Cisco Systems, Inc. (CSCO) Position Lifted by ProVise Management Group LLC
ProVise Management Group LLC increased its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 14.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 41,208 shares of the network equipment provider’s stock after purchasing an additional 5,086 shares during the period. ProVise Management Group LLC’s holdings in Cisco Systems were worth $1,290,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Boston Partners increased its position in shares of Cisco Systems by 304.2% in the first quarter. Boston Partners now owns 30,563,666 shares of the network equipment provider’s stock worth $1,033,052,000 after purchasing an additional 23,002,159 shares during the period. Legal & General Group Plc grew its position in Cisco Systems by 2.4% in the second quarter. Legal & General Group Plc now owns 26,334,633 shares of the network equipment provider’s stock valued at $824,310,000 after acquiring an additional 618,346 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Cisco Systems by 3.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 17,004,668 shares of the network equipment provider’s stock valued at $532,247,000 after acquiring an additional 558,915 shares during the last quarter. Fisher Asset Management LLC grew its position in Cisco Systems by 2.4% in the second quarter. Fisher Asset Management LLC now owns 16,076,117 shares of the network equipment provider’s stock valued at $503,182,000 after acquiring an additional 382,211 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Cisco Systems by 2.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 15,423,839 shares of the network equipment provider’s stock valued at $482,766,000 after acquiring an additional 367,104 shares during the last quarter. Institutional investors own 75.14% of the company’s stock.
Shares of Cisco Systems, Inc. (CSCO) opened at $36.45 on Friday. Cisco Systems, Inc. has a 12 month low of $29.12 and a 12 month high of $36.97. The company has a market capitalization of $180,195.03, a PE ratio of 16.80, a PEG ratio of 3.30 and a beta of 1.15. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.81 and a current ratio of 2.87.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, November 15th. The network equipment provider reported $0.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.01. The company had revenue of $12.14 billion for the quarter, compared to analyst estimates of $12.11 billion. Cisco Systems had a return on equity of 16.64% and a net margin of 20.26%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.61 earnings per share. sell-side analysts anticipate that Cisco Systems, Inc. will post 2.21 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Thursday, October 5th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Wednesday, October 4th. Cisco Systems’s dividend payout ratio is currently 60.10%.
In related news, SVP Karen Walker sold 23,110 shares of Cisco Systems stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $32.06, for a total value of $740,906.60. Following the transaction, the senior vice president now directly owns 192,774 shares of the company’s stock, valued at $6,180,334.44. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Mark D. Chandler sold 65,000 shares of Cisco Systems stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $32.43, for a total value of $2,107,950.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 235,138 shares of company stock worth $7,562,574. 0.05% of the stock is owned by insiders.
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A number of research analysts have issued reports on CSCO shares. Vetr cut Cisco Systems from a “buy” rating to a “hold” rating and set a $33.18 target price on the stock. in a research report on Wednesday, August 30th. Credit Suisse Group reiterated an “outperform” rating on shares of Cisco Systems in a research report on Thursday, August 31st. Oppenheimer Holdings, Inc. reiterated a “buy” rating and issued a $36.00 target price on shares of Cisco Systems in a research report on Friday, October 20th. Robert W. Baird reiterated a “buy” rating and issued a $38.00 target price on shares of Cisco Systems in a research report on Monday, September 11th. Finally, Wells Fargo & Co reiterated an “outperform” rating and issued a $42.00 target price on shares of Cisco Systems in a research report on Tuesday, November 14th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-one have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $36.73.
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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