Camden National Bank raised its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 10.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,073 shares of the network equipment provider’s stock after purchasing an additional 940 shares during the period. Camden National Bank’s holdings in Cisco Systems were worth $498,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CSCO. Enlightenment Research LLC bought a new position in shares of Cisco Systems in the 2nd quarter worth $5,600,000. Great Valley Advisor Group Inc. raised its position in shares of Cisco Systems by 87.1% in the 2nd quarter. Great Valley Advisor Group Inc. now owns 53,601 shares of the network equipment provider’s stock worth $2,935,000 after acquiring an additional 24,948 shares in the last quarter. A.R.T. Advisors LLC purchased a new position in Cisco Systems during the 2nd quarter worth $5,214,000. Stevens Capital Management LP grew its stake in Cisco Systems by 39.1% during the 2nd quarter. Stevens Capital Management LP now owns 555,338 shares of the network equipment provider’s stock worth $30,394,000 after buying an additional 156,143 shares during the last quarter. Finally, Atlas Brown Inc. grew its stake in Cisco Systems by 6.8% during the 2nd quarter. Atlas Brown Inc. now owns 16,157 shares of the network equipment provider’s stock worth $884,000 after buying an additional 1,025 shares during the last quarter. 73.31% of the stock is owned by institutional investors and hedge funds.
CSCO has been the topic of several research analyst reports. KeyCorp dropped their target price on Cisco Systems from $60.00 to $56.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Tigress Financial restated a “buy” rating on shares of Cisco Systems in a research note on Thursday, June 27th. Bank of America restated a “buy” rating and set a $62.00 target price on shares of Cisco Systems in a research note on Wednesday, July 10th. Morgan Stanley dropped their target price on Cisco Systems from $51.00 to $49.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 15th. Finally, BidaskClub downgraded Cisco Systems from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 31st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $56.04.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 return on equity of 32.43% and a net margin of 22.39%. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 EPS. As a group, analysts predict that Cisco Systems, Inc. will post 3.05 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.40 annualized dividend and a yield of 3.01%. Cisco Systems’s payout ratio is presently 49.12%.
In other news, EVP Mark D. Chandler sold 546 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $47.92, for a total value of $26,164.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Charles Robbins sold 18,955 shares of the business’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 disclosure for this sale can be found here. In the last quarter, insiders have sold 193,130 shares of company stock worth $9,359,179. Company insiders own 0.03% of the company’s stock.
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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