Harvey Capital Management Inc. Holds Position in Cisco Systems Inc. (CSCO)
Harvey Capital Management Inc. maintained its position in shares of Cisco Systems Inc. (NASDAQ:CSCO) during the second quarter, Holdings Channel reports. The firm owned 7,625 shares of the network equipment provider’s stock at the end of the second quarter. Harvey Capital Management Inc.’s holdings in Cisco Systems were worth $218,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of CSCO. CIBC World Markets Inc. raised its stake in Cisco Systems by 15.9% in the second quarter. CIBC World Markets Inc. now owns 388,343 shares of the network equipment provider’s stock worth $11,142,000 after buying an additional 53,250 shares during the period. Swedbank raised its stake in Cisco Systems by 1.9% in the second quarter. Swedbank now owns 8,100,791 shares of the network equipment provider’s stock worth $232,412,000 after buying an additional 151,782 shares during the period. GaveKal Capital LLC raised its stake in Cisco Systems by 12.5% in the second quarter. GaveKal Capital LLC now owns 267,215 shares of the network equipment provider’s stock worth $7,666,000 after buying an additional 29,706 shares during the period. OLD Second National Bank of Aurora raised its stake in Cisco Systems by 4.0% in the second quarter. OLD Second National Bank of Aurora now owns 91,140 shares of the network equipment provider’s stock worth $2,615,000 after buying an additional 3,487 shares during the period. Finally, LS Investment Advisors LLC raised its stake in Cisco Systems by 5.1% in the second quarter. LS Investment Advisors LLC now owns 166,816 shares of the network equipment provider’s stock worth $4,786,000 after buying an additional 8,024 shares during the period. 75.00% of the stock is currently owned by institutional investors and hedge funds.
Cisco Systems Inc. (NASDAQ:CSCO) traded down 1.37% during trading on Tuesday, hitting $31.04. The stock had a trading volume of 19,410,523 shares. The firm has a market capitalization of $155.65 billion, a PE ratio of 14.71 and a beta of 1.48. Cisco Systems Inc. has a 1-year low of $22.46 and a 1-year high of $31.95. The firm has a 50 day moving average price of $31.35 and a 200-day moving average price of $29.47.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, August 17th. The network equipment provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.03. The business earned $12.60 billion during the quarter, compared to the consensus estimate of $12.57 billion. Cisco Systems had a return on equity of 17.64% and a net margin of 21.81%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.59 EPS. On average, equities research analysts expect that Cisco Systems Inc. will post $2.43 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Wednesday, October 5th will be paid a dividend of $0.26 per share. The ex-dividend date is Monday, October 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 3.35%. Cisco Systems’s dividend payout ratio (DPR) is currently 49.06%.
CSCO has been the topic of a number of research analyst reports. Credit Suisse Group AG reaffirmed a “sell” rating on shares of Cisco Systems in a report on Thursday, June 16th. Morgan Stanley reaffirmed a “hold” rating and issued a $28.00 target price on shares of Cisco Systems in a report on Monday, July 18th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and issued a $32.00 target price on shares of Cisco Systems in a report on Thursday, August 18th. Argus raised their target price on Cisco Systems from $34.00 to $37.00 and gave the company a “buy” rating in a report on Friday, August 19th. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $36.00 target price on shares of Cisco Systems in a report on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $32.50.
In other Cisco Systems news, SVP Mark D. Chandler sold 62,910 shares of Cisco Systems stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $31.40, for a total transaction of $1,975,374.00. Following the completion of the transaction, the senior vice president now owns 286,628 shares in the company, valued at approximately $9,000,119.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Hennessy sold 15,000 shares of Cisco Systems stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $31.25, for a total value of $468,750.00. Following the transaction, the director now owns 88,369 shares of the company’s stock, valued at approximately $2,761,531.25. The disclosure for this sale can be found here. Company 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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