Why PC Connection (CNXN) Shares Are Trading Higher Today - PC Connection (NASDAQ:CNXN)

Leading IT solutions provider to business, government, and education markets, PC Connection, Inc CNXN declared a special cash dividend of $0.34 per share, payable on December 23, 2022, to shareholders of record at the close of business on December 5, 2022.
The aggregate amount of the special dividend payment will be approximately $8.9 million based on the current number of shares outstanding.
"Our strong balance sheet and operating performance allows us to pay this dividend, which is in line with our historic pre-pandemic practice while maintaining the ability to continue to grow the business," said Timothy McGrath, President, and Chief Executive Officer.
The board approved a $25.0 million increase to Connection's existing share repurchase authorization, bringing the aggregate size of the program to $80.0 million, of which $37.7 million remains available.
The board also indicated its intent to consider the future payment of regular quarterly dividends instead of annual special ones.
PC Connection generated $24.1 million in operating cash flow and held $116.2 million in cash and equivalents as of September 30.
Price Action: CNXN shares traded higher by 3.26% at $55.90 on the last check Tuesday.

PC Connection Shares Pop On Special Dividend, Buyback Boost