Prudential Financial Inc. Buys 20,534 Shares of PC Connection, Inc. (NASDAQ:CNXN)

Prudential Financial Inc. boosted its position in PC Connection, Inc. (NASDAQ:CNXN) by 54.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 58,431 shares of the company’s stock after purchasing an additional 20,534 shares during the period. Prudential Financial Inc.’s holdings in PC Connection were worth $4,099,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC bought a new position in PC Connection during the 3rd quarter worth approximately $3,675,000. State Street Corp increased its position in shares of PC Connection by 7.4% during 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. Teacher Retirement System of Texas raised its position in shares of PC Connection by 25.6% in the 4th quarter. Teacher Retirement System of Texas now owns 115,111 shares of the company’s stock worth $7,974,000 after acquiring an additional 23,497 shares in the last quarter. Geode Capital Management LLC raised its holdings in PC Connection by 7.2% in 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 in the last quarter. Finally, Barclays PLC increased its stake in shares of PC Connection by 178.7% in the 3rd quarter. Barclays PLC now owns 36,002 shares of the company’s stock worth $2,717,000 after acquiring an additional 23,084 shares in the last quarter. Hedge funds and other institutional investors own 42.85% of the company’s stock.

PC Connection Stock Performance

CNXN stock opened at $63.10 on Wednesday. The firm has a 50 day moving average price of $65.49 and a 200-day moving average price of $69.66. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 19.18, a PEG ratio of 1.96 and a beta of 0.61. PC Connection, Inc. has a 52-week low of $57.47 and a 52-week high of $77.19.

PC Connection (NASDAQ:CNXN) last issued its earnings results on Wednesday, February 5th. The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.12). PC Connection had a return on equity of 9.74% and a net margin of 3.11%. During the same quarter in the previous year, the firm earned $0.90 earnings per share. As a group, sell-side analysts forecast that PC Connection, Inc. will post 3.33 earnings per share for the current fiscal year.

PC Connection Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, February 25th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, February 25th. This represents a $0.60 annualized dividend and a yield of 0.95%. This is a boost from PC Connection’s previous quarterly dividend of $0.10. PC Connection’s dividend payout ratio is currently 18.24%.

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.