Connecticut Wealth Management LLC cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 9.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,499 shares of the network equipment provider’s stock after selling 1,152 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Cisco Systems were worth $356,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Eads & Heald Investment Counsel boosted its position in Cisco Systems by 15.7% during the second quarter. Eads & Heald Investment Counsel now owns 42,453 shares of the network equipment provider’s stock worth $1,329,000 after purchasing an additional 5,765 shares in the last quarter. Stratos Wealth Partners LTD. boosted its position in Cisco Systems by 10.4% during the second quarter. Stratos Wealth Partners LTD. now owns 152,990 shares of the network equipment provider’s stock worth $4,789,000 after purchasing an additional 14,395 shares in the last quarter. Washington Trust Bank boosted its position in Cisco Systems by 2.5% during the second quarter. Washington Trust Bank now owns 113,153 shares of the network equipment provider’s stock worth $3,542,000 after purchasing an additional 2,726 shares in the last quarter. Holderness Investments Co. boosted its position in Cisco Systems by 12.1% during the first quarter. Holderness Investments Co. now owns 66,740 shares of the network equipment provider’s stock worth $2,256,000 after purchasing an additional 7,186 shares in the last quarter. Finally, Pioneer Investment Management Inc. boosted its position in Cisco Systems by 5.2% during the first quarter. Pioneer Investment Management Inc. now owns 8,258,748 shares of the network equipment provider’s stock worth $279,146,000 after purchasing an additional 408,875 shares in the last quarter. Hedge funds and other institutional investors own 75.24% of the company’s stock.
In other Cisco Systems news, SVP Karen Walker sold 23,110 shares of Cisco Systems stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $32.06, for a total transaction of $740,906.60. Following the sale, the senior vice president now directly owns 192,774 shares of the company’s stock, valued at $6,180,334.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John T. Chambers sold 250,000 shares of Cisco Systems stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $31.14, for a total value of $7,785,000.00. Following the sale, the insider now directly owns 729,305 shares in the company, valued at $22,710,557.70. The disclosure for this sale can be found here. Insiders have sold 485,138 shares of company stock worth $15,347,574 over the last ninety days. Company insiders own 0.05% of the company’s stock.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, August 16th. The network equipment provider reported $0.61 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.61. The company had revenue of $12.13 billion for the quarter, compared to the consensus estimate of $12.07 billion. Cisco Systems had a return on equity of 16.91% and a net margin of 20.02%. The company’s quarterly revenue was down 4.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.63 earnings per share.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Thursday, October 5th were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Wednesday, October 4th. Cisco Systems’s payout ratio is 60.73%.
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CSCO has been the topic of several recent research reports. Vetr upgraded Cisco Systems from a “hold” rating to a “buy” rating and set a $32.45 price objective on the stock in a research report on Thursday, July 6th. Sanford C. Bernstein restated an “outperform” rating and issued a $38.00 price objective on shares of Cisco Systems in a research report on Friday, July 14th. Zacks Investment Research upgraded Cisco Systems from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. BMO Capital Markets restated a “hold” rating on shares of Cisco Systems in a research report on Friday, July 28th. Finally, BidaskClub downgraded Cisco Systems from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $35.30.
Cisco Systems Company 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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