Gateway Investment Advisers LLC Decreases Stake in Cisco Systems, Inc. (CSCO)
Gateway Investment Advisers LLC reduced its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 9.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,933,130 shares of the network equipment provider’s stock after selling 300,919 shares during the period. Cisco Systems comprises 0.9% of Gateway Investment Advisers LLC’s investment portfolio, making the stock its 29th largest position. Gateway Investment Advisers LLC’s holdings in Cisco Systems were worth $99,140,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Steinberg Global Asset Management increased its position in shares of Cisco Systems by 8.5% in the third quarter. Steinberg Global Asset Management now owns 40,950 shares of the network equipment provider’s stock worth $1,299,000 after buying an additional 3,194 shares in the last quarter. Polar Capital LLP increased its position in shares of Cisco Systems by 4.1% in the third quarter. Polar Capital LLP now owns 730,659 shares of the network equipment provider’s stock worth $23,172,000 after buying an additional 28,950 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Cisco Systems by 13.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,064,002 shares of the network equipment provider’s stock worth $97,190,000 after buying an additional 353,843 shares in the last quarter. Eagle Global Advisors LLC boosted its stake in Cisco Systems by 10.2% in the third quarter. Eagle Global Advisors LLC now owns 250,904 shares of the network equipment provider’s stock worth $7,959,000 after buying an additional 23,172 shares during the last quarter. Finally, Mairs & Power INC boosted its stake in Cisco Systems by 4.9% in the third quarter. Mairs & Power INC now owns 27,147 shares of the network equipment provider’s stock worth $861,000 after buying an additional 1,266 shares during the last quarter. Institutional investors own 76.11% of the company’s stock.
Shares of Cisco Systems, Inc. (CSCO) opened at 31.58 on Friday. The firm’s 50-day moving average is $32.62 and its 200-day moving average is $32.15. The firm has a market cap of $157.90 billion, a PE ratio of 16.03 and a beta of 1.23. Cisco Systems, Inc. has a 12-month low of $27.13 and a 12-month high of $34.60. Cisco Systems also was the target of unusually large options trading on Tuesday. Investors bought 12,632 call options on the company. This is an increase of 278% compared to the average daily volume of 3,338 call options.
Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, May 17th. The network equipment provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Cisco Systems had a return on equity of 17.31% and a net margin of 20.61%. The firm had revenue of $11.94 billion during the quarter, compared to analysts’ expectations of $11.90 billion. During the same period in the previous year, the firm earned $0.57 earnings per share. The company’s revenue was down .5% on a year-over-year basis. Equities analysts expect that Cisco Systems, Inc. will post $2.38 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, July 5th. This represents a $1.16 annualized dividend and a dividend yield of 3.67%. Cisco Systems’s dividend payout ratio is currently 58.29%.
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Several equities research analysts recently issued reports on the stock. Citigroup Inc. set a $36.00 target price on shares of Cisco Systems and gave the stock a “buy” rating in a report on Friday, May 19th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $35.00 price target on shares of Cisco Systems in a research report on Thursday, February 16th. Barclays PLC reiterated an “overweight” rating on shares of Cisco Systems in a research report on Saturday, April 22nd. Jefferies Group LLC restated a “buy” rating and set a $37.00 price objective on shares of Cisco Systems in a research report on Wednesday, April 26th. Finally, Vetr downgraded shares of Cisco Systems from a “strong-buy” rating to a “buy” rating and set a $37.03 price target on the stock. in a report on Wednesday, April 26th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty-two have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $35.19.
In other Cisco Systems news, SVP Karen Walker sold 7,802 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $31.29, for a total value of $244,124.58. Following the sale, the senior vice president now owns 178,577 shares in the company, valued at $5,587,674.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John T. Chambers sold 295,537 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $31.52, for a total value of $9,315,326.24. The disclosure for this sale can be found here. 0.11% of the stock is owned by corporate insiders.
Cisco Systems Company Profile
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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