Northstar Asset Management LLC trimmed its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 5.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,664 shares of the network equipment provider’s stock after selling 520 shares during the quarter. Northstar Asset Management LLC’s holdings in Cisco Systems were worth $428,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CSCO. Evolution Wealth Advisors LLC acquired a new stake in shares of Cisco Systems during the second quarter worth $33,000. Lowe Wealth Advisors LLC acquired a new stake in shares of Cisco Systems during the second quarter worth $38,000. Personal Wealth Partners acquired a new stake in shares of Cisco Systems during the second quarter worth $44,000. Ashburton Jersey Ltd acquired a new stake in shares of Cisco Systems during the second quarter worth $49,000. Finally, Cordasco Financial Network raised its holdings in shares of Cisco Systems by 78.4% during the third quarter. Cordasco Financial Network now owns 1,142 shares of the network equipment provider’s stock worth $56,000 after acquiring an additional 502 shares during the period. 73.34% of the stock is currently owned by institutional investors.
A number of brokerages recently commented on CSCO. Morgan Stanley dropped their price objective on shares of Cisco Systems from $51.00 to $49.00 and set an “equal weight” rating on the stock in a report on Thursday, August 15th. Goldman Sachs Group lowered shares of Cisco Systems from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $56.00 to $48.00 in a report on Thursday, October 10th. Robert W. Baird set a $54.00 price target on shares of Cisco Systems and gave the company a “buy” rating in a research note on Friday, September 13th. BidaskClub lowered shares of Cisco Systems from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 15th. Finally, Evercore ISI began coverage on shares of Cisco Systems in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $60.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $55.96.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.01. The company had revenue of $13.43 billion for the quarter, compared to analyst estimates of $13.39 billion. Cisco Systems had a net margin of 22.39% and a return on equity of 32.43%. Cisco Systems’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.70 EPS. As a group, analysts expect that Cisco Systems, Inc. will post 3.04 EPS 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 dividend of $0.35 per share. The ex-dividend date is Thursday, October 3rd. This represents a $1.40 annualized dividend and a dividend yield of 3.00%. Cisco Systems’s dividend payout ratio is presently 49.12%.
In other news, SVP Irving Tan sold 22,896 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 154,819 shares in the company, valued at approximately $7,651,154.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $26,164.32. 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 over the last 90 days. 0.03% of the stock is owned by company insiders.
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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