Legacy Bridge LLC increased its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 181.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,784 shares of the network equipment provider’s stock after purchasing an additional 14,040 shares during the quarter. Cisco Systems accounts for 1.1% of Legacy Bridge LLC’s holdings, making the stock its 13th biggest position. Legacy Bridge LLC’s holdings in Cisco Systems were worth $1,192,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Lowe Wealth Advisors LLC bought a new position in shares of Cisco Systems during the 2nd quarter worth approximately $38,000. Horan Securities Inc. grew its stake in shares of Cisco Systems by 663.0% during the 4th quarter. Horan Securities Inc. now owns 763 shares of the network equipment provider’s stock worth $33,000 after acquiring an additional 663 shares in the last quarter. Highwater Wealth Management LLC bought a new position in shares of Cisco Systems during the 4th quarter worth approximately $51,000. Contravisory Investment Management Inc. bought a new position in shares of Cisco Systems during the 4th quarter worth approximately $49,000. Finally, Cohen & Steers Inc. bought a new position in shares of Cisco Systems during the 4th quarter worth approximately $51,000. 74.38% of the stock is owned by institutional investors and hedge funds.
Cisco Systems stock traded down $0.02 during mid-day trading on Tuesday, hitting $57.71. 10,461,180 shares of the company’s stock traded hands, compared to its average volume of 20,995,533. The company has a 50 day moving average of $56.36. Cisco Systems, Inc. has a fifty-two week low of $40.25 and a fifty-two week high of $58.26. The stock has a market capitalization of $245.54 billion, a PE ratio of 24.66, a price-to-earnings-growth ratio of 2.93 and a beta of 1.18. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.64 and a current ratio of 1.69.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.01. Cisco Systems had a return on equity of 29.88% and a net margin of 25.76%. The business had revenue of $12.96 billion during the quarter, compared to the consensus estimate of $12.89 billion. During the same quarter last year, the firm posted $0.66 EPS. The company’s quarterly revenue was up 4.0% on a year-over-year basis. Equities research analysts forecast that Cisco Systems, Inc. will post 2.8 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.43%. The ex-dividend date is Wednesday, July 3rd. Cisco Systems’s dividend payout ratio is 59.83%.
Several equities analysts have recently weighed in on the stock. Oppenheimer assumed coverage on shares of Pareteum in a research note on Friday, April 26th. They set an “outperform” rating and a $7.00 price target for the company. Tigress Financial reaffirmed a “buy” rating on shares of Cisco Systems in a research note on Thursday, June 27th. Jefferies Financial Group raised their price target on shares of Nice to $166.00 and gave the stock a “buy” rating in a research note on Thursday, May 16th. UBS Group set a $13.00 price objective on Freeport-McMoRan and gave the company a “hold” rating in a report on Wednesday, June 26th. Finally, MKM Partners increased their price objective on Cisco Systems to $56.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. Six investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $56.30.
In other Cisco Systems news, CFO Kelly A. Kramer sold 70,000 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $53.56, for a total transaction of $3,749,200.00. Following the transaction, the chief financial officer now owns 349,122 shares in the company, valued at approximately $18,698,974.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark D. Chandler sold 3,750 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $55.79, for a total value of $209,212.50. The disclosure for this sale can be found here. Insiders have sold a total of 95,129 shares of company stock valued at $5,159,754 in the last ninety days. Insiders own 0.03% of the company’s stock.
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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