PC Connection (NASDAQ:CNXN) Stock Price Down 0.4% - Here's Why

PC Connection, Inc. (NASDAQ:CNXN - Get Free Report) shares were down 0.4% during trading on Wednesday . The company traded as low as $69.22 and last traded at $69.58. Approximately 13,901 shares traded hands during trading, a decline of 83% from the average daily volume of 80,224 shares. The stock had previously closed at $69.89.

Analyst Ratings Changes

Separately, StockNews.com raised PC Connection from a "buy" rating to a "strong-buy" rating in a research note on Thursday, August 29th.

PC Connection Stock Down 0.7 %

The stock has a market cap of $1.83 billion, a P/E ratio of 20.40, a PEG ratio of 2.07 and a beta of 0.63. The stock has a fifty day simple moving average of $72.27 and a 200-day simple moving average of $68.94.

PC Connection Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.58%. The ex-dividend date is Tuesday, November 12th. PC Connection's payout ratio is presently 11.73%.

Institutional Trading of PC Connection

Several hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. increased its holdings in shares of PC Connection by 23.6% in the second quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company's stock worth $80,781,000 after acquiring an additional 240,312 shares in the last quarter. Vanguard Group Inc. grew its position in shares of PC Connection by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 1,040,881 shares of the company's stock valued at $68,625,000 after purchasing an additional 14,838 shares during the period. State Street Corp increased its stake in PC Connection by 7.4% during the 3rd quarter. State Street Corp now owns 495,611 shares of the company's stock worth $37,384,000 after purchasing an additional 34,248 shares in the last quarter. Geode Capital Management LLC raised its holdings in PC Connection by 7.2% during the 3rd quarter. Geode Capital Management LLC now owns 346,130 shares of the company's stock worth $26,113,000 after buying an additional 23,358 shares during the period. Finally, American Century Companies Inc. lifted its stake in PC Connection by 31.1% in the second 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 in the last quarter. Institutional investors and hedge funds own 42.85% of the company's stock.

PC Connection Company Profile

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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