Adell Harriman & Carpenter Inc. boosted its stake in Cisco Systems Inc. (NASDAQ:CSCO) by 17.9% during the second quarter, Holdings Channel reports. The fund owned 183,241 shares of the network equipment provider’s stock after buying an additional 27,885 shares during the period. Cisco Systems makes up approximately 1.4% of Adell Harriman & Carpenter Inc.’s holdings, making the stock its 28th largest position. Adell Harriman & Carpenter Inc.’s holdings in Cisco Systems were worth $5,257,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. British Columbia Investment Management Corp raised its position in shares of Cisco Systems by 4.4% in the second quarter. British Columbia Investment Management Corp now owns 3,099,966 shares of the network equipment provider’s stock valued at $88,938,000 after buying an additional 129,545 shares during the last quarter. Eagle Asset Management Inc. raised its position in Cisco Systems by 3.8% in the second quarter. Eagle Asset Management Inc. now owns 5,101,847 shares of the network equipment provider’s stock worth $146,372,000 after buying an additional 189,013 shares in the last quarter. Primecap Management Co. CA raised its position in Cisco Systems by 16.0% in the first quarter. Primecap Management Co. CA now owns 29,127,015 shares of the network equipment provider’s stock worth $829,246,000 after buying an additional 4,013,625 shares in the last quarter. Panagora Asset Management Inc. raised its position in Cisco Systems by 1.4% in the first quarter. Panagora Asset Management Inc. now owns 4,952,008 shares of the network equipment provider’s stock worth $140,984,000 after buying an additional 70,367 shares in the last quarter. Finally, Rockefeller Financial Services Inc. raised its position in Cisco Systems by 12.8% in the second quarter. Rockefeller Financial Services Inc. now owns 439,424 shares of the network equipment provider’s stock worth $12,607,000 after buying an additional 50,020 shares in the last quarter. Institutional investors and hedge funds own 75.00% of the company’s stock.
Shares of Cisco Systems Inc. (NASDAQ:CSCO) traded down 0.95% during trading on Monday, reaching $31.42. The company had a trading volume of 7,837,853 shares. The stock has a market capitalization of $157.55 billion, a price-to-earnings ratio of 14.89 and a beta of 1.48. Cisco Systems Inc. has a 1-year low of $22.46 and a 1-year high of $31.95. The company’s 50 day moving average is $31.24 and its 200-day moving average is $29.30.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, August 17th. The network equipment provider reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.03. Cisco Systems had a net margin of 21.81% and a return on equity of 17.64%. The business had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.57 billion. During the same period in the previous year, the company earned $0.59 earnings per share. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, equities research analysts anticipate that Cisco Systems Inc. will post $2.43 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Wednesday, October 5th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend is Monday, October 3rd. Cisco Systems’s dividend payout ratio is currently 49.06%.
A number of research analysts have recently weighed in on the company. Cowen and Company restated a “buy” rating on shares of Cisco Systems in a report on Tuesday, July 12th. Goldman Sachs Group Inc. restated a “neutral” rating and issued 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 lowered Cisco Systems from a “buy” rating to a “hold” rating and set a $32.05 target price on the stock. in a report on Tuesday, September 13th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-four have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $32.43.
In other Cisco Systems news, Director Steven M. West sold 15,000 shares of Cisco Systems stock in a transaction on Wednesday, July 20th. The shares were sold at an average price of $30.20, for a total value of $453,000.00. Following the transaction, the director now directly owns 26,804 shares of the company’s stock, valued at $809,480.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Mark D. Chandler sold 62,910 shares of Cisco Systems stock in a transaction on Friday, September 23rd. The stock was sold at an average price of $31.40, for a total transaction of $1,975,374.00. Following the completion of the transaction, the senior vice president now directly owns 286,628 shares in the company, valued at $9,000,119.20. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by company insiders.
Cisco Systems Company Profile
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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