Palisade Asset Management LLC grew its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 346,337 shares of the network equipment provider’s stock after acquiring an additional 2,169 shares during the period. Cisco Systems comprises 2.6% of Palisade Asset Management LLC’s investment portfolio, making the stock its 7th biggest holding. Palisade Asset Management LLC’s holdings in Cisco Systems were worth $16,153,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in Cisco Systems by 1.9% in the 1st quarter. BlackRock Inc. now owns 323,155,278 shares of the network equipment provider’s stock valued at $12,703,234,000 after purchasing an additional 5,966,755 shares during the last quarter. Wellington Management Group LLP lifted its stake in Cisco Systems by 38.3% during the first quarter. Wellington Management Group LLP now owns 94,598,864 shares of the network equipment provider’s stock worth $3,718,681,000 after purchasing an additional 26,179,953 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Cisco Systems by 1.5% during the first quarter. Geode Capital Management LLC now owns 62,331,398 shares of the network equipment provider’s stock worth $2,445,803,000 after buying an additional 907,397 shares during the period. Norges Bank acquired a new stake in shares of Cisco Systems in the fourth quarter valued at $2,297,257,000. Finally, Legal & General Group Plc raised its holdings in shares of Cisco Systems by 2.7% in the 1st quarter. Legal & General Group Plc now owns 29,675,408 shares of the network equipment provider’s stock valued at $1,174,122,000 after buying an additional 782,430 shares during the period. 71.36% of the stock is currently owned by institutional investors and hedge funds.
In other Cisco Systems news, CAO Prat Bhatt sold 5,703 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $44.87, for a total transaction of $255,893.61. Following the sale, the chief accounting officer now owns 85,613 shares of the company’s stock, valued at $3,841,455.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.03% of the company’s stock.
Shares of CSCO opened at $46.40 on Monday. The company’s fifty day simple moving average is $46.23 and its 200 day simple moving average is $44.20. Cisco Systems, Inc. has a 1-year low of $32.40 and a 1-year high of $57.50. The company has a market cap of $195.91 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 3.01 and a beta of 0.98. The company has a current ratio of 1.59, a quick ratio of 1.55 and a debt-to-equity ratio of 0.32.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, May 13th. The network equipment provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.10. Cisco Systems had a net margin of 21.32% and a return on equity of 36.47%. The business had revenue of $11.98 billion for the quarter, compared to analyst estimates of $11.87 billion. During the same period last year, the firm earned $0.78 earnings per share. As a group, research analysts forecast that Cisco Systems, Inc. will post 2.86 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 22nd. Shareholders of record on Monday, July 6th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Thursday, July 2nd. Cisco Systems’s payout ratio is 50.53%.
A number of brokerages have issued reports on CSCO. Wolfe Research started coverage on shares of Cisco Systems in a research note on Friday. They set an “outperform” rating and a $54.00 price target on the stock. Nomura upped their target price on shares of Cisco Systems from $43.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Barclays cut Cisco Systems to a “hold” rating in a research note on Thursday, July 9th. Raymond James increased their price target on shares of Cisco Systems from $48.00 to $49.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Finally, UBS Group reduced their target price on shares of Cisco Systems from $54.00 to $51.00 and set a “buy” rating for the company in a report on Thursday, May 14th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have issued a buy rating to the company. Cisco Systems has an average rating of “Hold” and a consensus price target of $50.33.
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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