Sanders Morris Harris LLC acquired a new position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 7,625 shares of the network equipment provider’s stock, valued at approximately $304,000.
A number of other hedge funds have also made changes to their positions in the stock. Nordea Investment Management AB grew its holdings in Cisco Systems by 103.2% during the second quarter. Nordea Investment Management AB now owns 48,175,664 shares of the network equipment provider’s stock worth $2,249,322,000 after acquiring an additional 24,469,149 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Cisco Systems by 20.9% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 22,137,775 shares of the network equipment provider’s stock valued at $1,024,437,000 after purchasing an additional 3,834,365 shares during the last quarter. First Trust Advisors LP grew its holdings in Cisco Systems by 33.4% in the second quarter. First Trust Advisors LP now owns 22,129,042 shares of the network equipment provider’s stock valued at $1,032,099,000 after purchasing an additional 5,546,028 shares during the last quarter. FIL Ltd grew its holdings in Cisco Systems by 7.7% in the second quarter. FIL Ltd now owns 20,460,182 shares of the network equipment provider’s stock valued at $954,263,000 after purchasing an additional 1,462,318 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Cisco Systems by 3.9% in the second quarter. Swiss National Bank now owns 17,476,145 shares of the network equipment provider’s stock valued at $815,087,000 after purchasing an additional 650,500 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ CSCO traded up $0.19 during trading hours on Friday, hitting $40.16. 21,295,117 shares of the company’s stock were exchanged, compared to its average volume of 25,676,566. The business’s 50 day moving average is $39.95 and its 200-day moving average is $43.30. Cisco Systems, Inc. has a 12-month low of $32.40 and a 12-month high of $50.28. The firm has a market capitalization of $170.01 billion, a P/E ratio of 15.27, a price-to-earnings-growth ratio of 2.16 and a beta of 0.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.67 and a current ratio of 1.72.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 12th. The network equipment provider reported $0.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.06. Cisco Systems had a return on equity of 34.75% and a net margin of 22.75%. The firm had revenue of $12.15 billion for the quarter, compared to the consensus estimate of $12.09 billion. During the same period in the prior year, the business posted $0.83 earnings per share. As a group, equities research analysts anticipate that Cisco Systems, Inc. will post 2.8 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 21st. Stockholders of record on Friday, October 2nd will be issued a $0.36 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.59%. Cisco Systems’s dividend payout ratio (DPR) is 49.32%.
In other news, CFO Kelly A. Kramer sold 45,000 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $42.01, for a total value of $1,890,450.00. Also, EVP Irving Tan sold 4,141 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $42.08, for a total value of $174,253.28. Following the completion of the transaction, the executive vice president now owns 125,860 shares in the company, valued at $5,296,188.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 60,166 shares of company stock worth $2,528,248. Company insiders own 0.03% of the company’s stock.
Several analysts have weighed in on the company. JPMorgan Chase & Co. lowered their target price on Cisco Systems from $50.00 to $46.00 and set a “neutral” rating on the stock in a report on Thursday, August 13th. Robert W. Baird reissued a “hold” rating and issued a $48.00 target price on shares of Cisco Systems in a report on Monday, August 10th. ValuEngine lowered Cisco Systems from a “hold” rating to a “sell” rating in a report on Thursday, October 1st. Bank of America lowered their target price on Cisco Systems from $52.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, September 16th. Finally, Wolfe Research downgraded Cisco Systems from an “outperform” rating to a “peer perform” rating and set a $42.00 price objective on the stock. in a research report on Friday, September 18th. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $47.45.
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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