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Mechanics Bank Trust Department Lowers Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Financial News Live ·  09/22 05:32

Mechanics Bank Trust Department trimmed its holdings in Cisco Systems, Inc. (NASDAQ:CSCO – Get Rating) by 0.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,672 shares of the network equipment provider's stock after selling 525 shares during the period. Mechanics Bank Trust Department's holdings in Cisco Systems were worth $3,142,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Traverso Chambers Private Wealth Management LLC lifted its position in shares of Cisco Systems by 8.5% in the second quarter. Traverso Chambers Private Wealth Management LLC now owns 18,440 shares of the network equipment provider's stock valued at $786,000 after acquiring an additional 1,442 shares in the last quarter. Adams Asset Advisors LLC purchased a new stake in shares of Cisco Systems in the second quarter worth about $6,722,000. Tsfg LLC lifted its position in shares of Cisco Systems by 10.3% in the second quarter. Tsfg LLC now owns 3,618 shares of the network equipment provider's stock worth $154,000 after buying an additional 338 shares in the last quarter. ACG Wealth lifted its position in shares of Cisco Systems by 4.5% in the second quarter. ACG Wealth now owns 62,131 shares of the network equipment provider's stock worth $2,650,000 after buying an additional 2,652 shares in the last quarter. Finally, Sarasin & Partners LLP lifted its position in shares of Cisco Systems by 231.6% in the second quarter. Sarasin & Partners LLP now owns 2,377,753 shares of the network equipment provider's stock worth $101,387,000 after buying an additional 1,660,645 shares in the last quarter. 71.71% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

A number of research firms recently commented on CSCO. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $51.00 target price (down from $62.00) on shares of Cisco Systems in a research report on Thursday, July 14th. Cowen boosted their target price on Cisco Systems from $58.00 to $60.00 and gave the stock an "outperform" rating in a research report on Thursday, August 18th. Evercore ISI raised their price objective on Cisco Systems from $50.00 to $56.00 and gave the company an "outperform" rating in a research note on Thursday, August 18th. Deutsche Bank Aktiengesellschaft boosted their target price on Cisco Systems from $51.00 to $54.00 in a research report on Friday, August 19th. Finally, Barclays downgraded Cisco Systems from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $56.00 to $46.00 in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $54.10.

Cisco Systems Stock Performance

NASDAQ CSCO traded down $0.01 during trading hours on Wednesday, reaching $42.57. The stock had a trading volume of 337,617 shares, compared to its average volume of 17,448,524. The stock has a fifty day moving average of $45.15 and a 200 day moving average of $47.67. The stock has a market cap of $174.91 billion, a P/E ratio of 15.10, a price-to-earnings-growth ratio of 2.15 and a beta of 0.96. Cisco Systems, Inc. has a 52-week low of $40.82 and a 52-week high of $64.29. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.33 and a current ratio of 1.43.

Cisco Systems (NASDAQ:CSCO – Get Rating) last released its quarterly earnings results on Wednesday, August 17th. The network equipment provider reported $0.74 EPS for the quarter, beating the consensus estimate of $0.73 by $0.01. Cisco Systems had a net margin of 22.91% and a return on equity of 31.12%. The company had revenue of $13.10 billion for the quarter, compared to analyst estimates of $12.78 billion. During the same quarter last year, the business earned $0.76 earnings per share. The firm's revenue was down .2% on a year-over-year basis. Sell-side analysts predict that Cisco Systems, Inc. will post 3.1 earnings per share for the current year.

Cisco Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Wednesday, October 5th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Tuesday, October 4th. This represents a $1.52 annualized dividend and a yield of 3.57%. Cisco Systems's payout ratio is 53.90%.

Insider Buying and Selling at Cisco Systems

In other news, COO Maria Martinez sold 2,831 shares of the company's stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $48.39, for a total value of $136,992.09. Following the transaction, the chief operating officer now directly owns 278,012 shares in the company, valued at approximately $13,453,000.68. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Charles Robbins sold 12,716 shares of Cisco Systems stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $47.14, for a total transaction of $599,432.24. Following the completion of the sale, the chief executive officer now directly owns 631,374 shares of the company's stock, valued at approximately $29,762,970.36. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Maria Martinez sold 2,831 shares of the firm's stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $48.39, for a total value of $136,992.09. Following the completion of the sale, the chief operating officer now owns 278,012 shares in the company, valued at $13,453,000.68. The disclosure for this sale can be found here. Insiders have sold 56,317 shares of company stock worth $2,612,042 in the last ninety days. 0.02% of the stock is owned by insiders.

Cisco Systems Company Profile

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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. It provides infrastructure platforms, including networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities, and transport and/or store data.

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Want to see what other hedge funds are holding CSCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cisco Systems, Inc. (NASDAQ:CSCO – Get Rating).

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