Independent Investors Inc. lessened its position in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 3.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 22,100 shares of the network equipment provider’s stock after selling 900 shares during the quarter. Independent Investors Inc.’s holdings in Cisco Systems were worth $1,059,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Nachman Norwood & Parrott Inc boosted its position in shares of Cisco Systems by 8.3% in the third quarter. Nachman Norwood & Parrott Inc now owns 18,996 shares of the network equipment provider’s stock worth $938,000 after buying an additional 1,460 shares during the period. Evoke Wealth LLC purchased a new stake in shares of Cisco Systems in the third quarter worth about $1,387,000. Eagle Asset Management Inc. boosted its position in shares of Cisco Systems by 10.3% in the third quarter. Eagle Asset Management Inc. now owns 3,195,050 shares of the network equipment provider’s stock worth $157,867,000 after buying an additional 299,499 shares during the period. Sepio Capital LLC boosted its position in shares of Cisco Systems by 16.0% in the third quarter. Sepio Capital LLC now owns 231,224 shares of the network equipment provider’s stock worth $11,419,000 after buying an additional 31,894 shares during the period. Finally, Maverick Capital Ltd. purchased a new stake in shares of Cisco Systems in the second quarter worth about $2,455,000. 72.55% of the stock is owned by hedge funds and other institutional investors.
In other Cisco Systems news, EVP Irving Tan sold 10,733 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $44.81, for a total transaction of $480,945.73. Following the sale, the executive vice president now owns 172,199 shares in the company, valued at $7,716,237.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Charles Robbins sold 12,597 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $44.81, for a total value of $564,471.57. The disclosure for this sale can be found here. Insiders have sold 388,864 shares of company stock worth $17,474,321 in the last 90 days. 0.03% of the stock is currently owned by insiders.
Several research analysts recently commented on the company. Edward Jones upgraded Cisco Systems from a “hold” rating to a “buy” rating in a research note on Thursday, December 12th. BidaskClub cut Cisco Systems from a “hold” rating to a “sell” rating in a research note on Tuesday. Wells Fargo & Co reiterated a “buy” rating and issued a $58.00 price target (down previously from $60.00) on shares of Cisco Systems in a research note on Thursday, November 14th. Barclays upgraded Cisco Systems from an “equal weight” rating to an “overweight” rating and set a $53.00 price target on the stock in a research note on Thursday, December 19th. Finally, Goldman Sachs Group set a $48.00 price target on Cisco Systems and gave the stock a “neutral” rating in a research note on Thursday, November 14th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $54.69.
Shares of NASDAQ CSCO opened at $48.01 on Thursday. The stock’s 50 day moving average price is $46.45 and its two-hundred day moving average price is $49.14. Cisco Systems, Inc. has a 52-week low of $43.40 and a 52-week high of $58.26. The stock has a market capitalization of $202.74 billion, a P/E ratio of 16.85, a PEG ratio of 2.78 and a beta of 1.23. The company has a quick ratio of 1.64, a current ratio of 1.70 and a debt-to-equity ratio of 0.42.
Cisco Systems (NASDAQ:CSCO) last announced its quarterly earnings data on Wednesday, November 13th. The network equipment provider reported $0.84 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.03. Cisco Systems had a return on equity of 35.01% and a net margin of 21.15%. The firm had revenue of $13.16 billion for the quarter, compared to analysts’ expectations of $13.09 billion. During the same quarter in the prior year, the firm posted $0.75 earnings per share. Cisco Systems’s revenue for the quarter was up .7% compared to the same quarter last year. On average, analysts anticipate that Cisco Systems, Inc. will post 2.94 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders of record on Friday, January 3rd will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.92%. The ex-dividend date is Thursday, January 2nd. Cisco Systems’s payout ratio is currently 49.12%.
Cisco Systems Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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