NorthRock Partners LLC raised its stake in Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 7.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 59,993 shares of the network equipment provider’s stock after acquiring an additional 4,363 shares during the period. NorthRock Partners LLC’s holdings in Cisco Systems were worth $4,162,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the stock. Kornitzer Capital Management Inc. KS grew its holdings in shares of Cisco Systems by 0.7% during the first quarter. Kornitzer Capital Management Inc. KS now owns 892,064 shares of the network equipment provider’s stock worth $55,049,000 after buying an additional 6,501 shares in the last quarter. Golden State Wealth Management LLC grew its stake in Cisco Systems by 10.8% in the first quarter. Golden State Wealth Management LLC now owns 6,298 shares of the network equipment provider’s stock valued at $389,000 after purchasing an additional 612 shares in the last quarter. Shell Asset Management Co. grew its stake in Cisco Systems by 53.3% in the second quarter. Shell Asset Management Co. now owns 77,234 shares of the network equipment provider’s stock valued at $5,358,000 after purchasing an additional 26,840 shares in the last quarter. Acadian Asset Management LLC grew its stake in Cisco Systems by 255.9% in the first quarter. Acadian Asset Management LLC now owns 7,819,547 shares of the network equipment provider’s stock valued at $482,509,000 after purchasing an additional 5,622,672 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Cisco Systems by 28.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,037,909 shares of the network equipment provider’s stock valued at $249,180,000 after purchasing an additional 904,548 shares in the last quarter. Institutional investors own 73.33% of the company’s stock.
Cisco Systems Stock Performance
NASDAQ:CSCO opened at $67.94 on Monday. The stock has a market cap of $268.58 billion, a P/E ratio of 25.93, a PEG ratio of 2.86 and a beta of 0.97. The stock has a 50 day simple moving average of $68.24 and a 200 day simple moving average of $64.90. The company has a current ratio of 1.00, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. Cisco Systems, Inc. has a 1-year low of $52.11 and a 1-year high of $72.55.
Cisco Systems Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Shareholders of record on Friday, October 3rd will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, October 3rd. Cisco Systems’s dividend payout ratio (DPR) is 62.60%.
Insider Buying and Selling
In other news, insider Jeetendra I. Patel sold 9,061 shares of the business’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $66.60, for a total transaction of $603,462.60. Following the completion of the transaction, the insider owned 237,405 shares of the company’s stock, valued at approximately $15,811,173. The trade was a 3.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Charles Robbins sold 30,557 shares of the business’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $66.63, for a total value of $2,036,012.91. Following the transaction, the chief executive officer directly owned 639,000 shares of the company’s stock, valued at $42,576,570. This trade represents a 4.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,965 shares of company stock worth $5,559,996. 0.01% of the stock is owned by company insiders.
Analyst Ratings Changes
A number of research firms have weighed in on CSCO. JPMorgan Chase & Co. raised their price target on Cisco Systems from $73.00 to $78.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. Evercore ISI raised their price target on Cisco Systems from $72.00 to $74.00 and gave the company an “in-line” rating in a research note on Thursday, August 14th. HSBC reaffirmed a “hold” rating and issued a $69.00 price objective on shares of Cisco Systems in a research report on Friday, August 15th. Wells Fargo & Company raised their price objective on Cisco Systems from $75.00 to $83.00 and gave the company an “overweight” rating in a research report on Thursday, August 14th. Finally, Wolfe Research started coverage on Cisco Systems in a research report on Tuesday, July 8th. They issued a “peer perform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, Cisco Systems presently has a consensus rating of “Moderate Buy” and an average price target of $74.89.
Read Our Latest Stock Analysis on Cisco Systems
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 in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.
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