Icon Advisers Inc. Co. Invests $1.72 Million in Cisco Systems, Inc. (NASDAQ:CSCO)
Icon Advisers Inc. Co. bought a new position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 31,500 shares of the network equipment provider’s stock, valued at approximately $1,724,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of CSCO. Fisher Asset Management LLC lifted its holdings in shares of Cisco Systems by 36.0% during the fourth quarter. Fisher Asset Management LLC now owns 27,338,574 shares of the network equipment provider’s stock worth $1,184,580,000 after buying an additional 7,238,755 shares in the last quarter. Thoroughbred Financial Services LLC increased its position in shares of Cisco Systems by 5,677.4% in the second quarter. Thoroughbred Financial Services LLC now owns 3,616,279 shares of the network equipment provider’s stock worth $361,628,000 after purchasing an additional 3,553,686 shares during the period. APG Asset Management N.V. increased its position in shares of Cisco Systems by 28.5% in the fourth quarter. APG Asset Management N.V. now owns 11,136,836 shares of the network equipment provider’s stock worth $422,131,000 after purchasing an additional 2,472,300 shares during the period. Railway Pension Investments Ltd bought a new position in shares of Cisco Systems in the second quarter worth $10,371,000. Finally, Mn Services Vermogensbeheer B.V. increased its position in shares of Cisco Systems by 241.5% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 2,576,627 shares of the network equipment provider’s stock worth $97,665,000 after purchasing an additional 1,822,091 shares during the period. 73.73% of the stock is owned by institutional investors.
CSCO has been the topic of a number of recent analyst reports. Royal Bank of Canada decreased their price target on Cisco Systems from $64.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, August 15th. Bank of America restated a “buy” rating and issued a $62.00 price target on shares of Cisco Systems in a research report on Wednesday, July 10th. Zacks Investment Research upgraded Cisco Systems from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research report on Tuesday, May 21st. William Blair cut Cisco Systems from an “outperform” rating to a “market perform” rating and set a $56.10 price target on the stock. in a research report on Wednesday, June 12th. Finally, BidaskClub cut Cisco Systems from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $56.59.
Cisco Systems (NASDAQ:CSCO) last released its earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.01. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The firm had revenue of $13.43 billion for the quarter, compared to analysts’ expectations of $13.39 billion. During the same quarter in the previous year, the business posted $0.70 earnings per share. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, research analysts predict that Cisco Systems, Inc. will post 3.06 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend was Wednesday, July 3rd. Cisco Systems’s dividend payout ratio is presently 49.12%.
In other Cisco Systems news, EVP Mark D. Chandler sold 1,379 shares of Cisco Systems stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $55.94, for a total value of $77,141.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven M. West sold 20,000 shares of Cisco Systems stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $56.21, for a total value of $1,124,200.00. Following the completion of the transaction, the director now owns 5,263 shares in the company, valued at approximately $295,833.23. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,379 shares of company stock worth $4,950,541. Company insiders own 0.03% of the company’s stock.
Cisco Systems Company Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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