New England Research & Management Inc. increased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 3.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 86,150 shares of the network equipment provider’s stock after buying an additional 2,750 shares during the period. Cisco Systems comprises about 3.1% of New England Research & Management Inc.’s portfolio, making the stock its 3rd biggest position. New England Research & Management Inc.’s holdings in Cisco Systems were worth $4,257,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Nuveen Asset Management LLC increased its stake in Cisco Systems by 1,546.1% in the second quarter. Nuveen Asset Management LLC now owns 48,285,218 shares of the network equipment provider’s stock valued at $2,642,650,000 after purchasing an additional 45,351,980 shares during the last quarter. First Trust Advisors LP increased its stake in Cisco Systems by 155.6% in the third quarter. First Trust Advisors LP now owns 17,446,107 shares of the network equipment provider’s stock valued at $862,012,000 after purchasing an additional 10,621,798 shares during the last quarter. Parnassus Investments CA purchased a new position in Cisco Systems in the third quarter valued at approximately $444,882,000. Thoroughbred Financial Services LLC increased its stake in Cisco Systems by 5,677.4% in the second quarter. Thoroughbred Financial Services LLC now owns 3,616,279 shares of the network equipment provider’s stock valued at $361,628,000 after purchasing an additional 3,553,686 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Cisco Systems in the second quarter valued at approximately $125,277,000. Hedge funds and other institutional investors own 73.27% of the company’s stock.
Shares of CSCO stock traded up $0.41 during trading hours on Friday, hitting $48.83. The stock had a trading volume of 14,406,400 shares, compared to its average volume of 20,421,934. The firm has a market capitalization of $202.69 billion, a PE ratio of 17.13, a PEG ratio of 2.30 and a beta of 1.28. Cisco Systems, Inc. has a twelve month low of $40.25 and a twelve month high of $58.26. The stock’s 50 day moving average is $47.56 and its 200 day moving average is $52.07. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.46.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share for the quarter, topping 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 firm had revenue of $13.43 billion during the quarter, compared to the consensus estimate of $13.39 billion. During the same period last year, the company earned $0.70 earnings per share. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, equities analysts predict that Cisco Systems, Inc. will post 3.03 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Friday, October 4th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.87%. The ex-dividend date was Thursday, October 3rd. Cisco Systems’s dividend payout ratio is presently 49.12%.
In related news, CEO Charles Robbins sold 18,955 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $50.04, for a total transaction of $948,508.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark D. Chandler sold 546 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $47.92, for a total value of $26,164.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 193,130 shares of company stock valued at $9,359,179. Corporate insiders own 0.03% of the company’s stock.
CSCO has been the topic of several recent analyst reports. UBS Group set a $58.00 price target on shares of Cisco Systems and gave the company a “buy” rating in a research note on Thursday, August 15th. Royal Bank of Canada dropped their price target on shares of Cisco Systems from $64.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, August 15th. Nomura increased their price target on shares of Cisco Systems from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Raymond James reiterated an “overweight” rating on shares of Cisco Systems in a research note on Friday, August 16th. Finally, MKM Partners dropped their price target on shares of Cisco Systems from $56.00 to $51.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $55.92.
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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