Flippin Bruce & Porter Inc. Lowers Position in Cisco Systems, Inc. (NASDAQ:CSCO)

Flippin Bruce & Porter Inc. lessened its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 231,433 shares of the network equipment provider’s stock after selling 3,899 shares during the quarter. Cisco Systems makes up about 2.0% of Flippin Bruce & Porter Inc.’s investment portfolio, making the stock its 16th largest position. Flippin Bruce & Porter Inc.’s holdings in Cisco Systems were worth $11,435,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Neville Rodie & Shaw Inc. lifted its stake in Cisco Systems by 6.3% in the 2nd quarter. Neville Rodie & Shaw Inc. now owns 69,516 shares of the network equipment provider’s stock valued at $3,805,000 after purchasing an additional 4,100 shares during the last quarter. Bath Savings Trust Co lifted its stake in Cisco Systems by 1.7% in the 2nd quarter. Bath Savings Trust Co now owns 21,082 shares of the network equipment provider’s stock valued at $1,153,000 after purchasing an additional 356 shares during the last quarter. Private Trust Co. NA lifted its stake in Cisco Systems by 0.4% in the 2nd quarter. Private Trust Co. NA now owns 74,379 shares of the network equipment provider’s stock valued at $4,070,000 after purchasing an additional 315 shares during the last quarter. Baystate Wealth Management LLC lifted its stake in Cisco Systems by 2.0% in the 2nd quarter. Baystate Wealth Management LLC now owns 10,228 shares of the network equipment provider’s stock valued at $600,000 after purchasing an additional 202 shares during the last quarter. Finally, Dorsey Wright & Associates lifted its stake in Cisco Systems by 557.4% in the 2nd quarter. Dorsey Wright & Associates now owns 40,735 shares of the network equipment provider’s stock valued at $2,229,000 after purchasing an additional 34,539 shares during the last quarter. 73.27% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CFO Kelly A. Kramer sold 70,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $46.72, for a total transaction of $3,270,400.00. Following the transaction, the chief financial officer now directly owns 277,548 shares of the company’s stock, valued at $12,967,042.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark D. Chandler sold 546 shares of the firm’s stock in a transaction that occurred on 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 193,130 shares of company stock worth $9,359,179 over the last ninety days. Insiders own 0.03% of the company’s stock.

Several equities research analysts recently issued reports on the stock. Barclays assumed coverage on shares of Cisco Systems in a research note on Wednesday, August 7th. They issued an “equal weight” rating and a $52.00 target price for the company. Nomura raised their target price 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. Cowen cut their target price on shares of Cisco Systems from $65.00 to $61.00 and set an “outperform” rating for the company in a research note on Thursday, August 15th. UBS Group set a $58.00 target price on shares of Cisco Systems and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, Citigroup cut their target price on shares of Cisco Systems from $65.00 to $57.00 and set a “buy” rating for the company in a research note on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $55.92.

Cisco Systems stock traded up $0.41 during trading hours on Friday, hitting $48.83. The company had a trading volume of 14,406,400 shares, compared to its average volume of 20,421,934. The firm has a market cap of $202.69 billion, a PE ratio of 17.13, a PEG ratio of 2.30 and a beta of 1.28. 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, Inc. has a one year low of $40.25 and a one year high of $58.26. The firm has a 50-day moving average of $47.56 and a 200 day moving average of $52.07.

Cisco Systems (NASDAQ:CSCO) last released 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 firm had revenue of $13.43 billion for the quarter, compared to analysts’ expectations of $13.39 billion. Cisco Systems had a net margin of 22.39% and a return on equity of 32.43%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.70 EPS. As a group, research analysts expect that Cisco Systems, Inc. will post 3.03 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th were issued a dividend of $0.35 per share. The ex-dividend date was Thursday, October 3rd. This represents a $1.40 annualized dividend and a dividend yield of 2.87%. Cisco Systems’s dividend payout ratio is presently 49.12%.

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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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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