Westchester Capital Management Inc. Lowers Position in Cisco Systems, Inc. (CSCO)
Westchester Capital Management Inc. lowered its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 266,511 shares of the network equipment provider’s stock after selling 85 shares during the period. Cisco Systems comprises 4.3% of Westchester Capital Management Inc.’s investment portfolio, making the stock its 6th largest position. Westchester Capital Management Inc.’s holdings in Cisco Systems were worth $9,008,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in CSCO. Charter Trust Co. increased its position in Cisco Systems by 0.5% in the first quarter. Charter Trust Co. now owns 103,949 shares of the network equipment provider’s stock valued at $3,514,000 after buying an additional 471 shares during the period. Raymond James Trust N.A. increased its position in Cisco Systems by 2.6% in the first quarter. Raymond James Trust N.A. now owns 400,426 shares of the network equipment provider’s stock valued at $13,534,000 after buying an additional 10,257 shares during the period. Weaver C. Barksdale & Associates Inc. increased its position in Cisco Systems by 31.4% in the first quarter. Weaver C. Barksdale & Associates Inc. now owns 42,365 shares of the network equipment provider’s stock valued at $1,432,000 after buying an additional 10,130 shares during the period. New England Research & Management Inc. increased its position in Cisco Systems by 18.4% in the first quarter. New England Research & Management Inc. now owns 66,797 shares of the network equipment provider’s stock valued at $2,258,000 after buying an additional 10,397 shares during the period. Finally, Nepsis Capital Management Inc. bought a new position in Cisco Systems during the first quarter valued at $6,366,000. Institutional investors own 74.68% of the company’s stock.
Cisco Systems, Inc. (CSCO) traded up 0.78% during mid-day trading on Thursday, reaching $32.24. The company’s stock had a trading volume of 7,445,324 shares. The firm has a market capitalization of $160.97 billion, a price-to-earnings ratio of 16.97 and a beta of 1.24. Cisco Systems, Inc. has a 52 week low of $29.12 and a 52 week high of $34.60. The company’s 50-day moving average price is $31.47 and its 200 day moving average price is $32.56.
Cisco Systems (NASDAQ:CSCO) last announced its 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. The business had revenue of $12.13 billion during the quarter, compared to the consensus estimate of $12.07 billion. Cisco Systems had a net margin of 20.02% and a return on equity of 16.91%. The business’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 earnings per share. On average, equities analysts forecast that Cisco Systems, Inc. will post $2.43 earnings per share for the current fiscal year.
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CSCO has been the topic of a number of recent analyst reports. BMO Capital Markets cut Cisco Systems from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $37.00 to $35.00 in a report on Tuesday, May 9th. Drexel Hamilton reissued a “buy” rating and set a $40.00 price target on shares of Cisco Systems in a report on Tuesday, May 16th. Royal Bank Of Canada reissued an “outperform” rating and set a $36.00 price target (down from $37.00) on shares of Cisco Systems in a report on Thursday, May 18th. Zacks Investment Research cut Cisco Systems from a “hold” rating to a “sell” rating in a report on Monday, May 15th. Finally, Morgan Stanley raised Cisco Systems from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $33.45 to $39.00 in a report on Monday, May 15th. Fifteen analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $35.47.
In other Cisco Systems news, SVP Karen Walker sold 7,802 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $31.29, for a total transaction of $244,124.58. Following the transaction, the senior vice president now directly owns 178,577 shares in the company, valued at approximately $5,587,674.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John T. Chambers sold 250,000 shares of the stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $31.14, for a total transaction of $7,785,000.00. Following the transaction, the insider now owns 729,305 shares in the company, valued at $22,710,557.70. The disclosure for this sale can be found here. Insiders sold 350,642 shares of company stock valued at $10,973,081 over the last 90 days. Insiders own 0.11% of the company’s stock.
Cisco Systems Company 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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