Moran Wealth Management LLC Buys 7,427 Shares of PC Connection, Inc. $CNXN

Moran Wealth Management LLC grew its stake in shares of PC Connection, Inc. (NASDAQ:CNXN) by 27.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,942 shares of the company’s stock after acquiring an additional 7,427 shares during the quarter. Moran Wealth Management LLC’s holdings in PC Connection were worth $2,043,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CNXN. Vanguard Group Inc. raised its holdings in shares of PC Connection by 1.0% during 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 last quarter. Geode Capital Management LLC lifted its position in PC Connection by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 377,001 shares of the company’s stock valued at $21,777,000 after purchasing an additional 2,945 shares during the period. Invesco Ltd. boosted its holdings in PC Connection by 22.1% in the fourth quarter. Invesco Ltd. now owns 219,220 shares of the company’s stock worth $12,662,000 after purchasing an additional 39,716 shares during the last quarter. Qube Research & Technologies Ltd boosted its holdings in PC Connection by 71.3% in the third quarter. Qube Research & Technologies Ltd now owns 165,573 shares of the company’s stock worth $10,264,000 after purchasing an additional 68,906 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in PC Connection by 22.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 150,235 shares of the company’s stock worth $8,678,000 after purchasing an additional 27,517 shares during the period. Hedge funds and other institutional investors own 42.85% of the company’s stock.

Insider Buying and Selling at PC Connection

In other news, Chairman Patricia Gallup sold 7,384 shares of PC Connection stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $71.91, for a total transaction of $530,983.44. Following the transaction, the chairman owned 7,027,747 shares in the company, valued at $505,365,286.77. This trade represents a 0.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 21,450 shares of company stock worth $1,528,146. Company insiders own 56.60% of the company’s stock.

Wall Street Analyst Weigh In

CNXN has been the subject of a number of research reports. Wall Street Zen upgraded shares of PC Connection from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings raised PC Connection from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy”.

PC Connection Price Performance

NASDAQ CNXN opened at $72.43 on Monday. The company has a 50-day moving average price of $68.40 and a 200-day moving average price of $63.13. PC Connection, Inc. has a 52 week low of $54.97 and a 52 week high of $75.30. The firm has a market capitalization of $1.83 billion, a P/E ratio of 21.06, a PEG ratio of 1.85 and a beta of 0.88.

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

PC Connection Announces Dividend

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

PC Connection Company Profile

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.