North Star Investment Management Corp. Acquires 705 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)
North Star Investment Management Corp. grew its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,712 shares of the network equipment provider’s stock after buying an additional 705 shares during the quarter. North Star Investment Management Corp.’s holdings in Cisco Systems were worth $2,173,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Fisher Asset Management LLC increased 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 purchasing an additional 7,238,755 shares during the period. APG Asset Management N.V. lifted its position 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. lifted its position 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 lifted its position in Cisco Systems by 1,280.9% during the fourth quarter. Sawgrass Asset Management LLC now owns 961,207 shares of the network equipment provider’s stock worth $41,649,000 after buying an additional 891,598 shares in the last quarter. Finally, Wedge Capital Management L L P NC purchased a new position in Cisco Systems during the fourth quarter worth approximately $36,802,000. Institutional investors and hedge funds own 74.38% of the company’s stock.
Several equities research analysts have issued reports on CSCO shares. MKM Partners raised their target price on Cisco Systems to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, May 16th. Zacks Investment Research cut HENGAN INTL GRP/ADR from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 21st. William Blair cut Medidata Solutions from an “outperform” rating to a “market perform” rating in a research note on Wednesday, June 12th. Piper Jaffray Companies lifted their price target on Cisco Systems from $52.00 to $58.00 and gave the stock an “overweight” rating in a report on Thursday, May 16th. Finally, JPMorgan Chase & Co. began coverage on SEA in a research note on Wednesday, June 12th. They set an “overweight” rating and a $36.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $56.30.
Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, May 15th. The network equipment provider reported $0.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.01. Cisco Systems had a net margin of 25.76% and a return on equity of 29.88%. The business had revenue of $12.96 billion for the quarter, compared to analysts’ expectations of $12.89 billion. During the same quarter in the previous year, the firm posted $0.66 earnings per share. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, research analysts forecast that Cisco Systems, Inc. will post 2.8 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 24th. Investors of record on Friday, July 5th were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $1.40 annualized dividend and a yield of 2.48%. Cisco Systems’s dividend payout ratio is currently 59.83%.
In other news, EVP Mark D. Chandler sold 3,750 shares of the stock in a transaction on Monday, May 20th. The shares were sold at an average price of $55.79, for a total transaction of $209,212.50. The sale was disclosed in a filing 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 transaction of $3,749,200.00. Following the sale, the chief financial officer now directly owns 349,122 shares of the company’s stock, valued at approximately $18,698,974.32. The disclosure for this sale can be found here. Insiders sold 95,129 shares of company stock valued at $5,159,754 in the last ninety days. 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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