Knowledge Leaders Capital LLC boosted its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.9% during the third quarter, Holdings Channel reports. The institutional investor owned 106,203 shares of the network equipment provider’s stock after purchasing an additional 1,971 shares during the quarter. Cisco Systems comprises approximately 4.4% of Knowledge Leaders Capital LLC’s portfolio, making the stock its 9th largest holding. Knowledge Leaders Capital LLC’s holdings in Cisco Systems were worth $5,167,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in CSCO. Bank of New York Mellon Corp grew its stake in Cisco Systems by 193,168.7% in the third quarter. Bank of New York Mellon Corp now owns 104,741,949 shares of the network equipment provider’s stock valued at $5,095,693,000 after purchasing an additional 104,687,754 shares in the last quarter. Morgan Stanley grew its stake in Cisco Systems by 15.9% in the second quarter. Morgan Stanley now owns 50,957,358 shares of the network equipment provider’s stock valued at $2,192,694,000 after purchasing an additional 7,009,359 shares in the last quarter. Loomis Sayles & Co. L P grew its stake in Cisco Systems by 1.0% in the third quarter. Loomis Sayles & Co. L P now owns 23,312,087 shares of the network equipment provider’s stock valued at $1,134,133,000 after purchasing an additional 230,344 shares in the last quarter. Fisher Asset Management LLC grew its stake in Cisco Systems by 11.9% in the third quarter. Fisher Asset Management LLC now owns 20,099,819 shares of the network equipment provider’s stock valued at $977,856,000 after purchasing an additional 2,129,952 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in Cisco Systems by 2.8% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 15,712,576 shares of the network equipment provider’s stock valued at $764,417,000 after purchasing an additional 432,802 shares in the last quarter. 68.13% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have weighed in on the company. Bank of America restated a “buy” rating and issued a $56.00 price target on shares of Cisco Systems in a research note on Thursday, February 14th. Credit Suisse Group raised their price target on Cisco Systems from $44.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. MKM Partners raised their price target on Cisco Systems to $54.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. KeyCorp raised their price target on Cisco Systems from $53.00 to $55.00 and gave the company an “overweight” rating in a research note on Thursday, February 14th. Finally, Morgan Stanley downgraded Cisco Systems from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $51.00 to $49.00 in a research note on Tuesday, February 12th. Seven analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $53.36.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, February 13th. The network equipment provider reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.01. The business had revenue of $12.45 billion during the quarter, compared to analysts’ expectations of $12.43 billion. Cisco Systems had a return on equity of 27.58% and a net margin of 25.31%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the firm posted $0.63 EPS. As a group, equities research analysts forecast that Cisco Systems, Inc. will post 2.74 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 24th. Investors of record on Friday, April 5th will be issued a dividend of $0.35 per share. This is a boost from Cisco Systems’s previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Thursday, April 4th. Cisco Systems’s dividend payout ratio (DPR) is presently 56.41%.
Cisco Systems declared that its Board of Directors has authorized a stock buyback plan on Wednesday, February 13th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the network equipment provider to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Cisco Systems news, Director Roderick C. Mcgeary sold 15,000 shares of Cisco Systems stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $49.66, for a total value of $744,900.00. Following the completion of the transaction, the director now directly owns 102,898 shares of the company’s stock, valued at approximately $5,109,914.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kelly A. Kramer sold 70,000 shares of Cisco Systems stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $51.70, for a total value of $3,619,000.00. Following the completion of the transaction, the chief financial officer now directly owns 420,696 shares of the company’s stock, valued at $21,749,983.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 119,744 shares of company stock valued at $6,135,021. 0.03% of the stock is currently owned by insiders.
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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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