Roanoke Asset Management Corp NY boosted its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.7% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 65,273 shares of the network equipment provider’s stock after acquiring an additional 430 shares during the quarter. Cisco Systems accounts for about 1.6% of Roanoke Asset Management Corp NY’s investment portfolio, making the stock its 19th largest position. Roanoke Asset Management Corp NY’s holdings in Cisco Systems were worth $3,572,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Horan Securities Inc. lifted its holdings in Cisco Systems by 663.0% in the 4th quarter. Horan Securities Inc. now owns 763 shares of the network equipment provider’s stock worth $33,000 after buying an additional 663 shares during the period. Evolution Wealth Advisors LLC purchased a new stake in Cisco Systems in the 2nd quarter worth approximately $33,000. Lowe Wealth Advisors LLC purchased a new stake in Cisco Systems in the 2nd quarter worth approximately $38,000. Highwater Wealth Management LLC purchased a new stake in Cisco Systems in the 4th quarter worth approximately $51,000. Finally, Cohen & Steers Inc. purchased a new stake in Cisco Systems in the 4th quarter worth approximately $51,000. Institutional investors and hedge funds own 74.41% of the company’s stock.
In related news, EVP Mark D. Chandler sold 3,750 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $55.79, for a total transaction of $209,212.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Wesley G. Bush acquired 10,000 shares of Cisco Systems stock in a transaction that occurred on Friday, June 7th. The shares were bought at an average cost of $55.74 per share, with a total value of $557,400.00. Following the transaction, the director now owns 3,017 shares in the company, valued at $168,167.58. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 95,129 shares of company stock valued at $5,159,754. 0.03% of the stock is owned by corporate insiders.
Cisco Systems (NASDAQ:CSCO) last announced 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. Cisco Systems had a return on equity of 29.88% and a net margin of 25.76%. The firm had revenue of $12.96 billion during the quarter, compared to analyst estimates of $12.89 billion. During the same quarter in the prior year, the company earned $0.66 EPS. The business’s revenue was up 4.0% compared to the same quarter last year. As a group, equities analysts expect that Cisco Systems, Inc. will post 2.8 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 24th. Investors of record on Friday, July 5th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date was Wednesday, July 3rd. Cisco Systems’s dividend payout ratio (DPR) is presently 59.83%.
Several equities research analysts have weighed in on CSCO shares. William Blair cut Cisco Systems from an “outperform” rating to a “market perform” rating and set a $56.10 price objective for the company. in a report on Wednesday, June 12th. 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 report on Thursday, May 16th. They noted that the move was a valuation call. Oppenheimer increased their price objective on Cisco Systems from $52.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $60.00 price objective on shares of Cisco Systems in a report on Wednesday, June 12th. Finally, Nomura increased their price objective on Cisco Systems from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Tuesday. Seven analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target 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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