Kornitzer Capital Management Inc. KS Trims Stake in Cisco Systems, Inc. (CSCO)

Kornitzer Capital Management Inc. KS trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 997,995 shares of the network equipment provider’s stock after selling 6,659 shares during the quarter. Cisco Systems comprises 0.9% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 21st biggest holding. Kornitzer Capital Management Inc. KS’s holdings in Cisco Systems were worth $43,243,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CSCO. Horan Securities Inc. raised its stake in Cisco Systems by 663.0% during the fourth quarter. Horan Securities Inc. now owns 763 shares of the network equipment provider’s stock worth $33,000 after acquiring an additional 663 shares in the last quarter. Highwater Wealth Management LLC acquired a new position in Cisco Systems during the fourth quarter worth $51,000. Contravisory Investment Management Inc. acquired a new position in Cisco Systems during the fourth quarter worth $49,000. Acropolis Investment Management LLC acquired a new position in Cisco Systems during the fourth quarter worth $101,000. Finally, Camarda Financial Advisors LLC raised its stake in Cisco Systems by 546.3% during the third quarter. Camarda Financial Advisors LLC now owns 2,585 shares of the network equipment provider’s stock worth $126,000 after acquiring an additional 2,185 shares in the last quarter. 69.04% of the stock is owned by institutional investors.

Several research firms have issued reports on CSCO. Goldman Sachs Group lowered Cisco Systems from a “conviction-buy” rating to a “buy” rating and increased their price objective for the stock from $58.00 to $62.00 in a research note on Tuesday, April 16th. Jefferies Financial Group increased their price objective on Cisco Systems from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday. They noted that the move was a valuation call. Bank of America set a $62.00 price objective on Cisco Systems and gave the stock a “buy” rating in a research note on Thursday. Morgan Stanley increased their price objective on Cisco Systems from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, William Blair reiterated an “outperform” rating on shares of Cisco Systems in a research note on Thursday. Six investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $55.52.

In related news, CFO Kelly A. Kramer sold 70,000 shares of the firm’s stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $51.70, for a total value of $3,619,000.00. Following the transaction, the chief financial officer now owns 420,696 shares in the company, valued at $21,749,983.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Roderick C. Mcgeary sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $49.66, for a total value of $744,900.00. Following the completion of the transaction, the director now owns 102,898 shares in the company, valued at approximately $5,109,914.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,000 shares of company stock valued at $5,926,000. 0.03% of the stock is currently owned by corporate insiders.

Shares of NASDAQ:CSCO opened at $56.35 on Friday. Cisco Systems, Inc. has a twelve month low of $40.25 and a twelve month high of $57.53. The firm has a market capitalization of $271.47 billion, a PE ratio of 24.08, a price-to-earnings-growth ratio of 2.91 and a beta of 1.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.69 and a quick ratio of 1.74.

Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.01. Cisco Systems had a return on equity of 29.88% and a net margin of 25.76%. The company had revenue of $12.96 billion during the quarter, compared to analyst estimates of $12.89 billion. During the same period last year, the company posted $0.66 earnings per share. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. Equities analysts anticipate that Cisco Systems, Inc. will post 2.75 earnings per share for the current year.

Cisco Systems declared that its board has initiated a stock repurchase plan on Wednesday, February 13th that permits the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization permits the network equipment provider to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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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.

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

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