Private Capital Management Inc. decreased its stake in shares of Cisco Systems Inc. (NASDAQ:CSCO) by 7.3% during the second quarter, Holdings Channel reports. The firm owned 25,250 shares of the network equipment provider’s stock after selling 2,000 shares during the period. Private Capital Management Inc.’s holdings in Cisco Systems were worth $724,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also 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 period. Primecap Management Co. CA raised its stake in shares of 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 during the last quarter. Panagora Asset Management Inc. raised its stake in shares of 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 during the last quarter. Loomis Sayles & Co. L P raised its stake in shares of Cisco Systems by 7.7% in the first quarter. Loomis Sayles & Co. L P now owns 34,340,695 shares of the network equipment provider’s stock worth $977,679,000 after buying an additional 2,469,580 shares during the last quarter. Finally, Investec Asset Management LTD raised its stake in shares of Cisco Systems by 5.7% in the first quarter. Investec Asset Management LTD now owns 10,819,690 shares of the network equipment provider’s stock worth $308,037,000 after buying an additional 581,688 shares during the last quarter. Institutional investors and hedge funds own 75.04% of the company’s stock.
Shares of Cisco Systems Inc. (NASDAQ:CSCO) traded up 0.26% during midday trading on Tuesday, reaching $31.10. The company’s stock had a trading volume of 15,878,662 shares. The company has a 50 day moving average of $31.10 and a 200-day moving average of $29.07. The stock has a market capitalization of $155.95 billion, a price-to-earnings ratio of 14.74 and a beta of 1.37. Cisco Systems Inc. has a 52 week low of $22.46 and a 52 week high of $31.95.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, August 17th. The network equipment provider reported $0.63 EPS for the quarter, beating 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 company earned $12.60 billion during the quarter, compared to analysts’ expectations of $12.57 billion. During the same quarter last year, the company posted $0.59 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. Equities research analysts predict that Cisco Systems Inc. will post $2.43 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Wednesday, October 5th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $1.04 annualized dividend and a dividend yield of 3.34%. Cisco Systems’s dividend payout ratio (DPR) is currently 49.06%.
CSCO has been the subject of a number of research reports. Barclays PLC boosted their price target on Cisco Systems from $31.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, August 15th. Drexel Hamilton reiterated a “buy” rating and issued a $36.00 price target on shares of Cisco Systems in a report on Tuesday, August 16th. Argus reiterated a “buy” rating and issued a $34.00 price target on shares of Cisco Systems in a report on Thursday, July 7th. Jefferies Group reiterated a “buy” rating and issued a $35.00 price target on shares of Cisco Systems in a report on Monday, August 29th. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $32.00 price target on shares of Cisco Systems in a report on Sunday, July 10th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-four have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $32.11.
In other news, Director Carol Bartz sold 15,000 shares of Cisco Systems stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $31.25, for a total transaction of $468,750.00. Following the completion of the sale, the director now directly owns 23,104 shares of the company’s stock, valued at approximately $722,000. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John T. Chambers sold 541,666 shares of Cisco Systems stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $31.08, for a total transaction of $16,834,979.28. Following the sale, the insider now directly owns 2,008,697 shares of the company’s stock, valued at $62,430,302.76. The disclosure for this sale can be found here. Insiders own 0.13% of the company’s stock.
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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