connection, Inc. will post 3.93 EPS for the current fiscal year.

PC Connection Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Tuesday, May 12th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, May 12th. PC Connection’s payout ratio is presently 23.26%.

Analysts Set New Price Targets

CNXN has been the topic of several research reports. Wall Street Zen raised PC Connection from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Weiss Ratings raised PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Institutional Trading of PC Connection

Several large investors have recently bought and sold shares of the company. Martingale Asset Management L P boosted its position in PC Connection by 1.3% during the 4th quarter. Martingale Asset Management L P now owns 19,137 shares of the company’s stock valued at $1,105,000 after acquiring an additional 252 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in PC Connection by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,900 shares of the company’s stock valued at $431,000 after acquiring an additional 312 shares in the last quarter. Franklin Resources Inc. boosted its position in PC Connection by 8.2% during the 3rd quarter. Franklin Resources Inc. now owns 4,616 shares of the company’s stock valued at $286,000 after acquiring an additional 348 shares in the last quarter. WINTON GROUP Ltd boosted its position in PC Connection by 6.7% during the 4th quarter. WINTON GROUP Ltd now owns 6,257 shares of the company’s stock valued at $361,000 after acquiring an additional 394 shares in the last quarter. Finally, Swiss National Bank boosted its position in PC Connection by 1.8% during the 4th quarter. Swiss National Bank now owns 22,500 shares of the company’s stock valued at $1,300,000 after acquiring an additional 400 shares in the last quarter. 42.85% of the stock is owned by institutional investors.

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.