Highland Capital Management LLC Reduces Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Highland Capital Management LLC lowered its position in Cisco Systems, Inc. (NASDAQ:CSCOGet Rating) by 4.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 133,601 shares of the network equipment provider’s stock after selling 5,670 shares during the period. Highland Capital Management LLC’s holdings in Cisco Systems were worth $5,697,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Pittenger & Anderson Inc. boosted its position in Cisco Systems by 3.9% in the second quarter. Pittenger & Anderson Inc. now owns 206,563 shares of the network equipment provider’s stock valued at $8,808,000 after buying an additional 7,658 shares during the last quarter. Butensky & Cohen Financial Security Inc. lifted its holdings in Cisco Systems by 4.7% in the second quarter. Butensky & Cohen Financial Security Inc. now owns 81,464 shares of the network equipment provider’s stock valued at $3,474,000 after acquiring an additional 3,685 shares during the period. Atalanta Sosnoff Capital LLC lifted its holdings in Cisco Systems by 2.0% in the second quarter. Atalanta Sosnoff Capital LLC now owns 201,280 shares of the network equipment provider’s stock valued at $8,583,000 after acquiring an additional 3,863 shares during the period. Zhang Financial LLC lifted its holdings in Cisco Systems by 40.9% in the second quarter. Zhang Financial LLC now owns 18,070 shares of the network equipment provider’s stock valued at $771,000 after acquiring an additional 5,242 shares during the period. Finally, RB Capital Management LLC lifted its holdings in Cisco Systems by 11.6% in the second quarter. RB Capital Management LLC now owns 15,411 shares of the network equipment provider’s stock valued at $657,000 after acquiring an additional 1,607 shares during the period. Hedge funds and other institutional investors own 71.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. TheStreet downgraded Cisco Systems from a “b” rating to a “c+” rating in a report on Wednesday, June 15th. The Goldman Sachs Group boosted their price target on Cisco Systems from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 18th. Barclays downgraded Cisco Systems from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $56.00 to $46.00 in a report on Wednesday. Evercore ISI upped their target price on Cisco Systems from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, August 18th. Finally, UBS Group upped their target price on Cisco Systems from $46.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, August 18th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Cisco Systems has an average rating of “Hold” and an average target price of $54.10.

Cisco Systems Stock Down 1.1 %

Shares of NASDAQ:CSCO opened at $41.15 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The business has a fifty day moving average of $45.11 and a two-hundred day moving average of $47.52. The stock has a market cap of $169.08 billion, a P/E ratio of 14.59, a PEG ratio of 2.06 and a beta of 0.96. Cisco Systems, Inc. has a 52-week low of $40.82 and a 52-week high of $64.29.

Cisco Systems (NASDAQ:CSCOGet Rating) last issued its earnings results on Wednesday, August 17th. The network equipment provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.01. The company had revenue of $13.10 billion during the quarter, compared to analysts’ expectations of $12.78 billion. Cisco Systems had a return on equity of 31.12% and a net margin of 22.91%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the prior year, the business earned $0.76 EPS. On average, research analysts expect that Cisco Systems, Inc. will post 3.1 earnings per share for the current year.

Cisco Systems Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Wednesday, October 5th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend is Tuesday, October 4th. Cisco Systems’s payout ratio is currently 53.90%.

Insider Buying and Selling at Cisco Systems

In other news, EVP Jeffery S. Sharritts sold 12,838 shares of the stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $47.86, for a total transaction of $614,426.68. Following the completion of the transaction, the executive vice president now directly owns 167,532 shares in the company, valued at approximately $8,018,081.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Jeffery S. Sharritts sold 12,838 shares of the stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $47.86, for a total transaction of $614,426.68. Following the completion of the transaction, the executive vice president now directly owns 167,532 shares in the company, valued at approximately $8,018,081.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Maria Martinez sold 2,831 shares of the stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $48.39, for a total value of $136,992.09. Following the transaction, the chief operating officer now owns 278,012 shares of the company’s stock, valued at $13,453,000.68. The disclosure for this sale can be found here. Insiders sold a total of 56,317 shares of company stock worth $2,612,042 in the last three months. 0.02% of the stock is owned by corporate insiders.

Cisco Systems Profile

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Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. It provides infrastructure platforms, including networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities, and transport and/or store data.

See Also

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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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