Patten & Patten Inc. TN Has $8.54 Million Position in Cisco Systems, Inc. (CSCO)
Patten & Patten Inc. TN boosted its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 5.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,682 shares of the network equipment provider’s stock after buying an additional 13,095 shares during the period. Patten & Patten Inc. TN’s holdings in Cisco Systems were worth $8,535,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the stock. Seven Eight Capital LP bought a new position in Cisco Systems during the fourth quarter valued at $112,000. Financial Management Professionals Inc. raised its position in Cisco Systems by 17.7% in the first quarter. Financial Management Professionals Inc. now owns 4,218 shares of the network equipment provider’s stock valued at $118,000 after buying an additional 635 shares during the last quarter. Watermark Asset Management Inc. bought a new position in Cisco Systems during the first quarter valued at $122,000. Patriot Financial Group Insurance Agency LLC bought a new position in Cisco Systems during the fourth quarter valued at $128,000. Finally, Jackson Grant Investment Advisers Inc. raised its position in Cisco Systems by 4,150.0% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 4,250 shares of the network equipment provider’s stock valued at $128,000 after buying an additional 4,150 shares during the last quarter. Institutional investors own 75.40% of the company’s stock.
Shares of Cisco Systems, Inc. (NASDAQ CSCO) traded down 0.54% on Wednesday, hitting $31.50. 7,895,741 shares of the stock traded hands. The firm has a 50 day moving average price of $31.58 and a 200 day moving average price of $32.47. The firm has a market cap of $157.50 billion, a PE ratio of 15.99 and a beta of 1.24. Cisco Systems, Inc. has a 52-week low of $29.12 and a 52-week high of $34.60.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, May 17th. The network equipment provider reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. Cisco Systems had a return on equity of 17.31% and a net margin of 20.61%. The firm had revenue of $11.94 billion during the quarter, compared to analysts’ expectations of $11.90 billion. During the same period last year, the business posted $0.57 earnings per share. The company’s revenue for the quarter was down .5% compared to the same quarter last year. On average, equities analysts forecast that Cisco Systems, Inc. will post $2.38 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend was Wednesday, July 5th. Cisco Systems’s payout ratio is 58.29%.
Several equities analysts recently weighed in on the stock. Deutsche Bank AG restated a “buy” rating and set a $40.00 price target on shares of Cisco Systems in a research report on Tuesday. Robert W. Baird set a $38.00 price target on shares of Cisco Systems and gave the company a “buy” rating in a research report on Monday. Jefferies Group LLC restated a “buy” rating and set a $37.00 price target on shares of Cisco Systems in a research report on Thursday, August 3rd. BidaskClub lowered shares of Cisco Systems from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, BMO Capital Markets restated a “hold” rating on shares of Cisco Systems in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. Cisco Systems currently has an average rating of “Buy” and a consensus target price of $35.31.
In other news, SVP Karen Walker sold 7,802 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $31.29, for a total value of $244,124.58. Following the completion of the transaction, the senior vice president now directly owns 178,577 shares in the company, valued at $5,587,674.33. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John T. Chambers sold 295,537 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $31.52, for a total value of $9,315,326.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 396,179 shares of company stock valued at $12,503,407. Company insiders own 0.11% of the company’s stock.
Cisco Systems Company Profile
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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