6 Meridian reduced its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 10.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 126,946 shares of the network equipment provider’s stock after selling 14,523 shares during the quarter. 6 Meridian’s holdings in Cisco Systems were worth $6,272,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Enlightenment Research LLC purchased a new position in Cisco Systems in the second quarter valued at about $5,600,000. Great Valley Advisor Group Inc. raised its position in Cisco Systems by 87.1% in the second quarter. Great Valley Advisor Group Inc. now owns 53,601 shares of the network equipment provider’s stock valued at $2,935,000 after purchasing an additional 24,948 shares during the period. A.R.T. Advisors LLC purchased a new position in Cisco Systems in the second quarter valued at about $5,214,000. Nachman Norwood & Parrott Inc raised its position in Cisco Systems by 8.3% in the third quarter. Nachman Norwood & Parrott Inc now owns 18,996 shares of the network equipment provider’s stock valued at $938,000 after purchasing an additional 1,460 shares during the period. Finally, Stevens Capital Management LP raised its position in Cisco Systems by 39.1% in the second quarter. Stevens Capital Management LP now owns 555,338 shares of the network equipment provider’s stock valued at $30,394,000 after purchasing an additional 156,143 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have commented on the company. Goldman Sachs Group lowered Cisco Systems from a “buy” rating to a “neutral” rating and cut their price objective for the company from $56.00 to $48.00 in a research report on Thursday, October 10th. Bank of America reissued a “buy” rating and issued a $62.00 price objective on shares of Cisco Systems in a research report on Wednesday, July 10th. Nomura raised their price objective on Cisco Systems from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Credit Suisse Group set a $50.00 price objective on Cisco Systems and gave the company a “neutral” rating in a research report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. set a $62.00 price objective on Cisco Systems and gave the company a “buy” rating in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $55.96.
In related news, EVP Mark D. Chandler sold 546 shares of Cisco Systems stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $47.92, for a total value of $26,164.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles Robbins sold 18,955 shares of Cisco Systems stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.04, for a total value of $948,508.20. The disclosure for this sale can be found here. Insiders have sold 193,130 shares of company stock valued at $9,359,179 over the last 90 days. Insiders own 0.03% of the company’s stock.
Shares of Cisco Systems stock opened at $47.55 on Wednesday. The business has a 50-day moving average of $48.09 and a 200-day moving average of $52.81. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.46. The company has a market capitalization of $201.18 billion, a PE ratio of 16.68, a P/E/G ratio of 2.29 and a beta of 1.28. Cisco Systems, Inc. has a 1-year low of $40.25 and a 1-year high of $58.26.
Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.01. The company had revenue of $13.43 billion during the quarter, compared to the consensus estimate of $13.39 billion. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The company’s revenue was up 4.5% on a year-over-year basis. During the same period last year, the firm earned $0.70 earnings per share. On average, equities analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be paid a dividend of $0.35 per share. The ex-dividend date is Thursday, October 3rd. This represents a $1.40 annualized dividend and a dividend yield of 2.94%. Cisco Systems’s dividend payout ratio is presently 49.12%.
About Cisco Systems
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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