Kornitzer Capital Management Inc. KS Sells 7,092 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Kornitzer Capital Management Inc. KS cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 895,142 shares of the network equipment provider’s stock after selling 7,092 shares during the period. Cisco Systems accounts for approximately 0.9% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 22nd biggest holding. Kornitzer Capital Management Inc. KS’s holdings in Cisco Systems were worth $47,639,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Waypoint Capital Advisors LLC raised its position in shares of Cisco Systems by 2.9% in the third quarter. Waypoint Capital Advisors LLC now owns 6,497 shares of the network equipment provider’s stock valued at $346,000 after buying an additional 182 shares in the last quarter. Andina Capital Management LLC raised its position in shares of Cisco Systems by 3.6% in the third quarter. Andina Capital Management LLC now owns 5,249 shares of the network equipment provider’s stock valued at $279,000 after buying an additional 182 shares in the last quarter. Meridian Financial Partners LLC raised its position in shares of Cisco Systems by 3.8% in the third quarter. Meridian Financial Partners LLC now owns 5,020 shares of the network equipment provider’s stock valued at $267,000 after buying an additional 185 shares in the last quarter. Gleason Group Inc. raised its position in shares of Cisco Systems by 0.9% in the third quarter. Gleason Group Inc. now owns 22,683 shares of the network equipment provider’s stock valued at $1,207,000 after buying an additional 193 shares in the last quarter. Finally, Cassia Capital Partners LLC raised its position in shares of Cisco Systems by 1.5% in the third quarter. Cassia Capital Partners LLC now owns 13,083 shares of the network equipment provider’s stock valued at $696,000 after buying an additional 195 shares in the last quarter. 73.33% of the stock is currently owned by institutional investors.

Cisco Systems Trading Up 0.1 %

Shares of Cisco Systems stock traded up $0.03 during trading on Thursday, hitting $57.90. The company’s stock had a trading volume of 775,881 shares, compared to its average volume of 18,902,100. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.83. Cisco Systems, Inc. has a 52 week low of $44.50 and a 52 week high of $58.08. The stock has a market cap of $231.06 billion, a price-to-earnings ratio of 22.78, a price-to-earnings-growth ratio of 4.60 and a beta of 0.83. The stock has a 50-day moving average price of $53.00 and a two-hundred day moving average price of $49.27.

Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.02. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. The company had revenue of $13.64 billion for the quarter, compared to analysts’ expectations of $13.53 billion. During the same quarter in the previous year, the firm posted $1.01 earnings per share. Cisco Systems’s revenue for the quarter was down 10.3% on a year-over-year basis. Equities research analysts anticipate that Cisco Systems, Inc. will post 2.89 EPS for the current fiscal year.

Cisco Systems Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 2nd were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, October 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.76%. Cisco Systems’s dividend payout ratio (DPR) is currently 62.99%.

Insider Buying and Selling at Cisco Systems

In other Cisco Systems news, CEO Charles Robbins sold 27,143 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the sale, the chief executive officer now owns 683,403 shares of the company’s stock, valued at approximately $33,794,278.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Maria Victoria Wong sold 3,379 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $50.36, for a total value of $170,166.44. Following the sale, the senior vice president now owns 47,182 shares in the company, valued at $2,376,085.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Charles Robbins sold 27,143 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the completion of the sale, the chief executive officer now owns 683,403 shares in the company, valued at $33,794,278.35. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 70,529 shares of company stock valued at $3,509,049. 0.01% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on CSCO shares. Jefferies Financial Group lowered their price objective on shares of Cisco Systems from $56.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. Hsbc Global Res upgraded shares of Cisco Systems to a “strong-buy” rating in a research report on Friday, August 16th. Barclays lowered their price objective on shares of Cisco Systems from $50.00 to $49.00 and set an “equal weight” rating for the company in a research report on Thursday, August 15th. HSBC upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating and boosted their price objective for the company from $46.00 to $58.00 in a research report on Friday, August 16th. Finally, Citigroup upgraded shares of Cisco Systems from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $52.00 to $62.00 in a research report on Wednesday, October 16th. Thirteen equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $56.74.

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 in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.