PC Connection (NASDAQ:CNXN) Stock Price Down 1.9% - Here's Why

PC Connection, Inc. (NASDAQ:CNXN - Get Free Report) shares traded down 1.9% during trading on Friday . The stock traded as low as $72.24 and last traded at $72.24. 6,069 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 78,933 shares. The stock had previously closed at $73.62.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of PC Connection from a "hold" rating to a "buy" rating in a research report on Thursday, November 28th.

PC Connection Stock Down 0.6 %

The company has a market cap of $1.92 billion, a price-to-earnings ratio of 21.18, a price-to-earnings-growth ratio of 2.18 and a beta of 0.66. The company has a fifty day simple moving average of $72.07 and a two-hundred day simple moving average of $69.72.

PC Connection Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date was Tuesday, November 12th. PC Connection's dividend payout ratio (DPR) is presently 11.73%.

Insider Activity

In other news, Director Negrini David Beffa sold 5,000 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $70.00, for a total transaction of $350,000.00. Following the transaction, the director now directly owns 71,750 shares in the company, valued at $5,022,500. This represents a 6.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 56.90% of the company's stock.

Institutional Trading of PC Connection

Hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its position in shares of PC Connection by 7.2% during the third 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 in the last quarter. Barclays PLC increased its holdings in shares of PC Connection by 178.7% in the 3rd quarter. Barclays PLC now owns 36,002 shares of the company's stock valued at $2,717,000 after acquiring an additional 23,084 shares during the last quarter. Jane Street Group LLC raised its position in shares of PC Connection by 195.9% during the 3rd quarter. Jane Street Group LLC now owns 24,040 shares of the company's stock valued at $1,813,000 after acquiring an additional 15,916 shares in the last quarter. State Street Corp increased its stake in PC Connection by 7.4% during the third quarter. State Street Corp now owns 495,611 shares of the company's stock valued at $37,384,000 after purchasing an additional 34,248 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in shares of PC Connection during the third quarter worth $28,000. Hedge funds and other institutional investors 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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