Washington Trust Bank raised its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 5.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 29,652 shares of the network equipment provider’s stock after buying an additional 1,498 shares during the period. Washington Trust Bank’s holdings in Cisco Systems were worth $1,383,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Kiley Juergens Wealth Management LLC grew its stake in shares of Cisco Systems by 2.2% in the second quarter. Kiley Juergens Wealth Management LLC now owns 21,950 shares of the network equipment provider’s stock valued at $1,023,000 after buying an additional 475 shares in the last quarter. Corbenic Partners LLC bought a new position in shares of Cisco Systems in the first quarter valued at $1,809,000. Exchange Traded Concepts LLC grew its stake in shares of Cisco Systems by 30.1% in the first quarter. Exchange Traded Concepts LLC now owns 13,082 shares of the network equipment provider’s stock valued at $514,000 after buying an additional 3,023 shares in the last quarter. Balentine LLC bought a new position in shares of Cisco Systems in the first quarter valued at $131,000. Finally, Alpha Cubed Investments LLC lifted its holdings in Cisco Systems by 5.1% during the 2nd quarter. Alpha Cubed Investments LLC now owns 464,951 shares of the network equipment provider’s stock valued at $21,685,000 after purchasing an additional 22,531 shares during the last quarter. 71.36% of the stock is owned by institutional investors.
Several equities research analysts have issued reports on the company. Robert W. Baird downgraded Cisco Systems from an “outperform” rating to a “neutral” rating and set a $48.00 price target for the company. in a report on Wednesday, June 10th. Barclays downgraded Cisco Systems to a “hold” rating in a report on Thursday, July 9th. Raymond James raised their price target on Cisco Systems from $48.00 to $49.00 and gave the company an “outperform” rating in a report on Thursday, May 14th. Oppenheimer assumed coverage on Cisco Systems in a report on Thursday, May 28th. They set a “buy” rating and a $46.00 price target for the company. Finally, Wells Fargo & Co raised their price target on Cisco Systems from $50.00 to $55.00 and gave the company an “overweight” rating in a report on Thursday, May 14th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $50.33.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, May 13th. The network equipment provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.10. Cisco Systems had a return on equity of 36.47% and a net margin of 21.32%. The firm had revenue of $11.98 billion for the quarter, compared to analysts’ expectations of $11.87 billion. During the same quarter in the prior year, the firm earned $0.78 EPS. Analysts expect that Cisco Systems, Inc. will post 2.86 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 22nd. Investors of record on Monday, July 6th were issued a dividend of $0.36 per share. The ex-dividend date was Thursday, July 2nd. This represents a $1.44 dividend on an annualized basis and a yield of 3.06%. Cisco Systems’s dividend payout ratio (DPR) is 50.53%.
In related news, CAO Prat Bhatt sold 5,703 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $44.87, for a total transaction of $255,893.61. Following the sale, the chief accounting officer now owns 85,613 shares of the company’s stock, valued at approximately $3,841,455.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.03% of the company’s stock.
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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