Oppenheimer Asset Management Inc. Purchases Shares of 741,472 Cisco Systems, Inc. (NASDAQ:CSCO)
Oppenheimer Asset Management Inc. purchased a new position in Cisco Systems, Inc. (NASDAQ:CSCO) during the first quarter, Holdings Channel reports. The institutional investor purchased 741,472 shares of the network equipment provider’s stock, valued at approximately $25,059,000. Cisco Systems accounts for approximately 0.7% of Oppenheimer Asset Management Inc.’s investment portfolio, making the stock its 21st largest position.
Several other institutional investors have also recently added to or reduced their stakes in the company. Financial Management Professionals Inc. increased 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 worth $118,000 after buying an additional 635 shares during the period. Patriot Financial Group Insurance Agency LLC purchased a new position in Cisco Systems during the fourth quarter worth about $128,000. Jackson Grant Investment Advisers Inc. increased 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 worth $128,000 after buying an additional 4,150 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in Cisco Systems by 15.0% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 4,300 shares of the network equipment provider’s stock worth $145,000 after buying an additional 560 shares during the period. Finally, Baystate Wealth Management LLC increased its position in Cisco Systems by 24.5% in the first quarter. Baystate Wealth Management LLC now owns 7,537 shares of the network equipment provider’s stock worth $146,000 after buying an additional 1,484 shares during the period. Hedge funds and other institutional investors own 75.40% of the company’s stock.
Shares of Cisco Systems, Inc. (NASDAQ CSCO) traded up 1.16% on Friday, hitting $31.36. The company’s stock had a trading volume of 6,296,209 shares. The firm has a market cap of $156.80 billion, a price-to-earnings ratio of 15.92 and a beta of 1.24. Cisco Systems, Inc. has a one year low of $29.12 and a one year high of $34.60. The stock has a 50-day moving average price of $31.55 and a 200 day moving average price of $32.52. Cisco Systems also was the target of some unusual options trading activity on Wednesday. Traders acquired 21,024 call options on the stock. This is an increase of approximately 113% compared to the typical volume of 9,855 call options.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings data on Wednesday, May 17th. The network equipment provider reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.02. The firm had revenue of $11.94 billion during the quarter, compared to analysts’ expectations of $11.90 billion. Cisco Systems had a net margin of 20.61% and a return on equity of 17.31%. The firm’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter last year, the company posted $0.57 EPS. Equities research analysts predict that Cisco Systems, Inc. will post $2.38 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Investors of record on Friday, July 7th were given a dividend of $0.29 per share. The ex-dividend date was Wednesday, July 5th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.74%. Cisco Systems’s payout ratio is currently 58.29%.
A number of equities analysts have recently issued reports on the company. Robert W. Baird restated a “buy” rating on shares of Cisco Systems in a research note on Thursday, May 18th. Drexel Hamilton restated a “buy” rating and issued a $40.00 price target on shares of Cisco Systems in a research note on Tuesday, May 23rd. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $36.00 price target on shares of Cisco Systems in a research note on Monday, June 26th. Jefferies Group LLC restated a “buy” rating and issued a $37.00 price target on shares of Cisco Systems in a research note on Wednesday, April 26th. Finally, BidaskClub upgraded Cisco Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, June 28th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-two have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $35.31.
In related news, SVP Karen Walker sold 7,802 shares of the stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $31.29, for a total transaction of $244,124.58. Following the completion of the transaction, the senior vice president now owns 178,577 shares of the company’s stock, valued at approximately $5,587,674.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John T. Chambers sold 295,537 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $31.52, for a total transaction of $9,315,326.24. The disclosure for this sale can be found here. Insiders have sold a total of 396,179 shares of company stock valued at $12,503,407 in the last ninety days. 0.11% of the stock is currently owned by corporate insiders.
About Cisco Systems
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).
Want to see what other hedge funds are holding CSCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cisco Systems, Inc. (NASDAQ:CSCO).
Receive News & Ratings for Cisco Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cisco Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.