Penobscot Investment Management Company Inc. lifted its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 144,405 shares of the network equipment provider’s stock after acquiring an additional 380 shares during the period. Cisco Systems accounts for 1.6% of Penobscot Investment Management Company Inc.’s portfolio, making the stock its 12th largest position. Penobscot Investment Management Company Inc.’s holdings in Cisco Systems were worth $7,903,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in CSCO. Evolution Wealth Advisors LLC purchased a new position in Cisco Systems during the 2nd quarter worth $33,000. Lowe Wealth Advisors LLC purchased a new position in Cisco Systems during the 2nd quarter worth $38,000. Personal Wealth Partners purchased a new position in Cisco Systems during the 2nd quarter worth $44,000. Ashburton Jersey Ltd purchased a new stake in Cisco Systems during the 2nd quarter valued at about $49,000. Finally, Lucia Wealth Services LLC grew its stake in Cisco Systems by 72.3% during the 2nd quarter. Lucia Wealth Services LLC now owns 1,144 shares of the network equipment provider’s stock valued at $63,000 after purchasing an additional 480 shares during the last quarter. 73.73% of the stock is owned by hedge funds and other institutional investors.
Several research firms have weighed in on CSCO. Credit Suisse Group dropped their price target on Cisco Systems from $52.00 to $50.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. MKM Partners dropped their price target on Cisco Systems from $56.00 to $51.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Bank of America reiterated a “buy” rating and set a $62.00 price target on shares of Cisco Systems in a research note on Wednesday, July 10th. Citigroup dropped their price target on Cisco Systems from $65.00 to $57.00 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Finally, KeyCorp dropped their price target on Cisco Systems from $60.00 to $56.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $56.59.
Shares of CSCO opened at $48.99 on Thursday. Cisco Systems, Inc. has a 52 week low of $40.25 and a 52 week high of $58.26. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $207.62 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 2.26 and a beta of 1.18. The stock’s 50-day moving average price is $54.50 and its 200-day moving average price is $53.76.
Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $13.39 billion. During the same quarter in the prior year, the business earned $0.70 earnings per share. The company’s revenue was up 4.5% compared to the same quarter last year. As a group, equities analysts anticipate that Cisco Systems, Inc. will post 3.06 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Friday, July 5th were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.86%. Cisco Systems’s payout ratio is 49.12%.
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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