McKinley Carter Wealth Services Inc. acquired a new position in Cisco Systems, Inc. (NASDAQ:CSCO) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 20,782 shares of the network equipment provider’s stock, valued at approximately $1,011,000.
A number of other hedge funds have also modified their holdings of the stock. Morgan Stanley lifted its position in Cisco Systems by 15.9% in the second quarter. Morgan Stanley now owns 50,957,358 shares of the network equipment provider’s stock worth $2,192,694,000 after purchasing an additional 7,009,359 shares during the period. Boston Partners lifted its position in Cisco Systems by 1.5% in the second quarter. Boston Partners now owns 34,447,604 shares of the network equipment provider’s stock worth $1,482,280,000 after purchasing an additional 499,099 shares during the period. Fisher Asset Management LLC lifted its position in Cisco Systems by 11.9% in the third quarter. Fisher Asset Management LLC now owns 20,099,819 shares of the network equipment provider’s stock worth $977,856,000 after purchasing an additional 2,129,952 shares during the period. Swiss National Bank lifted its position in Cisco Systems by 0.4% in the second quarter. Swiss National Bank now owns 16,274,993 shares of the network equipment provider’s stock worth $700,313,000 after purchasing an additional 69,400 shares during the period. Finally, Schroder Investment Management Group lifted its position in Cisco Systems by 2.1% in the second quarter. Schroder Investment Management Group now owns 15,333,125 shares of the network equipment provider’s stock worth $658,405,000 after purchasing an additional 310,418 shares during the period. 70.62% of the stock is owned by institutional investors and hedge funds.
In other news, Director M Michele Burns sold 4,744 shares of the company’s stock in a transaction on Wednesday, December 19th. The shares were sold at an average price of $44.06, for a total value of $209,020.64. Following the transaction, the director now directly owns 74,164 shares of the company’s stock, valued at $3,267,665.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven M. West sold 25,000 shares of the company’s stock in a transaction on Wednesday, December 12th. The stock was sold at an average price of $47.98, for a total transaction of $1,199,500.00. Following the completion of the transaction, the director now directly owns 10,007 shares in the company, valued at $480,135.86. The disclosure for this sale can be found here. Insiders sold 166,067 shares of company stock valued at $7,804,662 in the last 90 days. Corporate insiders own 0.03% of the company’s stock.
CSCO opened at $47.58 on Tuesday. The firm has a market capitalization of $227.34 billion, a PE ratio of 20.33, a price-to-earnings-growth ratio of 2.76 and a beta of 1.16. Cisco Systems, Inc. has a 12-month low of $40.19 and a 12-month high of $49.47. The company has a quick ratio of 2.05, a current ratio of 2.11 and a debt-to-equity ratio of 0.42.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, November 14th. The network equipment provider reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.03. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.86 billion. Cisco Systems had a return on equity of 25.58% and a net margin of 2.52%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.61 earnings per share. Sell-side analysts anticipate that Cisco Systems, Inc. will post 2.7 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 23rd. Stockholders of record on Friday, January 4th were issued a $0.33 dividend. The ex-dividend date was Thursday, January 3rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.77%. Cisco Systems’s payout ratio is currently 56.41%.
A number of equities research analysts have weighed in on CSCO shares. Credit Suisse Group set a $44.00 target price on Cisco Systems and gave the stock a “hold” rating in a research report on Wednesday, January 16th. Deutsche Bank upped their target price on Cisco Systems from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, November 15th. Raymond James increased their price objective on Cisco Systems from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, November 15th. Argus reiterated a “buy” rating and set a $55.00 price objective on shares of Cisco Systems in a research report on Tuesday, January 15th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating on shares of Cisco Systems in a research report on Thursday, November 15th. Eight investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $51.05.
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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