Cisco Systems, Inc. (CSCO) Shares Bought by Willis Investment Counsel
Willis Investment Counsel increased its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 965,172 shares of the network equipment provider’s stock after purchasing an additional 17,615 shares during the quarter. Cisco Systems makes up approximately 2.3% of Willis Investment Counsel’s investment portfolio, making the stock its 2nd biggest position. Willis Investment Counsel’s holdings in Cisco Systems were worth $32,459,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Richard Bernstein Advisors LLC raised its stake in Cisco Systems by 21.2% in the second quarter. Richard Bernstein Advisors LLC now owns 269,441 shares of the network equipment provider’s stock valued at $8,434,000 after buying an additional 47,211 shares in the last quarter. Stratos Wealth Partners LTD. increased its position in shares of Cisco Systems by 10.4% during the second quarter. Stratos Wealth Partners LTD. now owns 152,990 shares of the network equipment provider’s stock worth $4,789,000 after purchasing an additional 14,395 shares in the last quarter. Eads & Heald Investment Counsel increased its position in shares of Cisco Systems by 15.7% during the second quarter. Eads & Heald Investment Counsel now owns 42,453 shares of the network equipment provider’s stock worth $1,329,000 after purchasing an additional 5,765 shares in the last quarter. Pzena Investment Management LLC increased its position in shares of Cisco Systems by 0.4% during the third quarter. Pzena Investment Management LLC now owns 2,517,046 shares of the network equipment provider’s stock worth $84,648,000 after purchasing an additional 10,265 shares in the last quarter. Finally, Forward Management LLC acquired a new stake in shares of Cisco Systems during the third quarter worth about $869,000. Institutional investors and hedge funds own 75.42% of the company’s stock.
CSCO has been the topic of a number of research analyst reports. Wells Fargo & Co reiterated an “outperform” rating and set a $42.00 target price on shares of Cisco Systems in a research report on Tuesday, November 14th. Zacks Investment Research upgraded Cisco Systems from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Wednesday, January 17th. Vetr upgraded Cisco Systems from a “sell” rating to a “hold” rating and set a $38.01 target price on the stock in a research report on Wednesday, December 27th. Needham & Company LLC reiterated a “hold” rating on shares of Cisco Systems in a research report on Tuesday, October 24th. Finally, Royal Bank of Canada lifted their target price on Cisco Systems to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, November 16th. Twelve research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $43.57.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, February 14th. The network equipment provider reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. Cisco Systems had a positive return on equity of 17.77% and a negative net margin of 3.00%. The company had revenue of $11.89 billion for the quarter, compared to analyst estimates of $11.82 billion. During the same quarter in the previous year, the company earned $0.57 EPS. equities research analysts forecast that Cisco Systems, Inc. will post 2.24 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Thursday, April 5th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Wednesday, April 4th. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.29. Cisco Systems’s payout ratio is currently -362.50%.
Cisco Systems announced that its Board of Directors has approved a stock buyback program on Wednesday, February 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the network equipment provider to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, CAO Prat Bhatt sold 2,606 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $36.49, for a total transaction of $95,092.94. Following the sale, the chief accounting officer now owns 89,184 shares of the company’s stock, valued at approximately $3,254,324.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Karen Walker sold 5,786 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $36.49, for a total value of $211,131.14. Following the sale, the senior vice president now directly owns 176,418 shares in the company, valued at approximately $6,437,492.82. The disclosure for this sale can be found here. Insiders sold a total of 348,643 shares of company stock worth $12,892,271 in the last ninety days. 0.05% of the stock is owned by corporate insiders.
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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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