Verity Asset Management adds Cisco Systems (CSCO) to its portfolio

Cisco Systems (CSCO) : Verity Asset Management added new position in Cisco Systems during the most recent quarter end. The investment management firm now holds 51,806 shares of Cisco Systems which is valued at $1,599,251 , the company said in a statement filed on Aug 12, 2016 with the SEC.Cisco Systems makes up approximately 1.54% of Verity Asset Management’s portfolio.

Other Hedge Funds, Including , Meiji Yasuda Life Insurance Co reduced its stake in CSCO by selling 4,430 shares or 2.76% in the most recent quarter. The Hedge Fund company now holds 156,360 shares of CSCO which is valued at $4,826,833. Cisco Systems makes up approx 0.74% of Meiji Yasuda Life Insurance Co’s portfolio.Artisan Partners Limited Partnership boosted its stake in CSCO in the latest quarter, The investment management firm added 47,652 additional shares and now holds a total of 15,844,564 shares of Cisco Systems which is valued at $489,121,691. Cisco Systems makes up approx 0.99% of Artisan Partners Limited Partnership’s portfolio.Fayez Sarofim Co reduced its stake in CSCO by selling 1,550 shares or 1.02% in the most recent quarter. The Hedge Fund company now holds 151,088 shares of CSCO which is valued at $4,664,087. Cisco Systems makes up approx 0.03% of Fayez Sarofim Co’s portfolio.Pzena Investment Management reduced its stake in CSCO by selling 154,648 shares or 5.61% in the most recent quarter. The Hedge Fund company now holds 2,602,784 shares of CSCO which is valued at $80,790,415. Cisco Systems makes up approx 0.48% of Pzena Investment Management’s portfolio.

Cisco Systems opened for trading at $31.43 and hit $31.7 on the upside on Monday, eventually ending the session at $31.58, with a gain of 0.73% or 0.23 points. The heightened volatility saw the trading volume jump to 2,11,01,729 shares. Company has a market cap of $158,838 M.

On the company’s financial health, Cisco Systems reported $0.63 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Aug 17, 2016. Analyst had a consensus of $0.60. The company had revenue of $12638.00 million for the quarter, compared to analysts expectations of $12571.21 million. The company’s revenue was down -1.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.59 EPS.

Many Wall Street Analysts have commented on Cisco Systems. Company shares were Reiterated by Jefferies on Aug 17, 2016 to “Buy”, Firm has raised the Price Target to $ 35 from a previous price target of $30.75 .Company shares were Reiterated by RBC Capital Mkts on Jul 28, 2016 to “Outperform”, Firm has raised the Price Target to $ 35 from a previous price target of $33 .Cisco Systems was Downgraded by Goldman to ” Neutral” on Jun 15, 2016.

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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