Kornitzer Capital Management Inc. KS Acquires 6,501 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Kornitzer Capital Management Inc. KS increased its stake in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 892,064 shares of the network equipment provider's stock after purchasing an additional 6,501 shares during the quarter. Cisco Systems makes up 1.1% of Kornitzer Capital Management Inc. KS's investment portfolio, making the stock its 18th largest holding. Kornitzer Capital Management Inc. KS's holdings in Cisco Systems were worth $55,049,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Navigoe LLC acquired a new stake in Cisco Systems in the 4th quarter worth approximately $26,000. Mpwm Advisory Solutions LLC bought a new position in Cisco Systems in the 4th quarter worth approximately $26,000. JDM Financial Group LLC increased its position in Cisco Systems by 160.4% in the 4th quarter. JDM Financial Group LLC now owns 487 shares of the network equipment provider's stock worth $29,000 after buying an additional 300 shares during the period. Runnymede Capital Advisors Inc. bought a new position in Cisco Systems in the 4th quarter worth approximately $30,000. Finally, Fairway Wealth LLC increased its position in Cisco Systems by 224.7% in the 1st quarter. Fairway Wealth LLC now owns 578 shares of the network equipment provider's stock worth $36,000 after buying an additional 400 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.

Cisco Systems Price Performance

NASDAQ:CSCO traded down $0.25 during mid-day trading on Friday, reaching $68.05. The stock had a trading volume of 15,635,018 shares, compared to its average volume of 20,286,720. The stock has a 50-day simple moving average of $65.67 and a two-hundred day simple moving average of $62.03. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $69.78. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.95 and a quick ratio of 0.87. The stock has a market capitalization of $269.48 billion, a PE ratio of 27.78, a P/E/G ratio of 4.03 and a beta of 0.90.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.92 by $0.04. The business had revenue of $14.15 billion during the quarter, compared to analyst estimates of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. The firm's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the business earned $0.88 EPS. On average, equities analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Thursday, July 3rd will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Thursday, July 3rd. Cisco Systems's payout ratio is 66.94%.

Insider Activity

In other Cisco Systems news, CEO Charles Robbins sold 29,784 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $64.61, for a total value of $1,924,344.24. Following the transaction, the chief executive officer owned 688,409 shares of the company's stock, valued at approximately $44,478,105.49. The trade was a 4.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Deborah L. Stahlkopf sold 9,643 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $63.50, for a total value of $612,330.50. Following the completion of the transaction, the executive vice president directly owned 181,186 shares in the company, valued at approximately $11,505,311. This represents a 5.05% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 97,335 shares of company stock worth $6,271,054. Company insiders own 0.01% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CSCO. Citigroup lifted their price target on Cisco Systems from $68.00 to $71.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Morgan Stanley lifted their price objective on Cisco Systems from $67.00 to $70.00 and gave the stock an "overweight" rating in a report on Friday. Deutsche Bank Aktiengesellschaft raised Cisco Systems from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $65.00 to $73.00 in a report on Monday, June 16th. JPMorgan Chase & Co. lifted their price objective on Cisco Systems from $73.00 to $78.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, KeyCorp started coverage on Cisco Systems in a report on Thursday, June 26th. They set an "overweight" rating and a $77.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cisco Systems presently has a consensus rating of "Moderate Buy" and an average target price of $70.35.

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 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.