PC Connection (NASDAQ:CNXN) Stock Price Down 0.3% - Time to Sell?

PC Connection, Inc. (NASDAQ:CNXN - Get Free Report)'s stock price dropped 0.3% on Tuesday . The company traded as low as $73.88 and last traded at $74.36. Approximately 15,259 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 79,271 shares. The stock had previously closed at $74.55.

Wall Street Analyst Weigh In

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

PC Connection Price Performance

The stock has a fifty day simple moving average of $72.08 and a 200-day simple moving average of $69.85. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of 21.65, a P/E/G ratio of 2.14 and a beta of 0.66.

PC Connection Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 12th were given a $0.10 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.54%. PC Connection's dividend payout ratio (DPR) is currently 11.73%.

Insider Activity

In related news, Director Negrini David Beffa sold 5,000 shares of the company's 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 completion of the transaction, the director now owns 71,750 shares in the company, valued at $5,022,500. This represents a 6.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 56.90% of the company's stock.

Hedge Funds Weigh In On PC Connection

A number of hedge funds have recently made changes to their positions in CNXN. Victory Capital Management Inc. grew its stake in PC Connection by 27.5% during the 3rd quarter. Victory Capital Management Inc. now owns 47,772 shares of the company's stock valued at $3,603,000 after acquiring an additional 10,314 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of PC Connection in the third quarter valued at approximately $591,000. Millennium Management LLC lifted its position in PC Connection by 108.0% during the second quarter. Millennium Management LLC now owns 64,774 shares of the company's stock worth $4,158,000 after buying an additional 33,626 shares in the last quarter. Magnetar Financial LLC acquired a new position in PC Connection during the second quarter worth $646,000. Finally, Summit Global Investments purchased a new stake in PC Connection in the 2nd quarter valued at $505,000. 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.