First Citizens Bank Trust Co Lowers stake in Cisco Systems (CSCO)

Cisco Systems (CSCO) : First Citizens Bank Trust Co reduced its stake in Cisco Systems by 3.64% during the most recent quarter end. The investment management company now holds a total of 849,109 shares of Cisco Systems which is valued at $23,902,418 after selling 32,060 shares in Cisco Systems , the firm said in a disclosure report filed with the SEC on Apr 19, 2016.Cisco Systems makes up approximately 1.97% of First Citizens Bank Trust Co’s portfolio.

Cisco Systems closed down -0.09 points or -0.32% at $28.15 with 2,31,47,609 shares getting traded on Friday. Post opening the session at $28.3, the shares hit an intraday low of $28.07 and an intraday high of $28.55 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

Other Hedge Funds, Including , Oliver Luxxe Assets sold out all of its stake in CSCO during the most recent quarter. The investment firm sold 14,860 shares of CSCO which is valued $418,309.Gateway Investment Advisers boosted its stake in CSCO in the latest quarter, The investment management firm added 55,581 additional shares and now holds a total of 3,686,482 shares of Cisco Systems which is valued at $103,774,468. Cisco Systems makes up approx 0.89% of Gateway Investment Advisers’s portfolio.Boltwood Capital Management boosted its stake in CSCO in the latest quarter, The investment management firm added 100 additional shares and now holds a total of 48,545 shares of Cisco Systems which is valued at $1,354,406. Cisco Systems makes up approx 1.17% of Boltwood Capital Management’s portfolio.Culbertson A N Co Inc boosted its stake in CSCO in the latest quarter, The investment management firm added 370 additional shares and now holds a total of 113,209 shares of Cisco Systems which is valued at $3,158,531. Cisco Systems makes up approx 1.21% of Culbertson A N Co Inc’s portfolio.Hoertkorn Richard Charles reduced its stake in CSCO by selling 7,175 shares or 12.79% in the most recent quarter. The Hedge Fund company now holds 48,945 shares of CSCO which is valued at $1,365,566. Cisco Systems makes up approx 1.08% of Hoertkorn Richard Charles’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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