Investment Management of Virginia LLC lifted its holdings in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 0.9% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 118,996 shares of the network equipment provider’s stock after acquiring an additional 1,019 shares during the period. Cisco Systems makes up approximately 1.4% of Investment Management of Virginia LLC’s investment portfolio, making the stock its 19th largest holding. Investment Management of Virginia LLC’s holdings in Cisco Systems were worth $5,879,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Evolution Wealth Advisors LLC acquired a new stake in shares of Cisco Systems during the second quarter worth about $33,000. Lowe Wealth Advisors LLC acquired a new stake in shares of Cisco Systems during the second quarter worth about $38,000. Personal Wealth Partners acquired a new stake in shares of Cisco Systems during the second quarter worth about $44,000. Ashburton Jersey Ltd acquired a new stake in shares of Cisco Systems during the second quarter worth about $49,000. Finally, Cordasco Financial Network lifted its holdings in shares of Cisco Systems by 78.4% during the third quarter. Cordasco Financial Network now owns 1,142 shares of the network equipment provider’s stock worth $56,000 after purchasing an additional 502 shares during the period. Institutional investors and hedge funds own 73.27% of the company’s stock.
CSCO has been the subject of a number of research reports. Citigroup decreased their target price on Cisco Systems from $65.00 to $57.00 and set a “buy” rating for the company in a report on Thursday, August 15th. JPMorgan Chase & Co. set a $62.00 target price on Cisco Systems and gave the stock a “buy” rating in a report on Monday, August 12th. UBS Group set a $58.00 target price on Cisco Systems and gave the stock a “buy” rating in a report on Thursday, August 15th. Barclays initiated coverage on Cisco Systems in a report on Wednesday, August 7th. They set an “equal weight” rating and a $52.00 target price for the company. Finally, Piper Jaffray Companies downgraded Cisco Systems from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $55.00 to $51.00 in a report on Monday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $55.64.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.01. The company had revenue of $13.43 billion during the quarter, compared to the consensus estimate of $13.39 billion. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. Cisco Systems’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 earnings per share. On average, analysts expect that Cisco Systems, Inc. will post 3.03 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Friday, October 4th were issued a $0.35 dividend. The ex-dividend date was Thursday, October 3rd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.91%. Cisco Systems’s payout ratio is currently 49.12%.
In related news, EVP David Goeckeler sold 70,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $49.22, for a total transaction of $3,445,400.00. Following the transaction, the executive vice president now owns 429,398 shares in the company, valued at approximately $21,134,969.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Irving Tan sold 22,896 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $49.42, for a total value of $1,131,520.32. Following the transaction, the senior vice president now owns 154,819 shares in the company, valued at approximately $7,651,154.98. The disclosure for this sale can be found here. Insiders have sold a total of 193,130 shares of company stock worth $9,359,179 in the last 90 days. 0.03% of the stock is currently owned by company insiders.
About Cisco Systems
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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