Concannon Wealth Management Lowers stake in Cisco Systems (CSCO)

Cisco Systems (CSCO) : Concannon Wealth Management reduced its stake in Cisco Systems by 85.27% during the most recent quarter end. The investment management company now holds a total of 90 shares of Cisco Systems which is valued at $2,534 after selling 521 shares in Cisco Systems , the firm said in a disclosure report filed with the SEC on Apr 21, 2016.

Cisco Systems opened for trading at $28.44 and hit $28.65 on the upside on Wednesday, eventually ending the session at $28.64, with a gain of 0.67% or 0.19 points. The heightened volatility saw the trading volume jump to 2,09,30,999 shares. Company has a market cap of $144,120 M.

Other Hedge Funds, Including , Dumont Blake Investment Advisors boosted its stake in CSCO in the latest quarter, The investment management firm added 555 additional shares and now holds a total of 64,280 shares of Cisco Systems which is valued at $1,809,482. Cisco Systems makes up approx 0.93% of Dumont Blake Investment Advisors’s portfolio.Ronna Sue Cohen boosted its stake in CSCO in the latest quarter, The investment management firm added 6,642 additional shares and now holds a total of 117,402 shares of Cisco Systems which is valued at $3,304,866. Cisco Systems makes up approx 2.77% of Ronna Sue Cohen’s portfolio.Beacon Capital Management reduced its stake in CSCO by selling 3,550 shares or 33.59% in the most recent quarter. The Hedge Fund company now holds 7,020 shares of CSCO which is valued at $197,613. Cisco Systems makes up approx 0.01% of Beacon Capital Management’s portfolio.Osborne Partners Capital Management reduced its stake in CSCO by selling 248 shares or 0.21% in the most recent quarter. The Hedge Fund company now holds 118,954 shares of CSCO which is valued at $3,318,817. Cisco Systems makes up approx 0.48% of Osborne Partners Capital Management’s portfolio.Central Trust Co boosted its stake in CSCO in the latest quarter, The investment management firm added 29,254 additional shares and now holds a total of 256,373 shares of Cisco Systems which is valued at $7,152,807. Cisco Systems makes up approx 0.56% of Central Trust Co’s portfolio.

On the company’s financial health, Cisco Systems reported $0.57 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Feb 10, 2016. Analyst had a consensus of $0.54. The company had revenue of $11927.00 million for the quarter, compared to analysts expectations of $11750.05 million. The company’s revenue was down -.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.53 EPS.

Many Wall Street Analysts have commented on Cisco Systems. Company shares were Upgraded by JP Morgan on Apr 6, 2016 to ” Neutral”, Firm has raised the Price Target to $ 27.50 from a previous price target of $17 .Company shares were Downgraded by BofA/Merrill on Apr 5, 2016 to ” Neutral”, Firm has raised the Price Target to $ 30 from a previous price target of $27 .RBC Capital Mkts Resumed Cisco Systems on Mar 16, 2016 to “Outperform”, Price Target of the shares are set at $31.

Cisco System Inc. (Cisco) designs and sells lines of products provides services and delivers integrated solutions to develop and connect networks around the world building the Internet. The Company is engaged in designing manufacturing and selling Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provides services associated with these products and their use. The Company operates its business through three segments: The Americas; Europe Middle East and Africa (EMEA) and Asia Pacific Japan and China (APJC). It groups its products and technologies into the various categories such as Switching Next-Generation Network (NGN) Routing Collaboration Service Provider Video Data Center Wireless Security and Other Products. In addition to its product offerings it provides a range of service offerings including technical support services and advanced services.

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