Cisco Systems, Inc. (NASDAQ:CSCO) Stock Position Reduced by Kornitzer Capital Management Inc. KS

by · The Markets Daily

Kornitzer Capital Management Inc. KS lessened its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 0.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 895,142 shares of the network equipment provider’s stock after selling 7,092 shares during the period. Cisco Systems comprises 0.9% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 22nd largest position. 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 large investors also recently bought and sold shares of CSCO. Summit Securities Group LLC bought a new position in Cisco Systems during the 2nd quarter worth approximately $25,000. Quarry LP lifted its holdings in shares of Cisco Systems by 222.4% in the 2nd quarter. Quarry LP now owns 661 shares of the network equipment provider’s stock worth $31,000 after purchasing an additional 456 shares during the last quarter. West Financial Advisors LLC lifted its holdings in shares of Cisco Systems by 116.6% in the 3rd quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider’s stock worth $31,000 after purchasing an additional 309 shares during the last quarter. Hobbs Group Advisors LLC bought a new stake in shares of Cisco Systems in the 2nd quarter worth approximately $36,000. Finally, Iron Horse Wealth Management LLC lifted its holdings in shares of Cisco Systems by 617.7% in the 2nd quarter. Iron Horse Wealth Management LLC now owns 890 shares of the network equipment provider’s stock worth $42,000 after purchasing an additional 766 shares during the last quarter. Institutional investors own 73.33% of the company’s stock.

Insider Buying and Selling

In other news, EVP Thimaya K. Subaiya sold 1,328 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $48.92, for a total value of $64,965.76. Following the completion of the sale, the executive vice president now owns 132,910 shares of the company’s stock, valued at $6,501,957.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Thimaya K. Subaiya sold 1,328 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $48.92, for a total value of $64,965.76. Following the completion of the sale, the executive vice president now owns 132,910 shares of the company’s stock, valued at $6,501,957.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Thimaya K. Subaiya sold 8,270 shares of Cisco Systems stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $50.33, for a total value of $416,229.10. Following the sale, the executive vice president now directly owns 135,544 shares of the company’s stock, valued at approximately $6,821,929.52. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 70,529 shares of company stock worth $3,509,049 in the last three months. 0.01% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CSCO has been the topic of several recent research reports. HSBC raised Cisco Systems from a “hold” rating to a “buy” rating and raised their price target for the stock from $46.00 to $58.00 in a report on Friday, August 16th. New Street Research raised Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Thursday, August 15th. JPMorgan Chase & Co. raised their price target on Cisco Systems from $53.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday, August 8th. Despite investors’ hopes for a rebound in Networking Equipment demand to boost Cisco’s fourth-quarter 2024 performance, the anticipation is tempered by limited indications of a significant recovery in demand. Barclays lowered their target price on Cisco Systems from $50.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 15th. Finally, Rosenblatt Securities raised their target price on Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Thirteen analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $56.74.

Check Out Our Latest Stock Analysis on CSCO

Cisco Systems Price Performance

Shares of CSCO stock traded up $0.03 during mid-day trading on Thursday, hitting $57.90. 775,881 shares of the stock traded hands, compared to its average volume of 18,902,100. Cisco Systems, Inc. has a twelve month low of $44.50 and a twelve month high of $58.08. The firm 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 company’s 50-day simple moving average is $53.00 and its 200-day simple moving average is $49.27. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.83 and a current ratio of 0.91.

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

Cisco Systems Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Wednesday, October 2nd. Cisco Systems’s payout ratio is 62.99%.

Cisco Systems Company Profile

(Free Report)

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.

Further Reading

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