AR Asset Management Inc. Holds Position in Cisco Systems Inc. (CSCO)
AR Asset Management Inc. continued to hold its stake in shares of Cisco Systems Inc. (NASDAQ:CSCO) during the second quarter, Holdings Channel reports. The institutional investor owned 21,700 shares of the network equipment provider’s stock at the end of the second quarter. AR Asset Management Inc.’s holdings in Cisco Systems were worth $623,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in CSCO. Sun Life Financial INC acquired a new stake in Cisco Systems during the first quarter worth $63,773,000. Riggs Asset Managment Co. Inc. raised its stake in Cisco Systems by 6.7% in the second quarter. Riggs Asset Managment Co. Inc. now owns 3,570 shares of the network equipment provider’s stock worth $102,000 after buying an additional 225 shares during the last quarter. Financial Management Professionals Inc. raised its stake in Cisco Systems by 25.7% in the second quarter. Financial Management Professionals Inc. now owns 4,389 shares of the network equipment provider’s stock worth $125,000 after buying an additional 896 shares during the last quarter. Mercer Capital Advisers Inc. raised its stake in Cisco Systems by 0.7% in the second quarter. Mercer Capital Advisers Inc. now owns 4,760 shares of the network equipment provider’s stock worth $137,000 after buying an additional 35 shares during the last quarter. Finally, Parasol Investment Management LLC raised its stake in Cisco Systems by 94.1% in the second quarter. Parasol Investment Management LLC now owns 5,240 shares of the network equipment provider’s stock worth $150,000 after buying an additional 2,540 shares during the last quarter. 75.00% of the stock is currently owned by institutional investors.
Shares of Cisco Systems Inc. (NASDAQ:CSCO) traded down 0.397% during mid-day trading on Tuesday, hitting $31.375. 7,349,322 shares of the stock were exchanged. Cisco Systems Inc. has a 12 month low of $22.46 and a 12 month high of $31.95. The firm has a market cap of $157.33 billion, a P/E ratio of 14.870 and a beta of 1.48. The stock’s 50 day moving average is $31.26 and its 200 day moving average is $29.35.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, August 17th. The network equipment provider reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.03. Cisco Systems had a return on equity of 17.64% and a net margin of 21.81%. The company had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.57 billion. During the same quarter in the prior year, the firm posted $0.59 EPS. Cisco Systems’s quarterly revenue was down 1.6% compared to the same quarter last year. Analysts expect that Cisco Systems Inc. will post $2.43 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Wednesday, October 5th will be issued a dividend of $0.26 per share. The ex-dividend date is Monday, October 3rd. This represents a $1.04 annualized dividend and a yield of 3.30%. Cisco Systems’s payout ratio is presently 49.06%.
A number of research firms have weighed in on CSCO. Vetr raised shares of Cisco Systems from a “buy” rating to a “strong-buy” rating and set a $35.44 target price on the stock in a report on Monday. Bank of America Corp. reissued a “neutral” rating and set a $33.00 target price on shares of Cisco Systems in a report on Monday, September 26th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $35.00 price objective on shares of Cisco Systems in a research note on Friday, September 23rd. Raymond James Financial Inc. upped their price objective on shares of Cisco Systems from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, September 23rd. Finally, Wells Fargo & Co. reaffirmed an “outperform” rating and issued a $36.50 price objective (up from $34.00) on shares of Cisco Systems in a research note on Monday, September 19th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $32.50.
In related news, Director Steven M. West sold 15,000 shares of the stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $30.20, for a total transaction of $453,000.00. Following the sale, the director now owns 26,804 shares in the company, valued at approximately $809,480.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles Robbins sold 148,800 shares of the stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $31.01, for a total value of $4,614,288.00. Following the sale, the chief executive officer now owns 629,813 shares in the company, valued at approximately $19,530,501.13. The disclosure for this sale can be found here. Corporate insiders own 0.13% of the company’s stock.
About Cisco Systems
Cisco System, Inc (Cisco) designs and sells lines of products, provides services and delivers integrated solutions to develop and connect networks around the world, building the Internet. The Company is engaged in designing, manufacturing and selling Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry, and provides services associated with these products and their use.
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