Davidson & Garrard Inc. raised its stake in Cisco Systems Inc. (NASDAQ:CSCO) by 2.7% during the second quarter, Holdings Channel reports. The fund owned 126,987 shares of the network equipment provider’s stock after buying an additional 3,394 shares during the period. Davidson & Garrard Inc.’s holdings in Cisco Systems were worth $3,643,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Sun Life Financial INC bought a new stake in shares of Cisco Systems during the first quarter valued at about $63,773,000. Riggs Asset Managment Co. Inc. boosted its position in Cisco Systems by 6.7% in the second quarter. Riggs Asset Managment Co. Inc. now owns 3,570 shares of the network equipment provider’s stock worth $102,000 after buying an additional 225 shares in the last quarter. Financial Management Professionals Inc. boosted its position in Cisco Systems by 25.7% in the second quarter. Financial Management Professionals Inc. now owns 4,389 shares of the network equipment provider’s stock worth $125,000 after buying an additional 896 shares in the last quarter. Mercer Capital Advisers Inc. boosted its position in Cisco Systems by 0.7% in the second quarter. Mercer Capital Advisers Inc. now owns 4,760 shares of the network equipment provider’s stock worth $137,000 after buying an additional 35 shares in the last quarter. Finally, Parasol Investment Management LLC boosted its position in Cisco Systems by 94.1% in the second quarter. Parasol Investment Management LLC now owns 5,240 shares of the network equipment provider’s stock worth $150,000 after buying an additional 2,540 shares in the last quarter. 75.00% of the stock is owned by institutional investors and hedge funds.
Shares of Cisco Systems Inc. (NASDAQ:CSCO) traded up 0.048% during trading on Wednesday, reaching $31.495. The company’s stock had a trading volume of 9,661,023 shares. Cisco Systems Inc. has a 12 month low of $22.46 and a 12 month high of $31.95. The company’s 50-day moving average is $31.19 and its 200-day moving average is $29.24. The company has a market capitalization of $157.93 billion, a P/E ratio of 14.927 and a beta of 1.37.
Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, August 17th. The network equipment provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.03. Cisco Systems had a net margin of 21.81% and a return on equity of 17.64%. The company earned $12.60 billion during the quarter, compared to analysts’ expectations of $12.57 billion. During the same quarter in the previous year, the company posted $0.59 earnings per share. Cisco Systems’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, analysts forecast that Cisco Systems Inc. will post $2.43 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Wednesday, October 5th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date is Monday, October 3rd. Cisco Systems’s dividend payout ratio (DPR) is currently 49.06%.
A number of equities analysts have recently weighed in on the company. Cowen and Company reiterated a “buy” rating on shares of Cisco Systems in a report on Tuesday, July 12th. Goldman Sachs Group Inc. restated a “neutral” rating and set a $32.00 target price on shares of Cisco Systems in a report on Thursday, August 18th. Morgan Stanley raised their target price on Cisco Systems from $28.00 to $30.00 and gave the company an “equal weight” rating in a report on Thursday, August 18th. JPMorgan Chase & Co. restated a “hold” rating on shares of Cisco Systems in a report on Wednesday, June 8th. Finally, Vetr cut Cisco Systems from a “buy” rating to a “hold” rating and set a $32.05 target price for the company. in a report on Tuesday, September 13th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and twenty-four have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $32.43.
In related news, SVP Mark D. Chandler sold 25,024 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $30.44, for a total value of $761,730.56. Following the completion of the transaction, the senior vice president now owns 229,905 shares in the company, valued at approximately $6,998,308.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Charles Robbins sold 148,800 shares of the business’s stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $31.01, for a total transaction of $4,614,288.00. Following the completion of the transaction, the chief executive officer now owns 629,813 shares of the company’s stock, valued at approximately $19,530,501.13. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by corporate insiders.
About Cisco Systems
Cisco System, Inc (Cisco) designs and sells lines of products, provides services and delivers integrated solutions to develop and connect networks around the world, building the Internet. The Company is engaged in designing, manufacturing and selling Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry, and provides services associated with these products and their use.
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