DnB Asset Management AS Lowers Position in Cisco Systems, Inc. (CSCO)

DnB Asset Management AS reduced its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 27.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,731,566 shares of the network equipment provider’s stock after selling 663,887 shares during the period. Cisco Systems makes up about 0.9% of DnB Asset Management AS’s portfolio, making the stock its 23rd largest position. DnB Asset Management AS’s holdings in Cisco Systems were worth $58,527,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CSCO. Edmond DE Rothschild Monaco purchased a new position in shares of Cisco Systems during the third quarter valued at $111,000. Seven Eight Capital LP purchased a new position in shares of Cisco Systems during the fourth quarter valued at $112,000. Financial Management Professionals Inc. raised its position in shares of Cisco Systems by 17.7% in the first quarter. Financial Management Professionals Inc. now owns 4,218 shares of the network equipment provider’s stock valued at $118,000 after buying an additional 635 shares during the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Cisco Systems during the fourth quarter valued at $128,000. Finally, Jackson Grant Investment Advisers Inc. raised its position in shares of Cisco Systems by 4,150.0% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 4,250 shares of the network equipment provider’s stock valued at $128,000 after buying an additional 4,150 shares during the last quarter. 75.24% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

Shares of Cisco Systems, Inc. (NASDAQ:CSCO) opened at 31.61 on Friday. Cisco Systems, Inc. has a 12-month low of $27.13 and a 12-month high of $34.60. The company has a market cap of $158.05 billion, a price-to-earnings ratio of 16.05 and a beta of 1.36. The stock has a 50 day moving average of $32.88 and a 200 day moving average of $32.11.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, May 17th. The network equipment provider reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.02. The firm had revenue of $11.94 billion for the quarter, compared to analysts’ expectations of $11.90 billion. Cisco Systems had a net margin of 21.73% and a return on equity of 17.50%. The company’s revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. Equities research analysts predict that Cisco Systems, Inc. will post $2.38 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, July 5th. This represents a $1.16 annualized dividend and a dividend yield of 3.67%. Cisco Systems’s payout ratio is 49.52%.

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Several analysts have recently issued reports on CSCO shares. Zacks Investment Research downgraded Cisco Systems from a “hold” rating to a “sell” rating in a research note on Tuesday, April 18th. Morgan Stanley upgraded Cisco Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $33.45 to $39.00 in a research note on Monday, May 15th. Deutsche Bank AG upped their price target on Cisco Systems from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, March 23rd. Credit Suisse Group AG upgraded Cisco Systems from an “underperform” rating to an “outperform” rating and upped their price target for the stock from $27.00 to $40.00 in a research note on Thursday, April 27th. Finally, Vetr upgraded Cisco Systems from a “buy” rating to a “strong-buy” rating and set a $37.32 price target for the company in a research note on Tuesday, April 11th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-two have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $35.19.

In other news, insider John T. Chambers sold 295,537 shares of the business’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $31.52, for a total transaction of $9,315,326.24. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Prat Bhatt sold 15,672 shares of the business’s stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $34.27, for a total transaction of $537,079.44. Following the transaction, the senior vice president now directly owns 77,174 shares in the company, valued at approximately $2,644,752.98. The disclosure for this sale can be found here. Insiders own 0.11% of the company’s stock.

Cisco Systems Company Profile

Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:CSCO”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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