Negrini David Beffa Sells 5,250 Shares of PC Connection, Inc. (NASDAQ:CNXN) Stock

Posted by Defense World Staff on Sep 14th, 2023

PC Connection, Inc. (NASDAQ:CNXN – Get Free Report) Director Negrini David Beffa sold 5,250 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $53.56, for a total transaction of $281,190.00. Following the completion of the sale, the director now directly owns 80,000 shares in the company, valued at approximately $4,284,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

PC Connection Stock Down 1.4 %

Shares of NASDAQ:CNXN opened at $52.64 on Thursday. The firm’s 50 day moving average price is $50.38 and its 200 day moving average price is $46.00. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 18.28 and a beta of 0.72. PC Connection, Inc. has a fifty-two week low of $37.76 and a fifty-two week high of $56.68.

PC Connection (NASDAQ:CNXN – Get Free Report) last released its quarterly earnings data on Wednesday, August 2nd. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.21. PC Connection had a net margin of 2.56% and a return on equity of 10.07%. The company had revenue of $733.55 million for the quarter, compared to analysts’ expectations of $797.14 million. On average, equities analysts anticipate that PC Connection, Inc. will post 3.02 EPS for the current year.

PC Connection Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, August 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.61%. PC Connection’s payout ratio is currently 11.11%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of PC Connection from a “buy” rating to a “strong-buy” rating in a report on Friday, August 25th.

Read Our Latest Stock Analysis on PC Connection

Institutional Trading of PC Connection

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank acquired a new stake in PC Connection during the second quarter worth approximately $833,000. Teachers Retirement System of The State of Kentucky raised its holdings in PC Connection by 6.2% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 3,402 shares of the company’s stock worth $153,000 after purchasing an additional 198 shares in the last quarter. Alliancebernstein L.P. raised its holdings in PC Connection by 10.5% during the second quarter. Alliancebernstein L.P. now owns 13,104 shares of the company’s stock worth $591,000 after purchasing an additional 1,247 shares in the last quarter. Wells Fargo & Company MN raised its holdings in PC Connection by 29.1% during the second quarter. Wells Fargo & Company MN now owns 10,257 shares of the company’s stock worth $463,000 after purchasing an additional 2,314 shares in the last quarter. Finally, Quadrature Capital Ltd increased its holdings in shares of PC Connection by 55.6% in the 2nd quarter. Quadrature Capital Ltd now owns 19,336 shares of the company’s stock valued at $872,000 after acquiring an additional 6,908 shares during the period. Institutional investors and hedge funds own 41.77% of the company’s stock.

PC Connection Company Profile

(Get Free Report)

PC Connection, Inc, together with its subsidiaries, provides a range of information technology (IT) solutions. The company operates through three segments: Business Solutions, Enterprise Solutions, and Public Sector Solutions. It offers IT products, such as computer systems, software and peripheral equipment, networking communications, and other products and accessories.