W.G. Shaheen & Associates DBA Whitney & Co Has $3,717,000 Position in Cisco Systems Inc. (CSCO)
W.G. Shaheen & Associates DBA Whitney & Co lowered its stake in shares of Cisco Systems Inc. (NASDAQ:CSCO) by 0.8% during the second quarter, Holdings Channel reports. The firm owned 129,547 shares of the network equipment provider’s stock after selling 1,100 shares during the period. Cisco Systems makes up 1.5% of W.G. Shaheen & Associates DBA Whitney & Co’s portfolio, making the stock its 24th largest position. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Cisco Systems were worth $3,717,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Lazard Asset Management LLC increased its stake in shares of Cisco Systems by 36.5% in the first quarter. Lazard Asset Management LLC now owns 29,925,456 shares of the network equipment provider’s stock valued at $851,976,000 after buying an additional 8,009,233 shares during the last quarter. Franklin Resources Inc. increased its stake in Cisco Systems by 10.7% in the first quarter. Franklin Resources Inc. now owns 68,832,423 shares of the network equipment provider’s stock worth $1,959,666,000 after buying an additional 6,635,971 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in Cisco Systems during the first quarter worth $120,699,000. Primecap Management Co. CA increased its stake in Cisco Systems by 16.0% in the first quarter. Primecap Management Co. CA now owns 29,127,015 shares of the network equipment provider’s stock worth $829,246,000 after buying an additional 4,013,625 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in Cisco Systems by 13.5% in the second quarter. Nordea Investment Management AB now owns 25,787,526 shares of the network equipment provider’s stock worth $739,844,000 after buying an additional 3,069,501 shares in the last quarter. Institutional investors own 75.00% of the company’s stock.
Cisco Systems Inc. (NASDAQ:CSCO) traded down 1.37% during mid-day trading on Tuesday, hitting $31.04. The stock had a trading volume of 19,410,523 shares. The company’s 50 day moving average is $31.35 and its 200-day moving average is $29.47. The stock has a market capitalization of $155.65 billion, a P/E ratio of 14.71 and a beta of 1.48. Cisco Systems Inc. has a 52 week low of $22.46 and a 52 week high of $31.95.
Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, August 17th. The network equipment provider reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.03. The company had revenue of $12.60 billion for the quarter, compared to analysts’ expectations of $12.57 billion. Cisco Systems had a return on equity of 17.64% and a net margin of 21.81%. Cisco Systems’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.59 earnings per share. On average, analysts expect that Cisco Systems Inc. will post $2.43 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Wednesday, October 5th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $1.04 annualized dividend and a dividend yield of 3.35%. Cisco Systems’s payout ratio is 49.06%.
A number of equities research analysts have weighed in on the stock. JMP Securities reiterated a “market perform” rating on shares of Cisco Systems in a research note on Wednesday, October 5th. Vetr upgraded shares of Cisco Systems from a “buy” rating to a “strong-buy” rating and set a $35.44 price target on the stock in a research note on Monday, October 3rd. Bank of America Corp. reiterated a “neutral” rating and set a $33.00 price target on shares of Cisco Systems in a research note on Monday, September 26th. RBC Capital Markets reiterated an “outperform” rating and set a $35.00 price target on shares of Cisco Systems in a research note on Friday, September 23rd. Finally, Raymond James Financial Inc. lifted their price target on shares of Cisco Systems from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, September 23rd. One 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 issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $32.50.
In related news, CEO Charles Robbins sold 148,800 shares of Cisco Systems stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $31.01, for a total transaction of $4,614,288.00. Following the sale, the chief executive officer now directly owns 629,813 shares in the company, valued at $19,530,501.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven M. West sold 15,000 shares of Cisco Systems stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $30.20, for a total value of $453,000.00. Following the sale, the director now owns 26,804 shares in the company, valued at $809,480.80. The disclosure for this sale can be found here. Corporate insiders own 0.13% of the company’s stock.
Cisco Systems Company Profile
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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