Nexus Investment Management Inc. decreased its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 11.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 432,285 shares of the network equipment provider’s stock after selling 57,705 shares during the quarter. Cisco Systems makes up approximately 3.0% of Nexus Investment Management Inc.’s portfolio, making the stock its 14th biggest position. Nexus Investment Management Inc.’s holdings in Cisco Systems were worth $21,359,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Evolution Wealth Advisors LLC purchased a new stake in Cisco Systems during the second quarter worth approximately $33,000. Lowe Wealth Advisors LLC acquired a new position in Cisco Systems during the second quarter worth approximately $38,000. Personal Wealth Partners acquired a new position in Cisco Systems during the second quarter worth approximately $44,000. Ashburton Jersey Ltd acquired a new position in Cisco Systems during the second quarter worth approximately $49,000. Finally, Lucia Wealth Services LLC increased its position in Cisco Systems by 72.3% during the second quarter. Lucia Wealth Services LLC now owns 1,144 shares of the network equipment provider’s stock worth $63,000 after buying an additional 480 shares during the period. Hedge funds and other institutional investors own 73.31% of the company’s stock.
In related news, CEO Charles Robbins sold 18,955 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.04, for a total transaction of $948,508.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Irving Tan sold 22,896 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total value of $1,131,520.32. Following the transaction, the senior vice president now directly owns 154,819 shares in the company, valued at approximately $7,651,154.98. The disclosure for this sale can be found here. Insiders have sold 193,130 shares of company stock worth $9,359,179 in the last ninety days. 0.03% of the stock is currently owned by corporate insiders.
Several research firms have commented on CSCO. MKM Partners cut their price target on Cisco Systems from $56.00 to $51.00 and set a “neutral” rating on the stock in a research report on Thursday, August 15th. ValuEngine lowered Cisco Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Nomura lifted their price target on Cisco Systems from $50.00 to $53.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Bank of America reaffirmed a “buy” rating and set a $62.00 price target on shares of Cisco Systems in a research report on Wednesday, July 10th. Finally, Evercore ISI began coverage on Cisco Systems in a research report on Wednesday, September 11th. They set an “outperform” rating and a $60.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-one have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $56.60.
CSCO stock traded up $0.45 on Wednesday, reaching $46.84. 16,351,541 shares of the company’s stock were exchanged, compared to its average volume of 20,827,246. The stock has a fifty day moving average of $48.20 and a 200-day moving average of $53.26. Cisco Systems, Inc. has a twelve month low of $40.25 and a twelve month high of $58.26. The firm has a market cap of $201.74 billion, a PE ratio of 16.44, a P/E/G ratio of 2.29 and a beta of 1.28. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 0.43.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.01. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The firm had revenue of $13.43 billion for the quarter, compared to analyst estimates of $13.39 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. Cisco Systems’s quarterly revenue was up 4.5% on a year-over-year basis. On average, equities research analysts predict that Cisco Systems, Inc. will post 3.05 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Friday, October 4th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date is Thursday, October 3rd. Cisco Systems’s dividend payout ratio is presently 49.12%.
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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