Douglas Lane & Associates LLC Sells 60,351 Shares of Cisco Systems, Inc. (CSCO)
Douglas Lane & Associates LLC lowered its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 3.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,977,780 shares of the network equipment provider’s stock after selling 60,351 shares during the period. Cisco Systems makes up 1.5% of Douglas Lane & Associates LLC’s portfolio, making the stock its 20th largest position. Douglas Lane & Associates LLC’s holdings in Cisco Systems were worth $61,905,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Dodge & Cox bought a new position in shares of Cisco Systems during the fourth quarter valued at approximately $1,950,935,000. Norges Bank bought a new position in shares of Cisco Systems during the fourth quarter valued at approximately $1,306,395,000. Boston Partners boosted its position in shares of Cisco Systems by 304.2% in the first quarter. Boston Partners now owns 30,563,666 shares of the network equipment provider’s stock valued at $1,033,052,000 after buying an additional 23,002,159 shares during the period. Macquarie Group Ltd. boosted its position in shares of Cisco Systems by 5.7% in the fourth quarter. Macquarie Group Ltd. now owns 25,418,669 shares of the network equipment provider’s stock valued at $768,153,000 after buying an additional 1,365,708 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Cisco Systems by 3.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 16,445,753 shares of the network equipment provider’s stock valued at $555,867,000 after buying an additional 506,489 shares during the period. 75.40% of the stock is owned by hedge funds and other institutional investors.
Shares of Cisco Systems, Inc. (NASDAQ CSCO) traded up 1.52% during midday trading on Friday, reaching $31.47. The company had a trading volume of 20,756,566 shares. The company has a 50 day moving average price of $31.54 and a 200-day moving average price of $32.53. The firm has a market capitalization of $157.35 billion, a P/E ratio of 15.97 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.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, May 17th. The network equipment provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Cisco Systems had a net margin of 20.61% and a return on equity of 17.31%. The business had revenue of $11.94 billion for the quarter, compared to analysts’ expectations of $11.90 billion. During the same quarter in the previous year, the firm posted $0.57 EPS. The business’s revenue for the quarter was down .5% compared to the same quarter last year. On average, analysts anticipate that Cisco Systems, Inc. will post $2.38 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were issued a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, July 5th. This represents a $1.16 dividend on an annualized basis and a yield of 3.69%. Cisco Systems’s payout ratio is 58.29%.
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Several analysts have issued reports on the company. Instinet restated a “neutral” rating and issued a $29.00 price objective on shares of Cisco Systems in a research note on Monday, July 3rd. J P Morgan Chase & Co restated a “neutral” rating on shares of Cisco Systems in a research note on Monday, June 26th. Vetr lowered Cisco Systems from a “strong-buy” rating to a “buy” rating and set a $37.03 price objective on the stock. in a research note on Wednesday, April 26th. Morgan Stanley upgraded Cisco Systems from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $33.45 to $39.00 in a research note on Monday, May 15th. Finally, Zacks Investment Research lowered Cisco Systems from a “hold” rating to a “sell” rating in a research note on Monday, May 15th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-two have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $35.31.
In other Cisco Systems news, SVP Rebecca Jacoby sold 92,840 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $31.71, for a total transaction of $2,943,956.40. Following the sale, the senior vice president now owns 271,725 shares of the company’s stock, valued at approximately $8,616,399.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John T. Chambers sold 295,537 shares of the business’s stock in a transaction on Wednesday, May 24th. The shares were 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 worth $12,503,407 in the last three months. 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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