Sterneck Capital Management LLC increased its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 5.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,086 shares of the network equipment provider’s stock after purchasing an additional 1,292 shares during the period. Sterneck Capital Management LLC’s holdings in Cisco Systems were worth $909,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Hoey Investments Inc. purchased a new position in Cisco Systems in the 2nd quarter worth approximately $26,000. FNY Investment Advisers LLC lifted its holdings in Cisco Systems by 79,900.0% in the 3rd quarter. FNY Investment Advisers LLC now owns 800 shares of the network equipment provider’s stock worth $31,000 after purchasing an additional 799 shares in the last quarter. Emerald Advisers LLC purchased a new position in Cisco Systems in the 2nd quarter worth approximately $38,000. Larson Financial Group LLC lifted its holdings in Cisco Systems by 61.1% in the 2nd quarter. Larson Financial Group LLC now owns 939 shares of the network equipment provider’s stock worth $44,000 after purchasing an additional 356 shares in the last quarter. Finally, Ovata Capital Management Ltd purchased a new position in Cisco Systems in the 2nd quarter worth approximately $44,000. 71.28% of the stock is currently owned by institutional investors.
CSCO has been the topic of a number of research analyst reports. Goldman Sachs Group reissued a “neutral” rating and issued a $45.00 price target on shares of Cisco Systems in a report on Thursday, August 13th. Bank of America decreased their price objective on Cisco Systems from $52.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, September 16th. UBS Group initiated coverage on Cisco Systems in a report on Wednesday, September 23rd. They set a “neutral” rating and a $41.00 price objective on the stock. Citigroup cut Cisco Systems from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $48.00 to $43.00 in a report on Monday, October 12th. Finally, Wolfe Research cut Cisco Systems from an “outperform” rating to a “peer perform” rating and set a $42.00 price objective on the stock. in a report on Friday, September 18th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $47.45.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, August 12th. The network equipment provider reported $0.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.06. The company had revenue of $12.15 billion for the quarter, compared to analyst estimates of $12.09 billion. Cisco Systems had a return on equity of 34.75% and a net margin of 22.75%. During the same quarter in the prior year, the firm posted $0.83 EPS. Equities analysts forecast that Cisco Systems, Inc. will post 2.8 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 21st. Shareholders of record on Friday, October 2nd will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 3.59%. The ex-dividend date of this dividend is Thursday, October 1st. Cisco Systems’s dividend payout ratio (DPR) is presently 49.32%.
In other Cisco Systems news, CFO Kelly A. Kramer sold 45,000 shares of the company’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $42.01, for a total value of $1,890,450.00. Also, CAO Prat Bhatt sold 2,873 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $42.11, for a total value of $120,982.03. Following the completion of the transaction, the chief accounting officer now directly owns 82,006 shares in the company, valued at approximately $3,453,272.66. The disclosure for this sale can be found here. Insiders sold a total of 60,166 shares of company stock worth $2,528,248 in the last ninety days. 0.03% of the stock is currently owned by corporate insiders.
Cisco Systems 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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