Mengis Capital Management Inc. Sells 218 Shares of Cisco Systems Inc. (CSCO)
Mengis Capital Management Inc. lowered its stake in shares of Cisco Systems Inc. (NASDAQ:CSCO) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,235 shares of the network equipment provider’s stock after selling 218 shares during the period. Cisco Systems accounts for approximately 1.5% of Mengis Capital Management Inc.’s portfolio, making the stock its 26th largest position. Mengis Capital Management Inc.’s holdings in Cisco Systems were worth $1,699,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. State Street Corp raised its position in Cisco Systems by 0.7% in the first quarter. State Street Corp now owns 204,881,308 shares of the network equipment provider’s stock valued at $5,832,976,000 after buying an additional 1,454,960 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Cisco Systems by 1.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 137,302,042 shares of the network equipment provider’s stock worth $3,908,989,000 after buying an additional 1,525,298 shares during the period. Dodge & Cox raised its stake in shares of Cisco Systems by 2.0% in the first quarter. Dodge & Cox now owns 69,095,628 shares of the network equipment provider’s stock worth $1,967,153,000 after buying an additional 1,341,950 shares during the period. Franklin Resources Inc. raised its stake in shares of 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 during the period. Finally, BlackRock Group LTD raised its stake in shares of Cisco Systems by 0.9% in the first quarter. BlackRock Group LTD now owns 54,415,499 shares of the network equipment provider’s stock worth $1,549,209,000 after buying an additional 459,754 shares during the period. 75.00% of the stock is currently owned by institutional investors.
Cisco Systems Inc. (NASDAQ:CSCO) traded up 0.03% during mid-day trading on Friday, hitting $30.18. 20,545,127 shares of the company’s stock traded hands. Cisco Systems Inc. has a one year low of $22.46 and a one year high of $31.95. The firm’s 50-day moving average price is $31.29 and its 200-day moving average price is $29.51. The stock has a market cap of $151.33 billion, a PE ratio of 14.30 and a beta of 1.49.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, August 17th. The network equipment provider reported $0.63 EPS for the quarter, topping the 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 business had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.57 billion. During the same quarter in the previous year, the firm earned $0.59 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, analysts forecast that Cisco Systems Inc. will post $2.43 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Wednesday, October 5th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $1.04 annualized dividend and a yield of 3.45%. Cisco Systems’s dividend payout ratio (DPR) is currently 49.06%.
A number of equities research analysts have issued reports on CSCO shares. Vetr lowered shares of Cisco Systems from a “buy” rating to a “hold” rating and set a $32.71 price target on the stock. in a report on Monday, September 5th. Jefferies Group reissued a “buy” rating and issued a $35.00 price target on shares of Cisco Systems in a report on Monday, August 29th. Deutsche Bank AG raised their price target on shares of Cisco Systems from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, September 14th. Raymond James Financial Inc. raised their price target on shares of Cisco Systems from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, September 23rd. Finally, Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $34.00 price target (up previously from $30.00) on shares of Cisco Systems in a report on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. Cisco Systems presently has an average rating of “Buy” and an average price target of $32.50.
In related news, Director Steven M. West sold 15,000 shares of the business’s stock in a transaction dated Wednesday, July 20th. The shares were sold at an average price of $30.20, for a total value of $453,000.00. Following the sale, the director now directly owns 26,804 shares in the company, valued at approximately $809,480.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Karen Walker sold 10,244 shares of Cisco Systems stock in a transaction dated Tuesday, September 20th. The shares were sold at an average price of $31.17, for a total value of $319,305.48. Following the completion of the transaction, the senior vice president now directly owns 138,625 shares of the company’s stock, valued at $4,320,941.25. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by corporate insiders.
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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