Stifel Financial Corp grew its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 6,109.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 8,147,775 shares of the network equipment provider’s stock after acquiring an additional 8,016,561 shares during the quarter. Cisco Systems makes up 1.0% of Stifel Financial Corp’s holdings, making the stock its 8th biggest holding. Stifel Financial Corp’s holdings in Cisco Systems were worth $273,977,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Richard Bernstein Advisors LLC raised its position in shares of Cisco Systems by 21.2% during the 2nd quarter. Richard Bernstein Advisors LLC now owns 269,441 shares of the network equipment provider’s stock valued at $8,434,000 after buying an additional 47,211 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Cisco Systems by 10.4% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 152,990 shares of the network equipment provider’s stock valued at $4,789,000 after buying an additional 14,395 shares in the last quarter. Eads & Heald Investment Counsel raised its position in shares of Cisco Systems by 15.7% during the 2nd quarter. Eads & Heald Investment Counsel now owns 42,453 shares of the network equipment provider’s stock valued at $1,329,000 after buying an additional 5,765 shares in the last quarter. Pzena Investment Management LLC raised its position in shares of Cisco Systems by 0.4% during the 3rd quarter. Pzena Investment Management LLC now owns 2,517,046 shares of the network equipment provider’s stock valued at $84,648,000 after buying an additional 10,265 shares in the last quarter. Finally, Forward Management LLC purchased a new stake in shares of Cisco Systems during the 3rd quarter valued at about $869,000. Hedge funds and other institutional investors own 75.06% of the company’s stock.
In other news, CAO Prat Bhatt sold 2,606 shares of Cisco Systems stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $36.49, for a total transaction of $95,092.94. Following the completion of the sale, the chief accounting officer now directly owns 89,184 shares in the company, valued at $3,254,324.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John T. Chambers sold 250,000 shares of Cisco Systems stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $36.50, for a total transaction of $9,125,000.00. Following the sale, the insider now owns 712,736 shares of the company’s stock, valued at $26,014,864. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 348,643 shares of company stock valued at $12,892,271. 0.05% of the stock is owned by insiders.
Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, February 14th. The network equipment provider reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.04. The company had revenue of $11.89 billion during the quarter, compared to the consensus estimate of $11.82 billion. Cisco Systems had a negative net margin of 3.00% and a positive return on equity of 17.77%. During the same period last year, the firm earned $0.57 earnings per share. equities research analysts anticipate that Cisco Systems, Inc. will post 2.24 EPS for the current year.
Cisco Systems announced that its board has approved a stock buyback program on Wednesday, February 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the network equipment provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Thursday, April 5th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.98%. This is an increase from Cisco Systems’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Wednesday, April 4th. Cisco Systems’s dividend payout ratio (DPR) is -362.50%.
Several brokerages have recently issued reports on CSCO. Vetr cut shares of Cisco Systems from a “buy” rating to a “hold” rating and set a $44.13 target price on the stock. in a research report on Monday. Argus restated a “buy” rating and set a $50.00 target price (up from $44.00) on shares of Cisco Systems in a research report on Friday. MKM Partners increased their price objective on shares of Cisco Systems to $48.00 and gave the stock a “neutral” rating in a research report on Friday. Oppenheimer reissued an “outperform” rating and issued a $50.00 price objective (up from $46.00) on shares of Cisco Systems in a research report on Friday. Finally, Berenberg Bank reissued a “neutral” rating and issued a $40.00 price objective on shares of Cisco Systems in a research report on Thursday, February 15th. Twelve equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $43.57.
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Cisco Systems Profile
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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