Duff & Phelps Investment Management Co. cut its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 2.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 52,110 shares of the network equipment provider’s stock after selling 1,420 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in Cisco Systems were worth $2,242,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. HC Financial Advisors Inc. purchased a new position in shares of Cisco Systems during the fourth quarter valued at approximately $1,244,000. British Airways Pensions Investment Management Ltd purchased a new position in Cisco Systems in the first quarter worth $20,514,000. Manning & Napier Group LLC boosted its position in Cisco Systems by 7.5% in the first quarter. Manning & Napier Group LLC now owns 781,850 shares of the network equipment provider’s stock worth $33,533,000 after purchasing an additional 54,853 shares during the last quarter. Braun Stacey Associates Inc. purchased a new position in Cisco Systems in the first quarter worth $13,197,000. Finally, Cookson Peirce & Co. Inc. purchased a new position in Cisco Systems in the first quarter worth $24,023,000. Institutional investors and hedge funds own 71.57% of the company’s stock.
In other news, EVP Mark D. Chandler sold 31,842 shares of the company’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $47.20, for a total transaction of $1,502,942.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP David Goeckeler sold 63,050 shares of the company’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $47.57, for a total value of $2,999,288.50. Following the transaction, the executive vice president now directly owns 547,019 shares in the company, valued at approximately $26,021,693.83. The disclosure for this sale can be found here. Insiders have sold a total of 450,620 shares of company stock worth $21,322,282 in the last ninety days. Insiders own 0.05% of the company’s stock.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, August 15th. The network equipment provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Cisco Systems had a return on equity of 22.12% and a net margin of 0.22%. The firm had revenue of $12.84 billion for the quarter, compared to analysts’ expectations of $12.76 billion. During the same quarter in the prior year, the firm earned $0.61 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, research analysts expect that Cisco Systems, Inc. will post 2.67 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 24th. Stockholders of record on Friday, October 5th will be given a dividend of $0.33 per share. The ex-dividend date is Thursday, October 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.91%. Cisco Systems’s dividend payout ratio is presently 56.41%.
Several research firms have weighed in on CSCO. Zacks Investment Research cut Cisco Systems from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. BidaskClub cut Cisco Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, June 26th. Piper Jaffray Companies set a $50.00 price objective on Cisco Systems and gave the stock a “buy” rating in a research report on Monday, July 9th. Goldman Sachs Group reissued a “buy” rating and issued a $56.00 price objective on shares of Cisco Systems in a research report on Thursday, August 16th. Finally, Credit Suisse Group boosted their price objective on Cisco Systems from $41.00 to $43.00 and gave the stock a “hold” rating in a research report on Thursday, August 16th. Eight equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $48.76.
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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