Norris Perne & French LLP MI Purchases 6,727 Shares of Cisco Systems, Inc. (CSCO)
Norris Perne & French LLP MI boosted its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 2.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 247,876 shares of the network equipment provider’s stock after acquiring an additional 6,727 shares during the period. Cisco Systems accounts for about 1.6% of Norris Perne & French LLP MI’s holdings, making the stock its 27th biggest position. Norris Perne & French LLP MI’s holdings in Cisco Systems were worth $10,666,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in CSCO. Summit Trail Advisors LLC boosted its holdings in Cisco Systems by 4,313.3% in the first quarter. Summit Trail Advisors LLC now owns 4,814,373 shares of the network equipment provider’s stock worth $4,814,000 after acquiring an additional 4,705,284 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Cisco Systems by 565.8% in the first quarter. SG Americas Securities LLC now owns 4,532,099 shares of the network equipment provider’s stock worth $194,382,000 after acquiring an additional 3,851,446 shares in the last quarter. Swedbank boosted its holdings in Cisco Systems by 43.5% in the fourth quarter. Swedbank now owns 12,425,302 shares of the network equipment provider’s stock worth $475,889,000 after acquiring an additional 3,768,806 shares in the last quarter. BlackRock Inc. raised its stake in shares of Cisco Systems by 1.1% in the first quarter. BlackRock Inc. now owns 339,004,547 shares of the network equipment provider’s stock worth $14,539,904,000 after purchasing an additional 3,630,488 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its stake in shares of Cisco Systems by 61.0% in the first quarter. OppenheimerFunds Inc. now owns 9,183,708 shares of the network equipment provider’s stock worth $393,888,000 after purchasing an additional 3,479,165 shares during the last quarter. Institutional investors and hedge funds own 71.39% of the company’s stock.
Shares of CSCO opened at $48.44 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.29 and a quick ratio of 2.22. The company has a market cap of $233.94 billion, a P/E ratio of 20.70, a price-to-earnings-growth ratio of 2.87 and a beta of 1.06. Cisco Systems, Inc. has a 12 month low of $33.17 and a 12 month high of $48.64.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 24th. Investors of record on Friday, October 5th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Thursday, October 4th. Cisco Systems’s payout ratio is 56.41%.
CSCO has been the subject of several analyst reports. Morgan Stanley lowered their price objective on Cisco Systems from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Thursday, July 19th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Cisco Systems in a research note on Monday, June 11th. BidaskClub raised Cisco Systems from a “hold” rating to a “buy” rating in a research note on Friday, August 10th. Loop Capital reissued a “hold” rating and issued a $47.00 price objective on shares of Cisco Systems in a research note on Monday, August 20th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised Cisco Systems from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research note on Tuesday, July 17th. Nine investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Cisco Systems has a consensus rating of “Buy” and an average target price of $47.76.
In related news, EVP David Goeckeler sold 63,050 shares of the stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $47.57, for a total transaction of $2,999,288.50. Following the completion of the sale, the executive vice president now directly owns 547,019 shares of the company’s stock, valued at $26,021,693.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Charles Robbins sold 217,420 shares of the stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $47.28, for a total value of $10,279,617.60. The disclosure for this sale can be found here. Insiders have sold 450,620 shares of company stock valued at $21,322,282 over the last ninety days. 0.05% of the stock is currently owned by company insiders.
About Cisco Systems
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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