Bernzott Capital Advisors Sells 44,345 Shares of Cisco Systems, Inc. (CSCO)
Bernzott Capital Advisors lowered its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 12.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 314,708 shares of the network equipment provider’s stock after selling 44,345 shares during the quarter. Cisco Systems comprises about 1.7% of Bernzott Capital Advisors’ portfolio, making the stock its 27th largest position. Bernzott Capital Advisors’ holdings in Cisco Systems were worth $13,542,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in CSCO. JJJ Advisors Inc. purchased a new position in Cisco Systems in the 2nd quarter worth about $110,000. Legacy Advisors LLC increased its stake in Cisco Systems by 597.6% in the 2nd quarter. Legacy Advisors LLC now owns 3,432 shares of the network equipment provider’s stock worth $148,000 after buying an additional 2,940 shares during the period. Stelac Advisory Services LLC purchased a new position in Cisco Systems in the 1st quarter worth about $149,000. Cerebellum GP LLC purchased a new position in Cisco Systems in the 2nd quarter worth about $174,000. Finally, Landaas & Co. WI ADV purchased a new position in Cisco Systems in the 2nd quarter worth about $184,000. 70.28% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Cisco Systems from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Piper Jaffray Companies set a $50.00 target price on shares of Cisco Systems and gave the stock a “buy” rating in a report on Tuesday, September 11th. Raymond James increased their target price on shares of Cisco Systems from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, November 15th. BidaskClub upgraded shares of Cisco Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 25th. Finally, Loop Capital upgraded shares of Cisco Systems from a “hold” rating to a “positive” rating and set a $45.00 target price on the stock in a report on Thursday, November 15th. They noted that the move was a valuation call. Seven analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. Cisco Systems presently has a consensus rating of “Buy” and a consensus price target of $49.49.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings results on Wednesday, November 14th. The network equipment provider reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. Cisco Systems had a net margin of 2.52% and a return on equity of 25.58%. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.86 billion. During the same period last year, the business earned $0.61 EPS. The company’s revenue was up 7.7% compared to the same quarter last year. As a group, equities research analysts forecast that Cisco Systems, Inc. will post 2.7 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend was Thursday, October 4th. Cisco Systems’s dividend payout ratio is currently 56.41%.
In other news, EVP Mark D. Chandler sold 31,842 shares of the firm’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $47.20, for a total value of $1,502,942.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Charles Robbins sold 217,420 shares of the firm’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $47.28, for a total transaction of $10,279,617.60. The disclosure for this sale can be found here. Insiders sold a total of 450,620 shares of company stock worth $21,322,282 over the last 90 days. Company insiders own 0.03% of the company’s stock.
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Cisco Systems Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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