Cisco Systems, Inc. (CSCO) Shares Bought by Union Bankshares Corp
Union Bankshares Corp boosted its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 4.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,256 shares of the network equipment provider’s stock after purchasing an additional 6,096 shares during the quarter. Union Bankshares Corp’s holdings in Cisco Systems were worth $4,233,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in CSCO. CHICAGO TRUST Co NA raised its stake in Cisco Systems by 1.5% during the 1st quarter. CHICAGO TRUST Co NA now owns 23,374 shares of the network equipment provider’s stock valued at $790,000 after purchasing an additional 341 shares during the last quarter. Berkshire Asset Management LLC PA raised its stake in Cisco Systems by 8.8% during the 1st quarter. Berkshire Asset Management LLC PA now owns 755,774 shares of the network equipment provider’s stock valued at $25,545,000 after purchasing an additional 60,885 shares during the last quarter. Cullinan Associates Inc. raised its stake in Cisco Systems by 1.0% during the 1st quarter. Cullinan Associates Inc. now owns 345,900 shares of the network equipment provider’s stock valued at $11,691,000 after purchasing an additional 3,399 shares during the last quarter. Pinnacle Bank acquired a new position in Cisco Systems during the 1st quarter valued at $682,000. Finally, CGOV Asset Management raised its stake in Cisco Systems by 7.3% during the 1st quarter. CGOV Asset Management now owns 544,815 shares of the network equipment provider’s stock valued at $24,532,000 after purchasing an additional 37,266 shares during the last quarter. Hedge funds and other institutional investors own 75.37% of the company’s stock.
Several research firms recently commented on CSCO. BMO Capital Markets reiterated a “hold” rating and set a $32.00 target price on shares of Cisco Systems in a research note on Thursday. ValuEngine raised shares of Cisco Systems from a “hold” rating to a “buy” rating in a report on Tuesday. Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $36.00 price target on shares of Cisco Systems in a report on Monday, September 25th. Vetr lowered shares of Cisco Systems from a “buy” rating to a “hold” rating and set a $34.13 price target on the stock. in a report on Monday, September 25th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cisco Systems in a report on Tuesday, September 19th. Fourteen analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $35.50.
In other Cisco Systems news, CEO Charles Robbins sold 121,390 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $32.06, for a total value of $3,891,763.40. Following the transaction, the chief executive officer now directly owns 552,694 shares of the company’s stock, valued at $17,719,369.64. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John T. Chambers sold 250,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $31.14, for a total value of $7,785,000.00. Following the completion of the transaction, the insider now directly owns 729,305 shares in the company, valued at $22,710,557.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 485,138 shares of company stock worth $15,347,574. Insiders own 0.11% of the company’s stock.
Cisco Systems, Inc. (NASDAQ CSCO) traded up 0.84% during mid-day trading on Friday, reaching $33.63. The company had a trading volume of 14,802,671 shares. Cisco Systems, Inc. has a one year low of $29.12 and a one year high of $34.60. The firm has a market capitalization of $166.53 billion, a P/E ratio of 17.70 and a beta of 1.19. The firm’s 50-day moving average is $31.72 and its 200-day moving average is $32.41.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, August 16th. The network equipment provider reported $0.61 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. Cisco Systems had a return on equity of 16.91% and a net margin of 20.02%. The firm had revenue of $12.13 billion for the quarter, compared to analyst estimates of $12.07 billion. During the same period in the previous year, the firm earned $0.63 earnings per share. The company’s revenue was down 4.0% compared to the same quarter last year. On average, equities research analysts anticipate that Cisco Systems, Inc. will post $2.43 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Thursday, October 5th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Wednesday, October 4th. Cisco Systems’s dividend payout ratio (DPR) is presently 60.73%.
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About Cisco Systems
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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