Hsbc Holdings PLC acquired a new position in shares of PC Connection, Inc. (NASDAQ:CNXN – Free Report) during the second quarter, HoldingsChannel.com reports. The firm acquired 15,558 shares of the company’s stock, valued at approximately $1,138,000.
Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its stake in shares of PC Connection by 625.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 580 shares of the company’s stock worth $38,000 after acquiring an additional 500 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of PC Connection by 196.7% in the third quarter. PNC Financial Services Group Inc. now owns 629 shares of the company’s stock valued at $39,000 after purchasing an additional 417 shares during the period. Parallel Advisors LLC increased its position in PC Connection by 200.4% during the first quarter. Parallel Advisors LLC now owns 709 shares of the company’s stock worth $41,000 after purchasing an additional 473 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in PC Connection during the first quarter worth about $44,000. Finally, Quarry LP purchased a new position in PC Connection during the third quarter worth about $75,000. 42.85% of the stock is currently owned by hedge funds and other institutional investors.
PC Connection Trading Up 0.3%
Shares of CNXN opened at $79.87 on Tuesday. The company’s 50-day moving average price is $78.62 and its 200 day moving average price is $69.12. PC Connection, Inc. has a 12-month low of $54.97 and a 12-month high of $88.31. The firm has a market cap of $2.02 billion, a P/E ratio of 21.13, a price-to-earnings-growth ratio of 1.91 and a beta of 0.86.
PC Connection Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Tuesday, August 11th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date was Tuesday, August 11th. PC Connection’s dividend payout ratio (DPR) is 21.16%.
Analysts Set New Price Targets
Several analysts have recently weighed in on the stock. Zacks Research raised shares of PC Connection from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Weiss Ratings raised shares of PC Connection from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to MarketBeat.com, PC Connection currently has an average rating of “Strong Buy”.
Read Our Latest Report on PC Connection
Insiders Place Their Bets
In other PC Connection news, Chairman Patricia Gallup sold 7,142 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $78.64, for a total value of $561,646.88. Following the sale, the chairman owned 6,963,469 shares of the company’s stock, valued at $547,607,202.16. The trade was a 0.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 42,876 shares of company stock valued at $3,226,800. 56.60% of the stock is currently owned by company insiders.
About PC Connection
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.
Featured Articles
- Five stocks we like better than PC Connection
- Securing AI: 5 Most-Upgraded Stocks From the Q2 Reporting Season
- Insiders Are Betting Big on These 3 Healthcare Stocks
- 3 Stocks for Investors Who Still Believe Cash Is King
- Dollar General and Dollar Tree Are Recovering, But Not for the Same Reason
Want to see what other hedge funds are holding CNXN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PC Connection, Inc. (NASDAQ:CNXN – Free Report).
Receive News & Ratings for PC Connection Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PC Connection and related companies with MarketBeat.com's FREE daily email newsletter.
