PC Connection, Inc. (NASDAQ:CNXN) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its stake in shares of PC Connection, Inc. (NASDAQ:CNXN) by 319.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,458 shares of the company’s stock after acquiring an additional 28,526 shares during the quarter. Victory Capital Management Inc. owned 0.14% of PC Connection worth $2,405,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Innealta Capital LLC purchased a new stake in PC Connection during the 2nd quarter worth about $60,000. Allspring Global Investments Holdings LLC grew its position in shares of PC Connection by 9.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 104,387 shares of the company’s stock worth $6,702,000 after buying an additional 9,029 shares in the last quarter. Bailard Inc. purchased a new stake in shares of PC Connection during the second quarter worth approximately $494,000. Summit Global Investments acquired a new stake in PC Connection in the second quarter valued at approximately $505,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in PC Connection by 6.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,092 shares of the company’s stock valued at $534,000 after acquiring an additional 499 shares in the last quarter. 42.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of PC Connection from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 29th.

PC Connection Price Performance

NASDAQ:CNXN opened at $74.46 on Wednesday. PC Connection, Inc. has a 12 month low of $51.63 and a 12 month high of $76.39. The firm has a market capitalization of $1.96 billion, a PE ratio of 23.87, a price-to-earnings-growth ratio of 2.00 and a beta of 0.62. The business’s fifty day moving average price is $69.05 and its 200 day moving average price is $66.35.

PC Connection (NASDAQ:CNXN) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.17. The business had revenue of $736.48 million for the quarter, compared to the consensus estimate of $703.50 million. PC Connection had a return on equity of 10.51% and a net margin of 3.22%. As a group, equities analysts anticipate that PC Connection, Inc. will post 3.55 EPS for the current year.

PC Connection Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 13th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $0.40 dividend on an annualized basis and a yield of 0.54%. PC Connection’s payout ratio is currently 12.82%.

Insider Transactions at PC Connection

In related news, CEO Timothy J. Mcgrath sold 15,377 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $70.18, for a total value of $1,079,157.86. Following the transaction, the chief executive officer now directly owns 277,691 shares of the company’s stock, valued at approximately $19,488,354.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 56.90% 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.