Abner Herrman & Brock LLC Increases Stake in Cisco Systems, Inc. (CSCO)
Abner Herrman & Brock LLC increased its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 10.9% during the first quarter, Holdings Channel reports. The fund owned 47,192 shares of the network equipment provider’s stock after buying an additional 4,626 shares during the period. Abner Herrman & Brock LLC’s holdings in Cisco Systems were worth $1,595,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of CSCO. First Command Bank bought a new position in shares of Cisco Systems during the fourth quarter valued at approximately $333,000. First Interstate Bank boosted its position in shares of Cisco Systems by 0.4% in the fourth quarter. First Interstate Bank now owns 357,503 shares of the network equipment provider’s stock valued at $10,804,000 after buying an additional 1,448 shares during the period. Essex Financial Services Inc. boosted its position in shares of Cisco Systems by 12.4% in the fourth quarter. Essex Financial Services Inc. now owns 84,475 shares of the network equipment provider’s stock valued at $2,553,000 after buying an additional 9,302 shares during the period. Smith Salley & Associates boosted its position in shares of Cisco Systems by 1.8% in the fourth quarter. Smith Salley & Associates now owns 289,613 shares of the network equipment provider’s stock valued at $8,751,000 after buying an additional 5,112 shares during the period. Finally, Cadence Capital Management LLC boosted its position in shares of Cisco Systems by 6.5% in the fourth quarter. Cadence Capital Management LLC now owns 414,652 shares of the network equipment provider’s stock valued at $12,531,000 after buying an additional 25,401 shares during the period. 76.13% of the stock is owned by institutional investors and hedge funds.
Shares of Cisco Systems, Inc. (NASDAQ CSCO) opened at 31.85 on Friday. Cisco Systems, Inc. has a 12-month low of $27.13 and a 12-month high of $34.60. The stock has a market cap of $159.25 billion, a P/E ratio of 16.17 and a beta of 1.23. The company’s 50-day moving average is $32.44 and its 200-day moving average is $32.24.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, May 17th. The network equipment provider reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.02. The company had revenue of $11.94 billion for the quarter, compared to analysts’ expectations of $11.90 billion. Cisco Systems had a net margin of 20.61% and a return on equity of 17.31%. Cisco Systems’s revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 EPS. On average, equities research analysts anticipate that Cisco Systems, Inc. will post $2.38 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 26th. Investors of record on Friday, July 7th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date of this dividend is Wednesday, July 5th. Cisco Systems’s payout ratio is 58.29%.
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Several equities analysts have issued reports on CSCO shares. Zacks Investment Research cut shares of Cisco Systems from a “hold” rating to a “sell” rating in a research report on Tuesday, April 18th. Morgan Stanley upgraded shares of Cisco Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $33.45 to $39.00 in a research report on Monday, May 15th. Credit Suisse Group upgraded shares of Cisco Systems from an “underperform” rating to an “outperform” rating and upped their price target for the company from $27.00 to $40.00 in a research report on Thursday, April 27th. Deutsche Bank AG upped their price target on shares of Cisco Systems from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, March 23rd. Finally, Vetr upgraded shares of Cisco Systems from a “buy” rating to a “strong-buy” rating and set a $37.32 price target for the company in a research report on Tuesday, April 11th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty-two have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $35.19.
In other Cisco Systems news, insider John T. Chambers sold 295,537 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $31.52, for a total transaction of $9,315,326.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Rebecca Jacoby sold 92,840 shares of the company’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $31.71, for a total transaction of $2,943,956.40. Following the transaction, the senior vice president now owns 271,725 shares in the company, valued at approximately $8,616,399.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 396,179 shares of company stock worth $12,503,407. 0.11% of the stock is currently owned by company insiders.
About Cisco Systems
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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