Cullinan Associates Inc. lifted its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 6.2% during the 4th quarter, Holdings Channel reports. The firm owned 293,244 shares of the network equipment provider’s stock after buying an additional 17,000 shares during the quarter. Cisco Systems makes up 0.9% of Cullinan Associates Inc.’s investment portfolio, making the stock its 20th biggest holding. Cullinan Associates Inc.’s holdings in Cisco Systems were worth $14,064,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Cordasco Financial Network lifted its position in Cisco Systems by 78.4% during the 3rd quarter. Cordasco Financial Network now owns 1,142 shares of the network equipment provider’s stock valued at $56,000 after purchasing an additional 502 shares during the period. Candriam Luxembourg S.C.A. lifted its position in Cisco Systems by 21.1% during the 3rd quarter. Candriam Luxembourg S.C.A. now owns 1,483,927 shares of the network equipment provider’s stock valued at $75,000 after purchasing an additional 258,073 shares during the period. Larson Financial Group LLC lifted its position in Cisco Systems by 408.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,561 shares of the network equipment provider’s stock valued at $77,000 after purchasing an additional 1,254 shares during the period. Phocas Financial Corp. acquired a new position in Cisco Systems during the 2nd quarter valued at about $82,000. Finally, Neo Ivy Capital Management acquired a new position in Cisco Systems during the 2nd quarter valued at about $89,000. 72.55% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO Kelly A. Kramer sold 70,000 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $45.19, for a total transaction of $3,163,300.00. Following the completion of the sale, the chief financial officer now directly owns 352,587 shares of the company’s stock, valued at approximately $15,933,406.53. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Irving Tan sold 28,093 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $45.36, for a total value of $1,274,298.48. Following the sale, the executive vice president now directly owns 151,587 shares of the company’s stock, valued at $6,875,986.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 388,864 shares of company stock valued at $17,474,321. 0.03% of the stock is owned by company insiders.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, November 13th. The network equipment provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The business had revenue of $13.16 billion for the quarter, compared to the consensus estimate of $13.09 billion. Cisco Systems had a net margin of 21.15% and a return on equity of 35.01%. Cisco Systems’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the company posted $0.75 EPS. Equities research analysts expect that Cisco Systems, Inc. will post 2.94 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Friday, January 3rd will be paid a dividend of $0.35 per share. The ex-dividend date is Thursday, January 2nd. This represents a $1.40 dividend on an annualized basis and a yield of 2.92%. Cisco Systems’s payout ratio is 49.12%.
CSCO has been the topic of a number of research reports. Robert W. Baird restated a “buy” rating and set a $54.00 target price on shares of Cisco Systems in a research report on Monday, November 11th. KeyCorp cut their target price on shares of Cisco Systems from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Thursday, November 14th. Citigroup downgraded shares of Cisco Systems from a “buy” rating to a “neutral” rating and cut their target price for the company from $56.00 to $52.00 in a research report on Wednesday, January 8th. Credit Suisse Group set a $46.00 target price on shares of Cisco Systems and gave the company a “neutral” rating in a research report on Thursday, November 14th. Finally, Zacks Investment Research upgraded shares of Cisco Systems from a “sell” rating to a “hold” rating and set a $50.00 target price on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have given a buy rating to the company’s stock. Cisco Systems has an average rating of “Hold” and an average target price of $54.69.
About Cisco Systems
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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