Cisco Systems, Inc. (CSCO) Shares Sold by Granite Investment Advisors LLC
Granite Investment Advisors LLC trimmed its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 7.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 23,816 shares of the network equipment provider’s stock after selling 1,910 shares during the quarter. Granite Investment Advisors LLC’s holdings in Cisco Systems were worth $765,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of CSCO. Stratos Wealth Partners LTD. raised its holdings in Cisco Systems by 10.4% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 152,990 shares of the network equipment provider’s stock valued at $4,789,000 after acquiring an additional 14,395 shares during the period. Eads & Heald Investment Counsel raised its holdings in Cisco Systems by 15.7% in the 2nd quarter. Eads & Heald Investment Counsel now owns 42,453 shares of the network equipment provider’s stock valued at $1,329,000 after acquiring an additional 5,765 shares during the period. Washington Trust Bank raised its holdings in Cisco Systems by 2.5% in the 2nd quarter. Washington Trust Bank now owns 113,153 shares of the network equipment provider’s stock valued at $3,542,000 after acquiring an additional 2,726 shares during the period. Holderness Investments Co. raised its holdings in Cisco Systems by 12.1% in the 1st quarter. Holderness Investments Co. now owns 66,740 shares of the network equipment provider’s stock valued at $2,256,000 after acquiring an additional 7,186 shares during the period. Finally, Pioneer Investment Management Inc. raised its holdings in Cisco Systems by 5.2% in the 1st quarter. Pioneer Investment Management Inc. now owns 8,258,748 shares of the network equipment provider’s stock valued at $279,146,000 after acquiring an additional 408,875 shares during the period. 75.24% of the stock is currently owned by institutional investors.
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Shares of Cisco Systems, Inc. (CSCO) opened at $34.47 on Friday. Cisco Systems, Inc. has a 52 week low of $29.12 and a 52 week high of $34.75. The company has a quick ratio of 2.98, a current ratio of 3.03 and a debt-to-equity ratio of 0.39. The firm has a market cap of $170,687.94, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 3.01 and a beta of 1.15.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, August 16th. The network equipment provider reported $0.61 earnings per share for the quarter, meeting the consensus estimate of $0.61. Cisco Systems had a net margin of 20.02% and a return on equity of 16.91%. The firm had revenue of $12.13 billion during the quarter, compared to the consensus estimate of $12.07 billion. During the same period in the previous year, the firm posted $0.63 earnings per share. The business’s revenue was down 4.0% compared to the same quarter last year. equities research analysts predict that Cisco Systems, Inc. will post 2.18 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Thursday, October 5th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend was Wednesday, October 4th. Cisco Systems’s dividend payout ratio (DPR) is currently 60.73%.
Several research analysts have recently commented on CSCO shares. Vetr raised shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $35.02 target price on the stock in a report on Wednesday, September 6th. Robert W. Baird reaffirmed a “buy” rating and set a $38.00 target price on shares of Cisco Systems in a report on Monday, September 11th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $36.00 target price on shares of Cisco Systems in a report on Thursday, August 17th. Berenberg Bank set a $33.00 target price on shares of Cisco Systems and gave the stock a “hold” rating in a report on Thursday, August 17th. Finally, Bank of America Corporation reaffirmed a “neutral” rating and set a $35.00 target price on shares of Cisco Systems in a report on Friday, August 18th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $35.26.
In other news, CEO Charles Robbins sold 121,390 shares of Cisco Systems stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $32.06, for a total transaction of $3,891,763.40. Following the completion of the transaction, the chief executive officer now directly owns 552,694 shares in the company, valued at $17,719,369.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Prat Bhatt sold 25,638 shares of Cisco Systems stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $32.06, for a total transaction of $821,954.28. Following the transaction, the chief accounting officer now owns 119,996 shares of the company’s stock, valued at $3,847,071.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 485,138 shares of company stock valued at $15,347,574. Insiders own 0.05% of the company’s stock.
Cisco Systems Profile
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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