Bristlecone Advisors LLC lowered its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 27.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,340 shares of the network equipment provider’s stock after selling 17,195 shares during the quarter. Bristlecone Advisors LLC’s holdings in Cisco Systems were worth $1,450,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in CSCO. CGOV Asset Management lifted its stake in Cisco Systems by 7.3% in the first quarter. CGOV Asset Management now owns 544,815 shares of the network equipment provider’s stock valued at $24,532,000 after acquiring an additional 37,266 shares during the last quarter. Patten & Patten Inc. TN lifted its stake in Cisco Systems by 1.8% in the first quarter. Patten & Patten Inc. TN now owns 259,587 shares of the network equipment provider’s stock valued at $8,774,000 after acquiring an additional 4,584 shares during the last quarter. Mitchell Sinkler & Starr PA lifted its stake in Cisco Systems by 4.1% in the first quarter. Mitchell Sinkler & Starr PA now owns 16,761 shares of the network equipment provider’s stock valued at $567,000 after acquiring an additional 660 shares during the last quarter. Barometer Capital Management Inc. lifted its stake in Cisco Systems by 50.3% in the first quarter. Barometer Capital Management Inc. now owns 26,600 shares of the network equipment provider’s stock valued at $899,000 after acquiring an additional 8,900 shares during the last quarter. Finally, NewSquare Capital LLC lifted its stake in Cisco Systems by 13.6% in the first quarter. NewSquare Capital LLC now owns 26,812 shares of the network equipment provider’s stock valued at $906,000 after acquiring an additional 3,215 shares during the last quarter. Hedge funds and other institutional investors own 75.32% of the company’s stock.
Shares of Cisco Systems, Inc. (NASDAQ:CSCO) opened at 33.60 on Wednesday. The company has a 50-day moving average price of $32.80 and a 200 day moving average price of $32.33. Cisco Systems, Inc. has a 12-month low of $29.12 and a 12-month high of $34.60. The company has a market capitalization of $166.39 billion, a P/E ratio of 17.68 and a beta of 1.21.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, August 16th. The network equipment provider reported $0.61 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.61. Cisco Systems had a return on equity of 16.91% and a net margin of 20.02%. The firm had revenue of $12.13 billion during the quarter, compared to analysts’ expectations of $12.07 billion. During the same period in the prior year, the business posted $0.63 EPS. The firm’s quarterly revenue was down 4.0% on a year-over-year basis. On average, equities analysts anticipate that Cisco Systems, Inc. will post $2.43 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Thursday, October 5th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Wednesday, October 4th. Cisco Systems’s dividend payout ratio (DPR) is presently 60.73%.
In other Cisco Systems news, SVP Mark D. Chandler sold 65,000 shares of the stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $32.43, for a total value of $2,107,950.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Prat Bhatt sold 25,638 shares of the stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $32.06, for a total value of $821,954.28. Following the completion of the sale, the chief accounting officer now owns 119,996 shares of the company’s stock, valued at $3,847,071.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 485,138 shares of company stock valued at $15,347,574. 0.11% of the stock is currently owned by company insiders.
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A number of analysts have commented on CSCO shares. Vetr upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $32.45 price target for the company in a research note on Thursday, July 6th. BidaskClub upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, June 28th. Drexel Hamilton restated a “buy” rating and set a $39.00 target price on shares of Cisco Systems in a research note on Sunday, June 25th. Sanford C. Bernstein set a $38.00 target price on shares of Cisco Systems and gave the stock a “buy” rating in a research note on Saturday, July 1st. Finally, Deutsche Bank AG set a $40.00 target price on shares of Cisco Systems and gave the stock a “buy” rating in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $35.30.
About Cisco Systems
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).
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