PC Connection, Inc. (NASDAQ:CNXN) Director Sells $350,000.00 in Stock

PC Connection, Inc. (NASDAQ:CNXN - Get Free Report) Director Negrini David Beffa sold 5,000 shares of the business's stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $70.00, for a total transaction of $350,000.00. Following the completion of the sale, the director now directly owns 71,750 shares of the company's stock, valued at approximately $5,022,500. This trade represents a 6.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

PC Connection Price Performance

Shares of CNXN traded up $1.01 during mid-day trading on Friday, reaching $72.74. 55,532 shares of the company's stock were exchanged, compared to its average volume of 80,219. The business's fifty day simple moving average is $72.29 and its 200-day simple moving average is $68.97. PC Connection, Inc. has a 52-week low of $57.47 and a 52-week high of $77.19. The stock has a market capitalization of $1.91 billion, a PE ratio of 21.25, a price-to-earnings-growth ratio of 2.06 and a beta of 0.63.

PC Connection Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.55%. PC Connection's payout ratio is 11.73%.

Hedge Funds Weigh In On PC Connection

A number of hedge funds and other institutional investors have recently made changes to their positions in CNXN. Pacer Advisors Inc. grew its stake in shares of PC Connection by 23.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company's stock valued at $80,781,000 after purchasing an additional 240,312 shares during the last quarter. American Century Companies Inc. increased its stake in PC Connection by 31.1% in the 2nd quarter. American Century Companies Inc. now owns 262,993 shares of the company's stock valued at $16,884,000 after buying an additional 62,398 shares during the period. Hotchkis & Wiley Capital Management LLC purchased a new position in PC Connection during the 3rd quarter worth $3,675,000. Allspring Global Investments Holdings LLC lifted its stake in shares of PC Connection by 34.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 139,892 shares of the company's stock worth $10,552,000 after acquiring an additional 35,505 shares during the period. Finally, State Street Corp boosted its holdings in shares of PC Connection by 7.4% in the third quarter. State Street Corp now owns 495,611 shares of the company's stock valued at $37,384,000 after acquiring an additional 34,248 shares in the last quarter. Hedge funds and other institutional investors own 42.85% of the company's stock.

Wall Street Analyst Weigh In

Separately, StockNews.com cut PC Connection from a "buy" rating to a "hold" rating in a research report on Wednesday.

About PC Connection

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.

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