Summit X LLC increased its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 2.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 57,052 shares of the network equipment provider’s stock after buying an additional 1,142 shares during the quarter. Cisco Systems accounts for approximately 1.1% of Summit X LLC’s investment portfolio, making the stock its 17th largest position. Summit X LLC’s holdings in Cisco Systems were worth $2,822,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. GYL Financial Synergies LLC boosted its position in Cisco Systems by 14.4% during the first quarter. GYL Financial Synergies LLC now owns 6,988 shares of the network equipment provider’s stock worth $377,000 after purchasing an additional 882 shares during the period. EP Wealth Advisors LLC boosted its position in Cisco Systems by 8.7% during the first quarter. EP Wealth Advisors LLC now owns 34,279 shares of the network equipment provider’s stock worth $1,851,000 after purchasing an additional 2,730 shares during the period. Weiss Asset Management LP bought a new position in Cisco Systems during the first quarter worth $213,000. J.P. Marvel Investment Advisors LLC boosted its position in Cisco Systems by 0.5% during the first quarter. J.P. Marvel Investment Advisors LLC now owns 234,356 shares of the network equipment provider’s stock worth $12,653,000 after purchasing an additional 1,050 shares during the period. Finally, Laurel Wealth Advisors Inc. boosted its position in Cisco Systems by 3.0% during the first quarter. Laurel Wealth Advisors Inc. now owns 96,739 shares of the network equipment provider’s stock worth $5,223,000 after purchasing an additional 2,781 shares during the period. 73.34% of the stock is owned by institutional investors.
A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. set a $62.00 target price on shares of Cisco Systems and gave the company a “buy” rating in a research report on Monday, August 12th. BidaskClub cut shares of Cisco Systems from a “sell” rating to a “strong sell” rating in a research report on Tuesday. KeyCorp reduced their target price on shares of Cisco Systems from $60.00 to $56.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Credit Suisse Group set a $50.00 target price on shares of Cisco Systems and gave the company a “neutral” rating in a research report on Tuesday, August 27th. Finally, Royal Bank of Canada reduced their target price on shares of Cisco Systems from $64.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, August 15th. 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. Cisco Systems presently has an average rating of “Buy” and an average price target of $56.04.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.01. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The company had revenue of $13.43 billion during the quarter, compared to the consensus estimate of $13.39 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. The firm’s revenue was up 4.5% compared to the same quarter last year. Equities analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Thursday, October 3rd. Cisco Systems’s dividend payout ratio is currently 49.12%.
In other Cisco Systems news, SVP Irving Tan sold 22,896 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $49.42, for a total transaction of $1,131,520.32. Following the completion of the sale, the senior vice president now owns 154,819 shares of the company’s stock, valued at approximately $7,651,154.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Charles Robbins sold 18,955 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $50.04, for a total transaction of $948,508.20. The disclosure for this sale can be found here. Insiders sold 193,130 shares of company stock valued at $9,359,179 in the last ninety days. 0.03% of the stock is currently owned by 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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