Welch & Forbes LLC increased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 1.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 418,122 shares of the network equipment provider’s stock after acquiring an additional 4,666 shares during the period. Welch & Forbes LLC’s holdings in Cisco Systems were worth $20,659,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of CSCO. Lord Abbett & CO. LLC grew its position in Cisco Systems by 0.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 6,155,166 shares of the network equipment provider’s stock worth $266,703,000 after acquiring an additional 46,385 shares during the last quarter. Semmax Financial Advisors Inc. bought a new stake in Cisco Systems during the 4th quarter worth $126,000. Foresters Investment Management Company Inc. grew its position in Cisco Systems by 0.7% during the 4th quarter. Foresters Investment Management Company Inc. now owns 1,439,475 shares of the network equipment provider’s stock worth $62,372,000 after acquiring an additional 9,600 shares during the last quarter. Cohen & Steers Inc. bought a new stake in Cisco Systems during the 4th quarter worth $51,000. Finally, Stamos Capital Partners L.P. bought a new stake in Cisco Systems during the 4th quarter worth $2,496,000. Institutional investors and hedge funds own 73.31% of the company’s stock.
In other news, EVP Mark D. Chandler sold 546 shares of the business’s 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Charles Robbins sold 18,955 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were 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 sold a total of 193,130 shares of company stock worth $9,359,179 over the last three months. 0.03% of the stock is owned by company insiders.
Shares of NASDAQ:CSCO traded up $0.83 during midday trading on Friday, reaching $46.98. The company’s stock had a trading volume of 12,683,300 shares, compared to its average volume of 19,983,844. The firm has a market capitalization of $196.94 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 2.24 and a beta of 1.28. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.51. The firm has a 50 day moving average price of $48.15 and a two-hundred day moving average price of $53.22. Cisco Systems, Inc. has a fifty-two week low of $40.25 and a fifty-two week high of $58.26.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.01. The company had revenue of $13.43 billion for 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 firm’s revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.70 EPS. As a group, research analysts anticipate that Cisco Systems, Inc. will post 3.05 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend is Thursday, October 3rd. Cisco Systems’s dividend payout ratio is 49.12%.
A number of brokerages recently weighed in on CSCO. Credit Suisse Group set a $50.00 price objective on Cisco Systems and gave the stock a “neutral” rating in a research report on Tuesday, August 27th. Robert W. Baird set a $54.00 price target on Cisco Systems and gave the company a “buy” rating in a research report on Friday, September 13th. Royal Bank of Canada reduced their price target on Cisco Systems from $64.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, August 15th. Morgan Stanley reduced their price target on Cisco Systems from $51.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 15th. Finally, Tigress Financial reiterated a “buy” rating on shares of Cisco Systems in a research report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $56.04.
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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