Private Asset Management Inc. Has $4.58 Million Position in Cisco Systems, Inc. (CSCO)
Private Asset Management Inc. lessened its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 6.1% during the second quarter, HoldingsChannel.com reports. The fund owned 106,323 shares of the network equipment provider’s stock after selling 6,883 shares during the period. Private Asset Management Inc.’s holdings in Cisco Systems were worth $4,575,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Knights of Columbus Asset Advisors LLC increased its holdings in Cisco Systems by 47.1% during the 1st quarter. Knights of Columbus Asset Advisors LLC now owns 121,025 shares of the network equipment provider’s stock worth $5,191,000 after acquiring an additional 38,725 shares during the period. Covington Investment Advisors Inc. bought a new stake in Cisco Systems during the 1st quarter worth approximately $5,331,000. Winfield Associates Inc. increased its holdings in Cisco Systems by 121.0% during the 1st quarter. Winfield Associates Inc. now owns 4,671 shares of the network equipment provider’s stock worth $200,000 after acquiring an additional 2,557 shares during the period. United Capital Financial Advisers LLC increased its holdings in shares of Cisco Systems by 2.8% in the 1st quarter. United Capital Financial Advisers LLC now owns 2,078,752 shares of the network equipment provider’s stock worth $89,158,000 after buying an additional 56,027 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of Cisco Systems by 29.6% in the 1st quarter. KBC Group NV now owns 2,095,433 shares of the network equipment provider’s stock worth $89,873,000 after buying an additional 478,673 shares during the last quarter. 71.39% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on the stock. Piper Jaffray Companies set a $50.00 price target on shares of Cisco Systems and gave the stock a “buy” rating in a report on Tuesday, September 11th. Morgan Stanley increased their price target on shares of Cisco Systems from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Tuesday, September 4th. BidaskClub raised shares of Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 25th. Loop Capital reissued a “hold” rating and issued a $47.00 price target on shares of Cisco Systems in a report on Monday, August 20th. They noted that the move was a valuation call. Finally, Credit Suisse Group increased their price target on shares of Cisco Systems from $41.00 to $43.00 and gave the stock a “hold” rating in a report on Thursday, August 16th. Nine equities research 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.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 15th. The network equipment provider reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.01. Cisco Systems had a net margin of 0.22% and a return on equity of 22.12%. The company had revenue of $12.84 billion during the quarter, compared to analysts’ expectations of $12.76 billion. During the same quarter in the prior year, the company earned $0.61 EPS. The firm’s revenue was up 5.9% on a year-over-year basis. equities research analysts forecast that Cisco Systems, Inc. will post 2.67 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th will be paid a $0.33 dividend. The ex-dividend date is Thursday, October 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.72%. Cisco Systems’s dividend payout ratio (DPR) is 56.41%.
In other Cisco Systems news, CFO Kelly A. Kramer sold 70,000 shares of the stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $47.20, for a total transaction of $3,304,000.00. Following the completion of the sale, the chief financial officer now owns 720,930 shares of the company’s stock, valued at approximately $34,027,896. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark D. Chandler sold 31,842 shares of the stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $47.20, for a total transaction of $1,502,942.40. The disclosure for this sale can be found here. Insiders sold a total of 450,620 shares of company stock valued at $21,322,282 in the last ninety days. 0.05% of the stock is owned by corporate insiders.
Cisco Systems Company Profile
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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