Eastern Bank raised its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 117,033 shares of the network equipment provider’s stock after purchasing an additional 2,088 shares during the quarter. Eastern Bank’s holdings in Cisco Systems were worth $3,664,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Municipal Employees Retirement System of Michigan raised its stake in shares of Cisco Systems by 2.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 247,100 shares of the network equipment provider’s stock worth $7,734,000 after purchasing an additional 5,250 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in shares of Cisco Systems by 5.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 41,765 shares of the network equipment provider’s stock worth $1,307,000 after purchasing an additional 2,175 shares during the last quarter. Ferguson Wellman Capital Management Inc. raised its stake in shares of Cisco Systems by 7.0% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 1,984,100 shares of the network equipment provider’s stock worth $62,103,000 after purchasing an additional 129,991 shares during the last quarter. Park Avenue Securities LLC purchased a new stake in shares of Cisco Systems in the second quarter worth approximately $742,000. Finally, Steinberg Global Asset Management raised its stake in shares of Cisco Systems by 26.6% in the second quarter. Steinberg Global Asset Management now owns 33,702 shares of the network equipment provider’s stock worth $1,055,000 after purchasing an additional 7,090 shares during the last quarter. 75.38% of the stock is owned by hedge funds and other institutional investors.

In related news, SVP Mark D. Chandler sold 65,000 shares of the stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $32.43, for a total value of $2,107,950.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John T. Chambers sold 250,000 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $31.14, for a total transaction of $7,785,000.00. Following the completion of the transaction, the insider now directly owns 729,305 shares of the company’s stock, valued at approximately $22,710,557.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 485,138 shares of company stock valued at $15,347,574. 0.11% of the stock is owned by insiders.

Several brokerages have recently commented on CSCO. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $36.00 price objective on shares of Cisco Systems in a research note on Monday, June 26th. Vetr raised Cisco Systems from a “hold” rating to a “buy” rating and set a $35.02 price target for the company in a research report on Wednesday, September 6th. Robert W. Baird reaffirmed a “buy” rating and set a $38.00 price target on shares of Cisco Systems in a research report on Monday, September 11th. Drexel Hamilton reaffirmed a “buy” rating and set a $39.00 price target on shares of Cisco Systems in a research report on Sunday, June 25th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $36.00 price target on shares of Cisco Systems in a research report on Thursday, August 17th. Fifteen analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $35.38.

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Cisco Systems, Inc. (NASDAQ:CSCO) opened at 33.59 on Thursday. The stock has a market cap of $166.34 billion, a P/E ratio of 17.68 and a beta of 1.21. The stock has a 50 day moving average price of $32.63 and a 200 day moving average price of $32.35. Cisco Systems, Inc. has a 12-month low of $29.12 and a 12-month high of $34.60.

Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, August 16th. The network equipment provider reported $0.61 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.61. Cisco Systems had a net margin of 20.02% and a return on equity of 16.91%. The firm had revenue of $12.13 billion during the quarter, compared to the consensus estimate of $12.07 billion. During the same quarter last year, the firm earned $0.63 EPS. The firm’s revenue for the quarter was down 4.0% compared to the same quarter last year. On average, analysts forecast 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. Investors of record on Thursday, October 5th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend is Wednesday, October 4th. Cisco Systems’s payout ratio is 60.73%.

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

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