PC Connection (NASDAQ:CNXN) Trading 0.3% Higher – Here’s What Happened

Shares of PC Connection, Inc. (NASDAQ:CNXN) were up 0.3% during mid-day trading on Wednesday . The stock traded as high as $75.07 and last traded at $74.79. Approximately 6,549 shares were traded during trading, a decline of 92% from the average daily volume of 79,489 shares. The stock had previously closed at $74.53.

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 Price Performance

The company’s 50-day simple moving average is $72.09 and its 200-day simple moving average is $69.54. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 21.55, a P/E/G ratio of 2.20 and a beta of 0.66.

PC Connection Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders 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 0.55%. PC Connection’s payout ratio is 11.73%.

Insider Activity

In other PC Connection news, 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 sale, the director now owns 71,750 shares of the company’s stock, valued at approximately $5,022,500. The trade was a 6.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 56.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On PC Connection

A number of hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings 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 purchasing an additional 23,358 shares during the period. Barclays PLC lifted its holdings in PC Connection by 178.7% in the third quarter. Barclays PLC now owns 36,002 shares of the company’s stock valued at $2,717,000 after buying an additional 23,084 shares during the period. Jane Street Group LLC lifted its holdings in PC Connection by 195.9% in the third quarter. Jane Street Group LLC now owns 24,040 shares of the company’s stock valued at $1,813,000 after buying an additional 15,916 shares during the period. State Street Corp lifted its holdings in 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 buying an additional 34,248 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in PC Connection in the third quarter valued at $28,000. 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.