Principal Financial Group Inc. Decreases Stock Position in PC Connection, Inc. (NASDAQ:CNXN)

Principal Financial Group Inc. decreased its position in shares of PC Connection, Inc. (NASDAQ:CNXN) by 2.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,704 shares of the company’s stock after selling 1,585 shares during the period. Principal Financial Group Inc. owned approximately 0.23% of PC Connection worth $4,654,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CNXN. Victory Capital Management Inc. grew its holdings in PC Connection by 319.4% during the 2nd quarter. Victory Capital Management Inc. now owns 37,458 shares of the company’s stock valued at $2,405,000 after buying an additional 28,526 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of PC Connection by 467.7% in the second quarter. Acadian Asset Management LLC now owns 24,326 shares of the company’s stock valued at $1,558,000 after purchasing an additional 20,041 shares in the last quarter. American Century Companies Inc. increased its position in PC Connection by 31.1% in the second quarter. American Century Companies Inc. now owns 262,993 shares of the company’s stock worth $16,884,000 after purchasing an additional 62,398 shares during the last quarter. Denali Advisors LLC raised its stake in PC Connection by 12.2% during the second quarter. Denali Advisors LLC now owns 86,200 shares of the company’s stock valued at $5,534,000 after purchasing an additional 9,388 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its position in PC Connection by 11.3% during the second quarter. Hsbc Holdings PLC now owns 5,726 shares of the company’s stock valued at $366,000 after purchasing an additional 582 shares during the last quarter. 42.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

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 Trading Down 0.7 %

CNXN stock opened at $68.77 on Friday. 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 $1.81 billion, a PE ratio of 20.17, a P/E/G ratio of 2.14 and a beta of 0.66. The company has a 50-day moving average price of $71.27 and a 200 day moving average price of $70.18.

PC Connection Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 0.58%. PC Connection’s dividend payout ratio is 11.73%.

Insider Transactions at PC Connection

In other news, Director Negrini David Beffa sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $70.00, for a total value 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 represents a 6.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company 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.