Sumitomo Life Insurance Co. increased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 181,490 shares of the network equipment provider’s stock after purchasing an additional 325 shares during the period. Cisco Systems accounts for 0.7% of Sumitomo Life Insurance Co.’s portfolio, making the stock its 29th largest holding. Sumitomo Life Insurance Co.’s holdings in Cisco Systems were worth $5,681,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in CSCO. Watermark Asset Management Inc. bought a new stake in Cisco Systems in the 1st quarter valued at $122,000. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its holdings in Cisco Systems by 15.0% in the 1st quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 4,300 shares of the network equipment provider’s stock valued at $145,000 after acquiring an additional 560 shares during the last quarter. Baystate Wealth Management LLC increased its holdings in Cisco Systems by 24.5% in the 1st quarter. Baystate Wealth Management LLC now owns 7,537 shares of the network equipment provider’s stock valued at $146,000 after acquiring an additional 1,484 shares during the last quarter. Riggs Asset Managment Co. Inc. increased its holdings in Cisco Systems by 23.1% in the 1st quarter. Riggs Asset Managment Co. Inc. now owns 4,393 shares of the network equipment provider’s stock valued at $148,000 after acquiring an additional 823 shares during the last quarter. Finally, Thompson Davis & CO. Inc. increased its holdings in Cisco Systems by 14.3% in the 1st quarter. Thompson Davis & CO. Inc. now owns 4,441 shares of the network equipment provider’s stock valued at $150,000 after acquiring an additional 555 shares during the last quarter. Hedge funds and other institutional investors own 75.38% of the company’s stock.
In other Cisco Systems news, CAO Prat Bhatt sold 25,638 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $32.06, for a total transaction of $821,954.28. Following the sale, the chief accounting officer now owns 119,996 shares of the company’s stock, valued at $3,847,071.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John T. Chambers sold 250,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $31.14, for a total transaction of $7,785,000.00. Following the sale, the insider now directly owns 729,305 shares in the company, valued at approximately $22,710,557.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 485,138 shares of company stock worth $15,347,574. 0.11% of the stock is owned by corporate insiders.
CSCO has been the topic of a number of research reports. Vetr upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $32.45 price target on the stock in a report on Thursday, July 6th. BidaskClub upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a report on Wednesday, June 28th. Drexel Hamilton reiterated a “buy” rating and issued a $39.00 price target on shares of Cisco Systems in a report on Sunday, June 25th. Sanford C. Bernstein set a $38.00 price target on shares of Cisco Systems and gave the company a “buy” rating in a report on Saturday, July 1st. Finally, Deutsche Bank AG set a $40.00 price target on shares of Cisco Systems and gave the company a “buy” rating in a report on Wednesday, August 2nd. Fifteen investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Cisco Systems has a consensus rating of “Buy” and an average price target of $35.30.
Cisco Systems, Inc. (CSCO) opened at 33.26 on Friday. Cisco Systems, Inc. has a 1-year low of $29.12 and a 1-year high of $34.60. The company’s 50 day moving average is $32.70 and its 200 day moving average is $32.35. The company has a market cap of $164.70 billion, a price-to-earnings ratio of 17.51 and a beta of 1.21.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, August 16th. The network equipment provider reported $0.61 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. The firm had revenue of $12.13 billion for the quarter, compared to analysts’ expectations of $12.07 billion. Cisco Systems had a net margin of 20.02% and a return on equity of 16.91%. The firm’s revenue was down 4.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 earnings per share. Equities research analysts forecast that Cisco Systems, Inc. will post $2.43 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Thursday, October 5th will be issued a $0.29 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $1.16 annualized dividend and a yield of 3.49%. Cisco Systems’s dividend payout ratio (DPR) is 60.73%.
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Cisco Systems 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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