Rockland Trust Co. raised its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 9.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 32,521 shares of the network equipment provider’s stock after buying an additional 2,730 shares during the period. Rockland Trust Co.’s holdings in Cisco Systems were worth $1,531,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of CSCO. Evolution Wealth Advisors LLC acquired a new stake in Cisco Systems in the second quarter valued at approximately $33,000. Lowe Wealth Advisors LLC acquired a new stake in Cisco Systems in the second quarter valued at approximately $38,000. Personal Wealth Partners acquired a new stake in Cisco Systems in the second quarter valued at approximately $44,000. Ashburton Jersey Ltd acquired a new stake in Cisco Systems in the second quarter valued at approximately $49,000. Finally, Lucia Wealth Services LLC boosted its position in Cisco Systems by 72.3% in the second quarter. Lucia Wealth Services LLC now owns 1,144 shares of the network equipment provider’s stock valued at $63,000 after buying an additional 480 shares in the last quarter. Hedge funds and other institutional investors own 73.31% of the company’s stock.
In related news, CFO Kelly A. Kramer sold 70,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $46.72, for a total value of $3,270,400.00. Following the transaction, the chief financial officer now owns 277,548 shares in the company, valued at $12,967,042.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Mark D. Chandler sold 10,733 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $50.05, for a total transaction of $537,186.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 193,130 shares of company stock worth $9,359,179. 0.03% of the stock is owned by company insiders.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.01. The business had revenue of $13.43 billion for the quarter, compared to analyst estimates of $13.39 billion. Cisco Systems had a net margin of 22.39% and a return on equity of 32.43%. Cisco Systems’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.70 earnings per share. Research analysts expect that Cisco Systems, Inc. will post 3.05 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be issued a $0.35 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $1.40 annualized dividend and a yield of 3.01%. Cisco Systems’s payout ratio is 49.12%.
A number of analysts have weighed in on CSCO shares. UBS Group set a $58.00 target price on shares of Cisco Systems and gave the company a “buy” rating in a research report on Thursday, August 15th. Bank of America reiterated a “buy” rating and set a $62.00 price target on shares of Cisco Systems in a report on Wednesday, July 10th. Nomura lifted their price target on shares of Cisco Systems from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. KeyCorp cut their price target on shares of Cisco Systems from $60.00 to $56.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Finally, Barclays assumed coverage on shares of Cisco Systems in a report on Wednesday, August 7th. They set an “equal weight” rating and a $52.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the company. Cisco Systems has an average rating of “Buy” and an average target price of $56.04.
Cisco Systems Company Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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