Jolley Asset Management LLC boosted its stake in shares of Cisco Systems Inc. (NASDAQ:CSCO) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 138,191 shares of the network equipment provider’s stock after buying an additional 516 shares during the period. Cisco Systems accounts for approximately 3.2% of Jolley Asset Management LLC’s portfolio, making the stock its 5th largest position. Jolley Asset Management LLC’s holdings in Cisco Systems were worth $3,965,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Benin Management CORP raised its position in Cisco Systems by 26.9% in the first quarter. Benin Management CORP now owns 41,030 shares of the network equipment provider’s stock valued at $1,168,000 after buying an additional 8,700 shares during the period. Wendell David Associates Inc. raised its position in Cisco Systems by 1.3% in the first quarter. Wendell David Associates Inc. now owns 79,048 shares of the network equipment provider’s stock valued at $2,213,000 after buying an additional 1,003 shares during the period. FirstMerit Bank N A Trustee raised its position in Cisco Systems by 3.2% in the first quarter. FirstMerit Bank N A Trustee now owns 406,737 shares of the network equipment provider’s stock valued at $11,580,000 after buying an additional 12,600 shares during the period. Peddock Capital Advisors LLC raised its position in Cisco Systems by 1.4% in the first quarter. Peddock Capital Advisors LLC now owns 18,380 shares of the network equipment provider’s stock valued at $523,000 after buying an additional 252 shares during the period. Finally, V Wealth Management LLC bought a new position in Cisco Systems during the first quarter valued at about $572,000. Hedge funds and other institutional investors own 75.00% of the company’s stock.
Cisco Systems Inc. (NASDAQ:CSCO) traded down 0.03% during trading on Friday, reaching $31.47. The company had a trading volume of 13,073,224 shares. Cisco Systems Inc. has a 12 month low of $22.46 and a 12 month high of $31.95. The company has a market capitalization of $157.80 billion, a P/E ratio of 14.91 and a beta of 1.49. The firm’s 50 day moving average is $31.33 and its 200-day moving average is $29.43.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, August 17th. The network equipment provider reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.03. The firm earned $12.60 billion during the quarter, compared to analysts’ expectations of $12.57 billion. Cisco Systems had a return on equity of 17.64% and a net margin of 21.81%. Cisco Systems’s revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.59 earnings per share. On average, equities analysts expect 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. Investors of record on Wednesday, October 5th will be issued 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 yield of 3.30%. Cisco Systems’s dividend payout ratio is presently 49.06%.
CSCO has been the topic of several analyst 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 issued 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 issued a $32.00 target price on shares of Cisco Systems in a research note on Thursday, August 18th. Argus lifted their target price on Cisco Systems from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, August 19th. Finally, Drexel Hamilton reiterated a “buy” rating and issued a $36.00 target price on shares of Cisco Systems in a research note on Wednesday, June 15th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $32.50.
In related news, Director Steven M. West sold 15,000 shares of Cisco Systems stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $30.20, for a total transaction of $453,000.00. Following the completion of the transaction, the director now directly owns 26,804 shares of the company’s stock, valued at $809,480.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Charles Robbins sold 148,800 shares of Cisco Systems stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $31.01, for a total value of $4,614,288.00. Following the transaction, the chief executive officer now directly owns 629,813 shares of the company’s stock, valued at $19,530,501.13. The disclosure for this sale can be found here. Corporate 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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