Harbour Capital Advisors LLC Buys 170,288 Shares of Cisco Systems, Inc. (CSCO)
Harbour Capital Advisors LLC grew its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 2,948.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 176,063 shares of the network equipment provider’s stock after acquiring an additional 170,288 shares during the period. Harbour Capital Advisors LLC’s holdings in Cisco Systems were worth $5,625,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of CSCO. Boston Partners increased its holdings in shares of Cisco Systems by 304.2% in the first quarter. Boston Partners now owns 30,563,666 shares of the network equipment provider’s stock worth $1,033,052,000 after purchasing an additional 23,002,159 shares during the period. Karp Capital Management Corp bought a new position in shares of Cisco Systems in the first quarter worth $109,564,000. Acadian Asset Management LLC increased its holdings in shares of Cisco Systems by 202.3% in the second quarter. Acadian Asset Management LLC now owns 2,809,005 shares of the network equipment provider’s stock worth $87,922,000 after purchasing an additional 1,879,688 shares during the period. Mondrian Investment Partners LTD bought a new position in shares of Cisco Systems in the first quarter worth $60,047,000. Finally, Locust Wood Capital Advisers LLC bought a new position in shares of Cisco Systems in the second quarter worth $31,483,000. Hedge funds and other institutional investors own 75.38% of the company’s stock.
In other Cisco Systems news, SVP Mark D. Chandler sold 65,000 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $32.43, for a total transaction of $2,107,950.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John T. Chambers sold 250,000 shares of the company’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 transaction of $7,785,000.00. Following the transaction, the insider now owns 729,305 shares in the company, valued at approximately $22,710,557.70. The disclosure for this sale can be found here. Insiders have sold a total of 485,138 shares of company stock worth $15,347,574 in the last 90 days. 0.11% of the stock is currently owned by company insiders.
Several research analysts have recently weighed in on the stock. Berenberg Bank set a $33.00 price target on shares of Cisco Systems and gave the stock a “hold” rating in a report on Saturday, July 1st. Sanford C. Bernstein set a $38.00 price target on shares of Cisco Systems and gave the stock a “buy” rating in a report on Saturday, July 1st. Stifel Nicolaus set a $34.00 price target on shares of Cisco Systems and gave the stock a “hold” rating in a report on Tuesday, August 15th. JMP Securities reaffirmed a “market perform” rating on shares of Cisco Systems in a report on Friday, August 18th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $36.00 price target on shares of Cisco Systems in a report on Thursday. Fifteen research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Cisco Systems currently has a consensus rating of “Buy” and a consensus target price of $35.30.
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Cisco Systems, Inc. (NASDAQ:CSCO) opened at 33.26 on Friday. The company has a market cap of $164.70 billion, a P/E ratio of 17.51 and a beta of 1.21. Cisco Systems, Inc. has a 52 week low of $29.12 and a 52 week high of $34.60. The firm’s 50 day moving average is $32.70 and its 200-day moving average is $32.35.
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 Zacks’ consensus estimate of $0.61. Cisco Systems had a net margin of 20.02% and a return on equity of 16.91%. The business had revenue of $12.13 billion for the quarter, compared to analyst estimates of $12.07 billion. During the same quarter in the prior year, the business posted $0.63 EPS. Cisco Systems’s revenue for the quarter was down 4.0% compared to the same quarter last year. On average, analysts predict that Cisco Systems, Inc. will post $2.43 earnings per share for the current fiscal year.
The business 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 dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $1.16 dividend on an annualized basis and a yield of 3.49%. 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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