Yacktman Asset Management LP lowered its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,494,438 shares of the network equipment provider’s stock after selling 115,704 shares during the quarter. Cisco Systems accounts for about 2.7% of Yacktman Asset Management LP’s portfolio, making the stock its 14th largest position. Yacktman Asset Management LP owned about 0.11% of Cisco Systems worth $222,070,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the business. Evolution Wealth Advisors LLC purchased a new stake in shares of Cisco Systems in the second quarter valued at $33,000. Lowe Wealth Advisors LLC purchased a new stake in shares of Cisco Systems in the second quarter valued at $38,000. Personal Wealth Partners purchased a new stake in shares of Cisco Systems in the second quarter valued at $44,000. Ashburton Jersey Ltd purchased a new stake in shares of Cisco Systems in the second quarter valued at $49,000. Finally, Cordasco Financial Network raised its stake in shares of Cisco Systems by 78.4% in the third quarter. Cordasco Financial Network now owns 1,142 shares of the network equipment provider’s stock valued at $56,000 after acquiring an additional 502 shares during the period. Institutional investors and hedge funds own 73.27% of the company’s stock.
In other news, CEO Charles Robbins sold 18,955 shares of the firm’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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mark D. Chandler sold 10,733 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.05, for a total transaction of $537,186.65. The disclosure for this sale can be found here. Insiders have sold a total of 193,130 shares of company stock worth $9,359,179 in the last three months. Insiders own 0.03% of the company’s stock.
CSCO has been the topic of several recent analyst reports. Cowen reduced their target price on shares of Cisco Systems from $65.00 to $61.00 and set an “outperform” rating on the stock in a research note on Thursday, August 15th. Goldman Sachs Group downgraded shares of Cisco Systems from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $56.00 to $48.00 in a research note on Thursday, October 10th. Raymond James reaffirmed an “overweight” rating on shares of Cisco Systems in a research note on Friday, August 16th. Royal Bank of Canada reduced their price target on shares of Cisco Systems from $64.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, August 15th. Finally, Credit Suisse Group reaffirmed a “neutral” rating and issued a $49.00 price target (down previously from $50.00) on shares of Cisco Systems in a research note on Tuesday, November 5th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and nineteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $55.64.
NASDAQ CSCO traded down $0.73 during trading on Monday, reaching $48.10. 19,590,594 shares of the company’s stock traded hands, compared to its average volume of 20,418,154. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.46. The firm has a market cap of $202.69 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 2.30 and a beta of 1.28. The company’s 50 day simple moving average is $47.54 and its two-hundred day simple moving average is $52.00. Cisco Systems, Inc. has a 12-month low of $40.25 and a 12-month high of $58.26.
Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.01. The business had revenue of $13.43 billion for the quarter, compared to the consensus estimate of $13.39 billion. Cisco Systems had a net margin of 22.39% and a return on equity of 32.43%. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.70 EPS. Research analysts expect that Cisco Systems, Inc. will post 3.03 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date was Thursday, October 3rd. Cisco Systems’s dividend payout ratio (DPR) is 49.12%.
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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