PC Connection, Inc. (NASDAQ:CNXN) Director Negrini David Beffa Sells 5,000 Shares of Stock

PC Connection, Inc. (NASDAQ:CNXN) Director Negrini David Beffa sold 5,000 shares of PC Connection stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. Following the transaction, the director now owns 71,750 shares in the company, 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 is available at this link.

PC Connection Stock Up 1.4 %

PC Connection stock opened at $72.74 on Friday. The company’s fifty day simple moving average is $72.29 and its 200-day simple moving average is $68.97. PC Connection, Inc. has a 12 month low of $57.47 and a 12 month high of $77.19. The stock has a market cap of $1.91 billion, a P/E ratio of 21.33, a P/E/G ratio of 2.12 and a beta of 0.63.

PC Connection Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Tuesday, November 12th. PC Connection’s dividend payout ratio is currently 11.73%.

Hedge Funds Weigh In On PC Connection

Several institutional investors and hedge funds have recently modified their holdings of CNXN. Pacer Advisors Inc. grew its holdings in shares of PC Connection by 23.6% during the 2nd quarter. Pacer Advisors Inc. now owns 1,258,275 shares of the company’s stock valued at $80,781,000 after acquiring an additional 240,312 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of PC Connection by 31.1% during the 2nd quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock valued at $16,884,000 after acquiring an additional 62,398 shares in the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of PC Connection during the 3rd quarter valued at $3,675,000. Allspring Global Investments Holdings LLC grew its holdings in shares of PC Connection by 34.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 139,892 shares of the company’s stock valued at $10,552,000 after acquiring an additional 35,505 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of PC Connection by 7.4% during the 3rd quarter. State Street Corp now owns 495,611 shares of the company’s stock valued at $37,384,000 after acquiring an additional 34,248 shares in the last quarter. 42.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com cut shares of PC Connection from a “buy” rating to a “hold” rating in a research report on Wednesday.

About PC Connection

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.