Cisco Systems, Inc. (NASDAQ:CSCO) is Westchester Capital Management Inc.’s 6th Largest Position

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Westchester Capital Management Inc. trimmed its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 230,091 shares of the network equipment provider’s stock after selling 590 shares during the period. Cisco Systems comprises 4.5% of Westchester Capital Management Inc.’s holdings, making the stock its 6th biggest position. Westchester Capital Management Inc.’s holdings in Cisco Systems were worth $11,369,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Neville Rodie & Shaw Inc. grew its position in shares of Cisco Systems by 6.3% during the 2nd quarter. Neville Rodie & Shaw Inc. now owns 69,516 shares of the network equipment provider’s stock valued at $3,805,000 after purchasing an additional 4,100 shares in the last quarter. Bath Savings Trust Co grew its position in shares of Cisco Systems by 1.7% during the 2nd quarter. Bath Savings Trust Co now owns 21,082 shares of the network equipment provider’s stock valued at $1,153,000 after purchasing an additional 356 shares in the last quarter. Private Trust Co. NA grew its position in shares of Cisco Systems by 0.4% during the 2nd quarter. Private Trust Co. NA now owns 74,379 shares of the network equipment provider’s stock valued at $4,070,000 after purchasing an additional 315 shares in the last quarter. Baystate Wealth Management LLC grew its position in shares of Cisco Systems by 2.0% during the 2nd quarter. Baystate Wealth Management LLC now owns 10,228 shares of the network equipment provider’s stock valued at $600,000 after purchasing an additional 202 shares in the last quarter. Finally, Dorsey Wright & Associates grew its position in shares of Cisco Systems by 557.4% during the 2nd quarter. Dorsey Wright & Associates now owns 40,735 shares of the network equipment provider’s stock valued at $2,229,000 after purchasing an additional 34,539 shares in the last quarter. 73.27% of the stock is owned by institutional investors.

Several brokerages recently issued reports on CSCO. JPMorgan Chase & Co. set a $62.00 target price on shares of Cisco Systems and gave the stock a “buy” rating in a research report on Monday, August 12th. Goldman Sachs Group lowered shares of Cisco Systems from a “buy” rating to a “neutral” rating and cut their target price for the stock from $56.00 to $48.00 in a research report on Thursday, October 10th. Cowen cut their target price on shares of Cisco Systems from $65.00 to $61.00 and set an “outperform” rating for the company in a research report on Thursday, August 15th. Morgan Stanley cut their target price on shares of Cisco Systems from $51.00 to $49.00 and set an “equal weight” rating for the company in a research report on Thursday, August 15th. Finally, ValuEngine lowered shares of Cisco Systems from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $55.92.

Cisco Systems stock traded up $0.41 during mid-day trading on Friday, hitting $48.83. The company’s stock had a trading volume of 14,406,400 shares, compared to its average volume of 20,421,934. Cisco Systems, Inc. has a 12 month low of $40.25 and a 12 month high of $58.26. The stock has a market cap of $202.69 billion, a price-to-earnings ratio of 17.13, a price-to-earnings-growth ratio of 2.30 and a beta of 1.28. The business has a 50 day moving average price of $47.56 and a 200-day moving average price of $52.07. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.46.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.01. Cisco Systems had a net margin of 22.39% and a return on equity of 32.43%. The company had revenue of $13.43 billion during the quarter, compared to the consensus estimate of $13.39 billion. During the same period in the prior year, the firm earned $0.70 earnings per share. Cisco Systems’s revenue was up 4.5% on a year-over-year basis. On average, equities research analysts expect that Cisco Systems, Inc. will post 3.03 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend was Thursday, October 3rd. Cisco Systems’s payout ratio is currently 49.12%.

In other Cisco Systems news, SVP Irving Tan sold 22,896 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $49.42, for a total value of $1,131,520.32. Following the sale, the senior vice president now owns 154,819 shares in the company, valued at $7,651,154.98. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Mark D. Chandler sold 546 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $47.92, for a total transaction of $26,164.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 193,130 shares of company stock worth $9,359,179. Corporate insiders own 0.03% of the company’s stock.

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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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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