Rockland Trust Co. grew its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 9.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,521 shares of the network equipment provider’s stock after buying an additional 2,730 shares during the period. Rockland Trust Co.’s holdings in Cisco Systems were worth $1,531,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the business. Evolution Wealth Advisors LLC acquired a new stake in Cisco Systems during the second quarter valued at approximately $33,000. Lowe Wealth Advisors LLC acquired a new stake in Cisco Systems during the second quarter valued at approximately $38,000. Personal Wealth Partners acquired a new position in shares of Cisco Systems in the 2nd quarter worth approximately $44,000. Ashburton Jersey Ltd acquired a new position in shares of Cisco Systems in the 2nd quarter worth approximately $49,000. Finally, Lucia Wealth Services LLC boosted its holdings in shares of Cisco Systems by 72.3% in the 2nd quarter. Lucia Wealth Services LLC now owns 1,144 shares of the network equipment provider’s stock worth $63,000 after acquiring an additional 480 shares in the last quarter. 73.31% of the stock is owned by institutional investors.
In other news, EVP Mark D. Chandler sold 10,733 shares of the 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP David Goeckeler sold 70,000 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $49.22, for a total transaction of $3,445,400.00. Following the transaction, the executive vice president now owns 429,398 shares of the company’s stock, valued at $21,134,969.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 193,130 shares of company stock valued at $9,359,179. Corporate insiders own 0.03% of the company’s stock.
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, topping the Zacks’ consensus estimate of $0.82 by $0.01. The firm had revenue of $13.43 billion during the quarter, compared to analysts’ expectations of $13.39 billion. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. On average, analysts forecast that Cisco Systems, Inc. will post 3.05 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Thursday, October 3rd. Cisco Systems’s dividend payout ratio (DPR) is presently 49.12%.
Several research analysts have recently commented on the company. Credit Suisse Group set a $50.00 target price on Cisco Systems and gave the stock a “neutral” rating in a report on Tuesday, August 27th. Citigroup reduced their target price on Cisco Systems from $65.00 to $57.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. KeyCorp reduced their target price on Cisco Systems from $60.00 to $56.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Morgan Stanley reduced their target price on Cisco Systems from $51.00 to $49.00 and set an “equal weight” rating on the stock in a report on Thursday, August 15th. Finally, Raymond James reissued an “overweight” rating on shares of Cisco Systems in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $56.04.
Cisco Systems Company 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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