Northstar Asset Management LLC maintained its position in shares of Cisco Systems Inc. (NASDAQ:CSCO) during the second quarter, Holdings Channel reports. The institutional investor owned 9,100 shares of the network equipment provider’s stock at the end of the second quarter. Northstar Asset Management LLC’s holdings in Cisco Systems were worth $261,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Lazard Asset Management LLC boosted its stake in Cisco Systems by 36.5% in the first quarter. Lazard Asset Management LLC now owns 29,925,456 shares of the network equipment provider’s stock worth $851,976,000 after buying an additional 8,009,233 shares in the last quarter. Franklin Resources Inc. boosted its stake in Cisco Systems by 10.7% in the first quarter. Franklin Resources Inc. now owns 68,832,423 shares of the network equipment provider’s stock worth $1,959,666,000 after buying an additional 6,635,971 shares in the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in Cisco Systems during the first quarter worth about $120,699,000. Primecap Management Co. CA boosted its stake in 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 in the last quarter. Finally, Nordea Investment Management AB boosted its stake in Cisco Systems by 13.5% in the second quarter. Nordea Investment Management AB now owns 25,787,526 shares of the network equipment provider’s stock worth $739,844,000 after buying an additional 3,069,501 shares in the last quarter. 75.00% of the stock is currently owned by institutional investors.
Shares of Cisco Systems Inc. (NASDAQ:CSCO) traded up 0.03% during trading on Friday, hitting $30.18. The stock had a trading volume of 20,545,127 shares. Cisco Systems Inc. has a 1-year low of $22.46 and a 1-year high of $31.95. The company has a market cap of $151.33 billion, a PE ratio of 14.30 and a beta of 1.49. The firm’s 50 day moving average is $31.29 and its 200 day moving average is $29.51.
Cisco Systems (NASDAQ:CSCO) last posted its earnings results 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 had revenue of $12.60 billion for the quarter, compared to the consensus estimate of $12.57 billion. Cisco Systems had a return on equity of 17.64% and a net margin of 21.81%. The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.59 earnings per share. Equities research analysts anticipate that Cisco Systems Inc. will post $2.43 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders 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 3.45%. Cisco Systems’s dividend payout ratio is currently 49.06%.
CSCO has been the topic of several recent analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of Cisco Systems in a research note on Wednesday, October 5th. Vetr raised Cisco Systems from a “buy” rating to a “strong-buy” rating and set a $35.44 price target on the stock in a research note on Monday, October 3rd. Bank of America Corp. reaffirmed a “neutral” rating and issued a $33.00 price target on shares of Cisco Systems in a research note on Monday, September 26th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $35.00 price target on shares of Cisco Systems in a research note on Friday, September 23rd. Finally, Raymond James Financial Inc. boosted their price target on Cisco Systems from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, September 23rd. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-three have issued a buy rating and one has issued 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, CEO Charles Robbins sold 148,800 shares of the company’s stock in a transaction on Tuesday, September 13th. The shares were 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 owns 629,813 shares of the company’s stock, valued at $19,530,501.13. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John L. Hennessy sold 15,000 shares of the company’s stock in a transaction on Wednesday, September 21st. The stock was 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 directly owns 88,369 shares in the company, valued at approximately $2,761,531.25. The disclosure for this sale can be found here. Company 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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