Norris Perne & French LLP MI reduced its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 259,503 shares of the network equipment provider’s stock after selling 3,291 shares during the period. Cisco Systems comprises about 1.8% of Norris Perne & French LLP MI’s holdings, making the stock its 19th largest position. Norris Perne & French LLP MI’s holdings in Cisco Systems were worth $14,203,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Strategic Wealth Management Group LLC acquired a new stake in shares of Cisco Systems during the fourth quarter valued at about $298,000. Highwater Wealth Management LLC acquired a new position in shares of Cisco Systems in the fourth quarter worth approximately $51,000. Palisade Asset Management LLC lifted its stake in shares of Cisco Systems by 1.5% in the fourth quarter. Palisade Asset Management LLC now owns 443,023 shares of the network equipment provider’s stock worth $19,196,000 after acquiring an additional 6,541 shares during the period. Community Trust & Investment Co. lifted its stake in shares of Cisco Systems by 46.4% in the fourth quarter. Community Trust & Investment Co. now owns 403,794 shares of the network equipment provider’s stock worth $17,497,000 after acquiring an additional 128,067 shares during the period. Finally, Boston Advisors LLC lifted its stake in shares of Cisco Systems by 0.4% in the fourth quarter. Boston Advisors LLC now owns 184,784 shares of the network equipment provider’s stock worth $8,007,000 after acquiring an additional 779 shares during the period. 74.41% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently commented on CSCO. Zacks Investment Research raised Cisco Systems from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research note on Tuesday, May 21st. William Blair lowered Cisco Systems from an “outperform” rating to a “market perform” rating and set a $56.10 price objective on the stock. in a research note on Wednesday, June 12th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Cisco Systems in a research note on Wednesday, June 12th. MKM Partners lifted their price objective on Cisco Systems to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, May 16th. Finally, Piper Jaffray Companies lifted their price objective on Cisco Systems from $52.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Seven investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Cisco Systems currently has an average rating of “Buy” and a consensus target price of $56.42.
In other Cisco Systems news, Director Wesley G. Bush bought 10,000 shares of the stock in a transaction on Friday, June 7th. The stock was acquired at an average cost of $55.74 per share, for a total transaction of $557,400.00. Following the completion of the acquisition, the director now owns 3,017 shares in the company, valued at approximately $168,167.58. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark D. Chandler sold 3,750 shares of Cisco Systems stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $55.79, for a total value of $209,212.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,129 shares of company stock valued at $5,159,754. 0.03% of the stock is currently owned by corporate insiders.
CSCO stock traded down $2.14 during mid-day trading on Friday, reaching $53.25. The company’s stock had a trading volume of 29,008,206 shares, compared to its average volume of 13,164,245. The company has a market capitalization of $237.15 billion, a P/E ratio of 22.76, a price-to-earnings-growth ratio of 2.83 and a beta of 1.18. The business’s 50 day moving average price is $56.48. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.64 and a current ratio of 1.69. Cisco Systems, Inc. has a 12 month low of $40.25 and a 12 month high of $58.26.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.01. The business had revenue of $12.96 billion during the quarter, compared to the consensus estimate of $12.89 billion. Cisco Systems had a return on equity of 29.88% and a net margin of 25.76%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 earnings per share. Research analysts anticipate that Cisco Systems, Inc. will post 2.8 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $1.40 dividend on an annualized basis and a yield of 2.63%. Cisco Systems’s payout ratio is currently 59.83%.
Cisco Systems 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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