OLD National Bancorp IN Raises Position in Cisco Systems, Inc. (NASDAQ:CSCO)

OLD National Bancorp IN raised its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 141,195 shares of the network equipment provider’s stock after purchasing an additional 1,246 shares during the quarter. OLD National Bancorp IN’s holdings in Cisco Systems were worth $7,728,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Fisher Asset Management LLC grew its holdings in shares of Cisco Systems by 36.0% in the fourth quarter. Fisher Asset Management LLC now owns 27,338,574 shares of the network equipment provider’s stock valued at $1,184,580,000 after acquiring an additional 7,238,755 shares in the last quarter. APG Asset Management N.V. grew its holdings 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 valued at $422,131,000 after acquiring an additional 2,472,300 shares in the last quarter. Mn Services Vermogensbeheer B.V. grew its holdings 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 valued at $97,665,000 after acquiring an additional 1,822,091 shares in the last quarter. Sawgrass Asset Management LLC grew its holdings in shares of Cisco Systems by 1,280.9% in the fourth quarter. Sawgrass Asset Management LLC now owns 961,207 shares of the network equipment provider’s stock valued at $41,649,000 after acquiring an additional 891,598 shares in the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in shares of Cisco Systems in the fourth quarter valued at approximately $36,802,000. 74.41% of the stock is owned by hedge funds and other institutional investors.

NASDAQ CSCO traded up $1.11 on Thursday, hitting $56.51. 980,162 shares of the stock traded hands, compared to its average volume of 13,520,069. The company has a market cap of $240.88 billion, a price-to-earnings ratio of 24.19, a price-to-earnings-growth ratio of 2.91 and a beta of 1.17. The stock’s fifty day simple moving average is $56.55. Cisco Systems, Inc. has a 12 month low of $40.25 and a 12 month high of $58.26. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.69 and a quick ratio of 1.64.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.01. The firm had revenue of $12.96 billion for the quarter, compared to the consensus estimate of $12.89 billion. Cisco Systems had a return on equity of 29.88% and a net margin of 25.76%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.66 earnings per share. On average, analysts forecast that Cisco Systems, Inc. will post 2.8 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Friday, July 5th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, July 3rd. This represents a $1.40 annualized dividend and a dividend yield of 2.48%. Cisco Systems’s dividend payout ratio is currently 59.83%.

In related news, Director Steven M. West sold 20,000 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $56.21, for a total value of $1,124,200.00. Following the sale, the director now owns 5,263 shares in the company, valued at $295,833.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kelly A. Kramer sold 70,000 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $53.56, for a total value of $3,749,200.00. Following the completion of the sale, the chief financial officer now owns 349,122 shares in the company, valued at approximately $18,698,974.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,129 shares of company stock worth $5,159,754. Company insiders own 0.03% of the company’s stock.

Several equities analysts have recently issued reports on the company. MKM Partners upped their target price on Cisco Systems to $56.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. Robert W. Baird reaffirmed a “buy” rating and issued a $57.00 target price on shares of Cisco Systems in a report on Wednesday, July 10th. Piper Jaffray Companies upped their target price on Cisco Systems from $52.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Jefferies Financial Group upped their target price on Cisco Systems from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, May 16th. They noted that the move was a valuation call. Finally, BidaskClub lowered Cisco Systems from a “buy” rating to a “hold” rating in a report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Cisco Systems currently has an average rating of “Buy” and a consensus target price of $56.42.

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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