Cardinal Capital Management Inc. Sells 4,895 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Cardinal Capital Management Inc. cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 0.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 518,696 shares of the network equipment provider’s stock after selling 4,895 shares during the quarter. Cisco Systems comprises 1.3% of Cardinal Capital Management Inc.’s holdings, making the stock its 23rd largest position. Cardinal Capital Management Inc.’s holdings in Cisco Systems were worth $26,837,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Telemus Capital LLC increased its holdings in shares of Cisco Systems by 2.5% in the second quarter. Telemus Capital LLC now owns 51,407 shares of the network equipment provider’s stock valued at $2,660,000 after purchasing an additional 1,235 shares during the period. Thompson Investment Management Inc. grew its holdings in Cisco Systems by 1.3% during the second quarter. Thompson Investment Management Inc. now owns 170,528 shares of the network equipment provider’s stock worth $8,823,000 after acquiring an additional 2,153 shares during the period. Verity & Verity LLC grew its holdings in Cisco Systems by 6.4% during the second quarter. Verity & Verity LLC now owns 433,514 shares of the network equipment provider’s stock worth $22,430,000 after acquiring an additional 26,040 shares during the period. Single Point Partners LLC grew its holdings in Cisco Systems by 9.5% in the second quarter. Single Point Partners LLC now owns 6,155 shares of the network equipment provider’s stock valued at $318,000 after purchasing an additional 535 shares during the period. Finally, Delta Financial Group Inc. grew its holdings in Cisco Systems by 1.9% in the second quarter. Delta Financial Group Inc. now owns 26,849 shares of the network equipment provider’s stock valued at $1,389,000 after purchasing an additional 499 shares during the period. 72.21% of the stock is currently owned by hedge funds and other institutional investors.

Cisco Systems Stock Down 0.6 %

Cisco Systems stock opened at $56.04 on Friday. Cisco Systems, Inc. has a fifty-two week low of $38.60 and a fifty-two week high of $58.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.27 and a current ratio of 1.38. The company has a market capitalization of $227.23 billion, a P/E ratio of 18.25, a PEG ratio of 2.49 and a beta of 0.97. The stock has a 50-day simple moving average of $54.20 and a 200-day simple moving average of $51.15.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, August 16th. The network equipment provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.08. Cisco Systems had a return on equity of 33.42% and a net margin of 22.13%. The business had revenue of $15.20 billion during the quarter, compared to the consensus estimate of $15.05 billion. During the same period in the previous year, the business earned $0.74 EPS. The business’s quarterly revenue was up 16.0% on a year-over-year basis. Equities research analysts expect that Cisco Systems, Inc. will post 3.58 earnings per share for the current year.

Cisco Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 4th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Tuesday, October 3rd. Cisco Systems’s payout ratio is currently 50.81%.

Insider Activity

In other Cisco Systems news, EVP Deborah L. Stahlkopf sold 3,022 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $56.22, for a total transaction of $169,896.84. Following the completion of the sale, the executive vice president now directly owns 169,396 shares of the company’s stock, valued at approximately $9,523,443.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Cisco Systems news, EVP Deborah L. Stahlkopf sold 2,158 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $55.15, for a total transaction of $119,013.70. Following the completion of the sale, the executive vice president now directly owns 173,618 shares of the company’s stock, valued at approximately $9,575,032.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Deborah L. Stahlkopf sold 3,022 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $56.22, for a total value of $169,896.84. Following the sale, the executive vice president now directly owns 169,396 shares of the company’s stock, valued at $9,523,443.12. The disclosure for this sale can be found here. In the last three months, insiders sold 54,438 shares of company stock valued at $2,948,779. Insiders own 0.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. StockNews.com initiated coverage on Cisco Systems in a report on Thursday, August 17th. They issued a “buy” rating on the stock. 51job reiterated an “initiates” rating on shares of Cisco Systems in a research report on Friday, June 30th. BNP Paribas began coverage on Cisco Systems in a research report on Thursday, July 20th. They set an “underperform” rating and a $45.00 price objective on the stock. UBS Group raised their target price on Cisco Systems from $51.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, August 17th. Finally, Morgan Stanley raised their target price on Cisco Systems from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 17th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Cisco Systems currently has an average rating of “Hold” and a consensus target price of $59.43.

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 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 that are standalone, controller appliance-based, switch-converged, and Meraki cloud-managed offerings; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.