Thoroughbred Financial Services LLC Acquires 3,553,686 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)
Thoroughbred Financial Services LLC grew its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 5,677.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,616,279 shares of the network equipment provider’s stock after acquiring an additional 3,553,686 shares during the period. Cisco Systems comprises approximately 1.4% of Thoroughbred Financial Services LLC’s holdings, making the stock its 17th largest position. Thoroughbred Financial Services LLC’s holdings in Cisco Systems were worth $361,628,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Truewealth LLC boosted its holdings in shares of Cisco Systems by 6.7% during the 4th quarter. Truewealth LLC now owns 14,170 shares of the network equipment provider’s stock valued at $614,000 after purchasing an additional 890 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Cisco Systems by 107.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 407,383 shares of the network equipment provider’s stock valued at $17,651,000 after purchasing an additional 210,659 shares during the last quarter. Eastern Bank boosted its holdings in shares of Cisco Systems by 0.3% during the 4th quarter. Eastern Bank now owns 112,876 shares of the network equipment provider’s stock valued at $4,892,000 after purchasing an additional 354 shares during the last quarter. IHT Wealth Management LLC boosted its holdings in shares of Cisco Systems by 12.7% during the 4th quarter. IHT Wealth Management LLC now owns 28,846 shares of the network equipment provider’s stock valued at $1,250,000 after purchasing an additional 3,240 shares during the last quarter. Finally, Sanders Morris Harris LLC bought a new position in shares of Cisco Systems during the 2nd quarter valued at about $1,445,000. 74.38% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ CSCO opened at $56.53 on Friday. The firm’s 50-day simple moving average is $56.51. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.69 and a quick ratio of 1.64. The stock has a market cap of $241.99 billion, a PE ratio of 24.16, a price-to-earnings-growth ratio of 2.89 and a beta of 1.17. Cisco Systems, Inc. has a 12-month low of $40.25 and a 12-month high of $58.26.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 24th. Investors of record on Friday, July 5th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date was Wednesday, July 3rd. Cisco Systems’s dividend payout ratio (DPR) is currently 59.83%.
In related news, CFO Kelly A. Kramer sold 70,000 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $53.56, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark D. Chandler sold 3,750 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $55.79, for a total transaction of $209,212.50. The disclosure for this sale can be found here. Insiders sold a total of 95,129 shares of company stock worth $5,159,754 over the last three months. 0.03% of the stock is currently owned by corporate insiders.
CSCO has been the subject of several research reports. Jefferies Financial Group increased their price objective on shares of Nice to $166.00 and gave the company a “buy” rating in a report on Thursday, May 16th. BidaskClub downgraded shares of Zai Lab from a “strong-buy” rating to a “buy” rating in a report on Friday. Oppenheimer initiated coverage on shares of Pareteum in a report on Friday, April 26th. They set an “outperform” rating and a $7.00 price objective for the company. Piper Jaffray Companies increased their price objective on shares of Cisco Systems from $52.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Finally, Goldman Sachs Group increased their price objective on shares of MEG Energy from C$6.00 to C$7.00 in a report on Tuesday, April 16th. Seven investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $56.30.
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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