Penobscot Investment Management Company Inc. increased its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.6% in the 2nd quarter, Holdings Channel reports. The firm owned 137,915 shares of the network equipment provider’s stock after acquiring an additional 2,140 shares during the period. Cisco Systems comprises 1.4% of Penobscot Investment Management Company Inc.’s investment portfolio, making the stock its 18th biggest position. Penobscot Investment Management Company Inc.’s holdings in Cisco Systems were worth $5,934,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. JJJ Advisors Inc. acquired a new stake in Cisco Systems during the 2nd quarter worth $110,000. Legacy Advisors LLC grew its holdings in Cisco Systems by 597.6% during the 2nd quarter. Legacy Advisors LLC now owns 3,432 shares of the network equipment provider’s stock worth $148,000 after acquiring an additional 2,940 shares during the period. Stelac Advisory Services LLC acquired a new stake in Cisco Systems during the 1st quarter worth $149,000. Cerebellum GP LLC acquired a new stake in Cisco Systems during the 2nd quarter worth $174,000. Finally, Landaas & Co. WI ADV acquired a new stake in Cisco Systems during the 2nd quarter worth $184,000. Hedge funds and other institutional investors own 71.53% of the company’s stock.
A number of research firms have commented on CSCO. Piper Jaffray Companies set a $53.00 target price on shares of Cisco Systems and gave the stock an “overweight” rating in a report on Monday, October 1st. Zacks Investment Research lowered shares of Cisco Systems from a “buy” rating to a “hold” rating in a report on Friday, October 26th. Credit Suisse Group boosted their price target on shares of Cisco Systems from $41.00 to $43.00 and gave the company a “hold” rating in a report on Thursday, August 16th. BMO Capital Markets boosted their price target on shares of Cisco Systems from $43.00 to $48.00 and gave the company a “market perform” rating in a report on Thursday, August 16th. Finally, Morgan Stanley boosted their price target on shares of Cisco Systems from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Tuesday, September 4th. Eight analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Cisco Systems presently has an average rating of “Buy” and an average target price of $48.76.
Shares of NASDAQ CSCO opened at $45.48 on Friday. The firm has a market capitalization of $220.40 billion, a P/E ratio of 19.44, a P/E/G ratio of 2.70 and a beta of 1.11. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.29 and a quick ratio of 2.22. Cisco Systems, Inc. has a 1-year low of $33.67 and a 1-year high of $49.47.
Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, August 15th. The network equipment provider reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.01. The firm had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.76 billion. Cisco Systems had a net margin of 0.22% and a return on equity of 22.12%. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.61 EPS. Sell-side analysts expect that Cisco Systems, Inc. will post 2.67 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, October 24th. Investors of record on Friday, October 5th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Thursday, October 4th. Cisco Systems’s payout ratio is presently 56.41%.
In related news, EVP Mark D. Chandler sold 31,842 shares of the company’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $47.20, for a total value of $1,502,942.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Irving Tan sold 68,308 shares of the company’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $47.38, for a total transaction of $3,236,433.04. Following the completion of the transaction, the senior vice president now directly owns 150,763 shares of the company’s stock, valued at $7,143,150.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 450,620 shares of company stock valued at $21,322,282. Company insiders own 0.03% of the company’s stock.
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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