Cisco Systems, Inc. (NASDAQ:CSCO) Shares Sold by Evercore Wealth Management LLC
Evercore Wealth Management LLC cut its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 357,898 shares of the network equipment provider’s stock after selling 3,927 shares during the quarter. Evercore Wealth Management LLC’s holdings in Cisco Systems were worth $12,036,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Tortoise Investment Management LLC increased its position in Cisco Systems by 36.1% during the second quarter. Tortoise Investment Management LLC now owns 3,309 shares of the network equipment provider’s stock worth $104,000 after acquiring an additional 878 shares during the period. Mountain Capital Investment Advisors Inc bought a new position in Cisco Systems during the second quarter worth about $104,000. Manchester Capital Management LLC increased its position in Cisco Systems by 10.7% during the second quarter. Manchester Capital Management LLC now owns 3,606 shares of the network equipment provider’s stock worth $113,000 after acquiring an additional 350 shares during the period. Ffcm LLC increased its position in Cisco Systems by 2,025.0% during the second quarter. Ffcm LLC now owns 3,740 shares of the network equipment provider’s stock worth $117,000 after acquiring an additional 3,564 shares during the period. Finally, Archford Capital Strategies LLC increased its position in Cisco Systems by 35.7% during the second quarter. Archford Capital Strategies LLC now owns 9,513 shares of the network equipment provider’s stock worth $126,000 after acquiring an additional 2,503 shares during the period. 77.65% of the stock is currently owned by institutional investors.
A number of research firms recently commented on CSCO. Argus reaffirmed a “buy” rating and set a $50.00 price target (up from $44.00) on shares of Cisco Systems in a research report on Friday, February 16th. Vetr lowered shares of Cisco Systems from a “buy” rating to a “hold” rating and set a $44.13 price target on the stock. in a research report on Monday, February 19th. MKM Partners raised their price target on shares of Cisco Systems to $48.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Oppenheimer reissued an “outperform” rating and issued a $50.00 target price (up from $46.00) on shares of Cisco Systems in a report on Friday, February 16th. Finally, Zacks Investment Research raised shares of Cisco Systems from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Wednesday, February 21st. Ten equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $44.04.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings results on Wednesday, February 14th. The network equipment provider reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.04. The firm had revenue of $11.89 billion for the quarter, compared to the consensus estimate of $11.82 billion. Cisco Systems had a negative net margin of 3.00% and a positive return on equity of 17.77%. During the same quarter in the previous year, the company earned $0.57 EPS. equities research analysts forecast that Cisco Systems, Inc. will post 2.32 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Thursday, April 5th will be given a $0.33 dividend. The ex-dividend date is Wednesday, April 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.91%. This is an increase from Cisco Systems’s previous quarterly dividend of $0.29. Cisco Systems’s payout ratio is -362.50%.
Cisco Systems announced that its board has authorized a stock repurchase plan on Wednesday, February 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the network equipment provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other news, SVP Rebecca Jacoby sold 75,021 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $38.42, for a total value of $2,882,306.82. Following the transaction, the senior vice president now owns 257,476 shares in the company, valued at approximately $9,892,227.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director M Michele Burns sold 12,126 shares of Cisco Systems stock in a transaction on Monday, February 26th. The shares were sold at an average price of $45.37, for a total transaction of $550,156.62. Following the completion of the sale, the director now owns 74,479 shares of the company’s stock, valued at approximately $3,379,112.23. The disclosure for this sale can be found here. Insiders sold a total of 101,336 shares of company stock worth $4,058,198 in the last 90 days. Corporate insiders own 0.05% of the company’s stock.
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Cisco Systems Profile
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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