Hardman Johnston Global Advisors LLC Reduces Stake in Cisco Systems, Inc. (NASDAQ:CSCO)

Hardman Johnston Global Advisors LLC decreased its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 5.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 558,163 shares of the network equipment provider’s stock after selling 33,562 shares during the period. Cisco Systems accounts for about 1.0% of Hardman Johnston Global Advisors LLC’s investment portfolio, making the stock its 27th largest holding. Hardman Johnston Global Advisors LLC’s holdings in Cisco Systems were worth $24,018,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Culbertson A N & Co. Inc. grew its position in Cisco Systems by 3.3% in the second quarter. Culbertson A N & Co. Inc. now owns 123,523 shares of the network equipment provider’s stock worth $5,315,000 after buying an additional 3,921 shares during the last quarter. Oakbrook Investments LLC grew its position in Cisco Systems by 33.8% in the second quarter. Oakbrook Investments LLC now owns 236,222 shares of the network equipment provider’s stock worth $10,165,000 after buying an additional 59,675 shares during the last quarter. Westpac Banking Corp grew its position in Cisco Systems by 4.0% in the second quarter. Westpac Banking Corp now owns 696,574 shares of the network equipment provider’s stock worth $29,974,000 after buying an additional 26,972 shares during the last quarter. Pendal Group Ltd grew its position in Cisco Systems by 502.1% in the second quarter. Pendal Group Ltd now owns 433,570 shares of the network equipment provider’s stock worth $18,657,000 after buying an additional 361,556 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management UK Ltd. grew its position in Cisco Systems by 28.3% in the second quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 77,000 shares of the network equipment provider’s stock worth $3,313,000 after buying an additional 17,000 shares during the last quarter. 71.44% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts have issued reports on CSCO shares. Zacks Investment Research upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research report on Tuesday, July 17th. JPMorgan Chase & Co. set a $59.00 price target on shares of Cisco Systems and gave the stock a “buy” rating in a research report on Thursday, August 16th. Morgan Stanley lowered their price objective on shares of Cisco Systems from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Thursday, July 19th. BidaskClub upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, July 3rd. Finally, Piper Jaffray Companies set a $50.00 price objective on shares of Cisco Systems and gave the stock a “buy” rating in a research report on Tuesday, September 11th. Eight equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Cisco Systems has an average rating of “Buy” and a consensus price target of $48.76.

CSCO stock opened at $47.52 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.29 and a quick ratio of 2.22. Cisco Systems, Inc. has a 1 year low of $33.17 and a 1 year high of $49.47. The firm has a market capitalization of $234.37 billion, a P/E ratio of 20.31, a price-to-earnings-growth ratio of 2.87 and a beta of 1.07.

Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, August 15th. The network equipment provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. Cisco Systems had a net margin of 0.22% and a return on equity of 22.12%. The business had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.76 billion. During the same quarter in the previous year, the business earned $0.61 EPS. Cisco Systems’s quarterly revenue was up 5.9% compared to the same quarter last year. Equities analysts forecast that Cisco Systems, Inc. will post 2.67 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 24th. Investors of record on Friday, October 5th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend is Thursday, October 4th. Cisco Systems’s payout ratio is presently 56.41%.

In related news, Chairman Charles Robbins sold 217,420 shares of Cisco Systems stock in a transaction on Monday, September 17th. The shares were sold at an average price of $47.28, for a total value of $10,279,617.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Goeckeler sold 63,050 shares of the business’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $47.57, for a total transaction of $2,999,288.50. Following the transaction, the executive vice president now directly owns 547,019 shares of the company’s stock, valued at approximately $26,021,693.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 450,620 shares of company stock valued at $21,322,282. 0.05% of the stock is owned by company insiders.

About Cisco Systems

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.

Recommended Story: Book Value Per Share in Stock Trading

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

Receive News & Ratings for Cisco Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cisco Systems and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply