Ledyard National Bank increased its position in Cisco Systems Inc. (NASDAQ:CSCO) by 17.1% during the second quarter, Holdings Channel reports. The institutional investor owned 310,093 shares of the network equipment provider’s stock after buying an additional 45,233 shares during the period. Cisco Systems comprises about 1.6% of Ledyard National Bank’s holdings, making the stock its 12th largest position. Ledyard National Bank’s holdings in Cisco Systems were worth $8,897,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. Douglas Lane & Associates LLC acquired a new position in Cisco Systems during the first quarter valued at about $65,154,000. Bellecapital International Ltd. raised its stake in shares of Cisco Systems by 3.6% in the first quarter. Bellecapital International Ltd. now owns 195,061 shares of the network equipment provider’s stock worth $5,298,000 after buying an additional 6,820 shares in the last quarter. Vicus Capital raised its stake in shares of Cisco Systems by 50.2% in the first quarter. Vicus Capital now owns 25,647 shares of the network equipment provider’s stock worth $730,000 after buying an additional 8,574 shares in the last quarter. PGGM Investments raised its stake in shares of Cisco Systems by 1.5% in the first quarter. PGGM Investments now owns 4,383,464 shares of the network equipment provider’s stock worth $124,797,000 after buying an additional 65,662 shares in the last quarter. Finally, Lodestar Investment Counsel LLC IL raised its stake in shares of Cisco Systems by 45.6% in the first quarter. Lodestar Investment Counsel LLC IL now owns 40,450 shares of the network equipment provider’s stock worth $1,152,000 after buying an additional 12,670 shares in the last quarter. 75.00% of the stock is currently owned by hedge funds and other institutional investors.
Cisco Systems Inc. (NASDAQ:CSCO) traded up 0.03% during trading on Friday, reaching $30.18. 20,545,127 shares of the company were exchanged. Cisco Systems Inc. has a 12 month low of $22.46 and a 12 month high of $31.95. The stock has a 50 day moving average price of $31.29 and a 200 day moving average price of $29.51. The firm has a market capitalization of $151.33 billion, a PE ratio of 14.30 and a beta of 1.49.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 17th. The network equipment provider reported $0.63 EPS for the quarter, topping 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 business earned $0.59 EPS. The business’s revenue was down 1.6% on a year-over-year basis. On average, analysts expect that Cisco Systems Inc. will post $2.43 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Wednesday, October 5th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Monday, October 3rd. Cisco Systems’s dividend payout ratio (DPR) is presently 49.06%.
CSCO has been the subject of a number of research reports. Credit Suisse Group AG reiterated a “sell” rating on shares of Cisco Systems in a research note on Thursday, June 16th. Morgan Stanley reiterated a “hold” rating and set a $28.00 target price on shares of Cisco Systems in a research note on Monday, July 18th. Goldman Sachs Group Inc. reiterated a “neutral” rating and set a $32.00 target price on shares of Cisco Systems in a research note on Thursday, August 18th. Argus boosted their target price on shares of Cisco Systems from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, August 19th. Finally, Raymond James Financial Inc. boosted their target price on shares of Cisco Systems from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, September 23rd. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Cisco Systems presently has a consensus rating of “Buy” and an average price target of $32.50.
In other news, SVP Mark D. Chandler sold 25,024 shares of the stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $30.44, for a total value of $761,730.56. Following the completion of the transaction, the senior vice president now owns 229,905 shares in the company, valued at approximately $6,998,308.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 15,000 shares of the stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $31.25, for a total transaction of $468,750.00. Following the completion of the transaction, the director now owns 88,369 shares of the company’s stock, valued at approximately $2,761,531.25. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by insiders.
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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