Sumitomo Life Insurance Co Lowers stake in Cisco Systems (CSCO)

Cisco Systems (CSCO) : Sumitomo Life Insurance Co reduced its stake in Cisco Systems by 7.45% during the most recent quarter end. The investment management company now holds a total of 240,496 shares of Cisco Systems which is valued at $7,193,235 after selling 19,347 shares in Cisco Systems , the firm said in a disclosure report filed with the SEC on Jul 15, 2016.Cisco Systems makes up approximately 0.96% of Sumitomo Life Insurance Co’s portfolio.

Other Hedge Funds, Including , Braver Wealth Management reduced its stake in CSCO by selling 733 shares or 1.59% in the most recent quarter. The Hedge Fund company now holds 45,349 shares of CSCO which is valued at $1,349,133. Cisco Systems makes up approx 0.23% of Braver Wealth Management’s portfolio.Carl Domino Inc reduced its stake in CSCO by selling 705 shares or 1.31% in the most recent quarter. The Hedge Fund company now holds 53,189 shares of CSCO which is valued at $1,556,310. Cisco Systems makes up approx 1.43% of Carl Domino Inc’s portfolio.Nadler Financial Group reduced its stake in CSCO by selling 616 shares or 5.58% in the most recent quarter. The Hedge Fund company now holds 10,432 shares of CSCO which is valued at $305,240. Cisco Systems makes up approx 0.13% of Nadler Financial Group’s portfolio.

Cisco Systems opened for trading at $29.75 and hit $29.995 on the upside on Monday, eventually ending the session at $29.91, with a gain of 0.30% or 0.09 points. The heightened volatility saw the trading volume jump to 1,74,84,874 shares. Company has a market cap of $150,439 M.

On the company’s financial health, Cisco Systems reported $0.57 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on May 18, 2016. Analyst had a consensus of $0.55. The company had revenue of $12000.00 million for the quarter, compared to analysts expectations of $11951.58 million. The company’s revenue was down -1.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.54 EPS.

Many Wall Street Analysts have commented on Cisco Systems. Cisco Systems was Downgraded by Goldman to ” Neutral” on Jun 15, 2016. Company shares were Reiterated by RBC Capital Mkts on May 19, 2016 to “Outperform”, Firm has raised the Price Target to $ 33 from a previous price target of $31 .Company shares were Reiterated by Wunderlich on May 19, 2016 to “Hold”, Firm has raised the Price Target to $ 27 from a previous price target of $24 .

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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