Artemis Investment Management LLP trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 90.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,071 shares of the network equipment provider’s stock after selling 473,338 shares during the quarter. Artemis Investment Management LLP’s holdings in Cisco Systems were worth $2,472,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in the company. Enlightenment Research LLC bought a new stake in Cisco Systems in the 2nd quarter valued at about $5,600,000. Great Valley Advisor Group Inc. increased its position in Cisco Systems by 87.1% in the 2nd quarter. Great Valley Advisor Group Inc. now owns 53,601 shares of the network equipment provider’s stock valued at $2,935,000 after buying an additional 24,948 shares in the last quarter. A.R.T. Advisors LLC bought a new stake in Cisco Systems during the 2nd quarter worth approximately $5,214,000. Stevens Capital Management LP increased its holdings in Cisco Systems by 39.1% during the 2nd quarter. Stevens Capital Management LP now owns 555,338 shares of the network equipment provider’s stock worth $30,394,000 after purchasing an additional 156,143 shares in the last quarter. Finally, Atlas Brown Inc. increased its holdings in Cisco Systems by 6.8% during the 2nd quarter. Atlas Brown Inc. now owns 16,157 shares of the network equipment provider’s stock worth $884,000 after purchasing an additional 1,025 shares in the last quarter. 73.31% of the stock is currently owned by institutional investors.
A number of analysts have commented on the company. Raymond James reissued an “overweight” rating on shares of Cisco Systems in a report on Friday, August 16th. Goldman Sachs Group lowered Cisco Systems from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $56.00 to $48.00 in a report on Thursday. ValuEngine lowered Cisco Systems from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Morgan Stanley decreased their price objective on Cisco Systems from $51.00 to $49.00 and set an “equal weight” rating for the company in a report on Thursday, August 15th. Finally, Bank of America reissued a “buy” rating and set a $62.00 price objective on shares of Cisco Systems in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $56.04.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.01. The company had revenue of $13.43 billion during the quarter, compared to analyst estimates of $13.39 billion. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. Cisco Systems’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.70 earnings per share. On average, research analysts expect that Cisco Systems, Inc. will post 3.05 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Thursday, October 3rd. Cisco Systems’s dividend payout ratio is presently 49.12%.
In other news, EVP Mark D. Chandler sold 10,733 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $50.05, for a total value of $537,186.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Charles Robbins sold 18,955 shares of the company’s stock in a transaction that occurred on 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. Over the last ninety days, insiders sold 193,130 shares of company stock valued at $9,359,179. 0.03% of the stock is currently owned by corporate insiders.
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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