Geode Capital Management LLC Purchases 23,358 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Geode Capital Management LLC boosted its position in shares of PC Connection, Inc. (NASDAQ:CNXN) by 7.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 346,130 shares of the company’s stock after purchasing an additional 23,358 shares during the period. Geode Capital Management LLC owned about 1.32% of PC Connection worth $26,113,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Martingale Asset Management L P increased its stake in PC Connection by 0.4% in the third quarter. Martingale Asset Management L P now owns 37,098 shares of the company’s stock worth $2,798,000 after purchasing an additional 140 shares during the period. Amalgamated Bank grew its holdings in shares of PC Connection by 4.6% in the third quarter. Amalgamated Bank now owns 3,521 shares of the company’s stock worth $266,000 after purchasing an additional 154 shares during the last quarter. New York State Teachers Retirement System increased its stake in PC Connection by 4.9% in the 3rd quarter. New York State Teachers Retirement System now owns 4,613 shares of the company’s stock worth $348,000 after buying an additional 216 shares during the period. Louisiana State Employees Retirement System lifted its holdings in PC Connection by 5.3% during the 3rd quarter. Louisiana State Employees Retirement System now owns 6,000 shares of the company’s stock valued at $453,000 after buying an additional 300 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new stake in PC Connection during the 3rd quarter valued at about $28,000. 42.85% of the stock is currently owned by institutional investors.

PC Connection Stock Down 1.4 %

CNXN opened at $69.47 on Friday. The stock’s fifty day moving average is $71.53 and its two-hundred day moving average is $70.00. The company has a market capitalization of $1.83 billion, a P/E ratio of 20.37, a PEG ratio of 2.14 and a beta of 0.66. PC Connection, Inc. has a 52 week low of $57.47 and a 52 week high of $77.19.

PC Connection Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 12th were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.40 annualized dividend and a dividend yield of 0.58%. PC Connection’s dividend payout ratio is currently 11.73%.

Wall Street Analysts Forecast Growth

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

Insider Activity at PC Connection

In other news, Director Negrini David Beffa sold 5,000 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 71,750 shares in the company, valued at approximately $5,022,500. This trade represents a 6.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 56.90% of the stock is currently owned by corporate insiders.

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.