Miracle Mile Advisors LLC reduced its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) by 10.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,546 shares of the network equipment provider’s stock after selling 1,085 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Cisco Systems were worth $414,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the stock. Ibex Wealth Advisors boosted its stake in Cisco Systems by 1.5% in the third quarter. Ibex Wealth Advisors now owns 123,901 shares of the network equipment provider’s stock valued at $6,055,000 after acquiring an additional 1,805 shares during the last quarter. Private Trust Co. NA raised its position in shares of Cisco Systems by 5.0% in the third quarter. Private Trust Co. NA now owns 66,362 shares of the network equipment provider’s stock valued at $3,228,000 after purchasing an additional 3,152 shares during the period. Atria Investments LLC raised its position in shares of Cisco Systems by 3.8% in the third quarter. Atria Investments LLC now owns 171,384 shares of the network equipment provider’s stock valued at $8,338,000 after purchasing an additional 6,257 shares during the period. Investment House LLC raised its position in shares of Cisco Systems by 25.8% in the third quarter. Investment House LLC now owns 130,955 shares of the network equipment provider’s stock valued at $6,371,000 after purchasing an additional 26,860 shares during the period. Finally, Appleton Partners Inc. MA raised its position in shares of Cisco Systems by 8.7% in the third quarter. Appleton Partners Inc. MA now owns 79,206 shares of the network equipment provider’s stock valued at $3,853,000 after purchasing an additional 6,358 shares during the period. Hedge funds and other institutional investors own 69.14% of the company’s stock.
Cisco Systems stock opened at $56.95 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.74 and a current ratio of 1.80. The company has a market cap of $272.48 billion, a P/E ratio of 21.75, a PEG ratio of 2.94 and a beta of 1.22. Cisco Systems, Inc. has a 1-year low of $40.25 and a 1-year high of $57.53.
Cisco Systems declared that its board has approved a share buyback program on Wednesday, February 13th that authorizes the company to repurchase $15.00 billion in shares. This repurchase authorization authorizes the network equipment provider to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 24th. Investors of record on Friday, April 5th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend is Thursday, April 4th. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.33. Cisco Systems’s dividend payout ratio is 59.83%.
In other Cisco Systems news, EVP David Goeckeler sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $52.07, for a total value of $1,562,100.00. Following the completion of the transaction, the executive vice president now owns 419,439 shares of the company’s stock, valued at approximately $21,840,188.73. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Roderick C. Mcgeary sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $49.66, for a total transaction of $744,900.00. Following the completion of the transaction, the director now directly owns 102,898 shares of the company’s stock, valued at approximately $5,109,914.68. The disclosure for this sale can be found here. Insiders have sold a total of 115,000 shares of company stock worth $5,926,000 in the last ninety days. 0.03% of the stock is currently owned by insiders.
CSCO has been the topic of several research reports. Wells Fargo & Co reissued an “outperform” rating and issued a $57.00 price target (up previously from $52.00) on shares of Cisco Systems in a research report on Wednesday, February 13th. Credit Suisse Group set a $44.00 price target on shares of Cisco Systems and gave the company a “hold” rating in a research report on Wednesday, January 16th. KeyCorp boosted their price target on shares of Cisco Systems from $53.00 to $55.00 and gave the company an “overweight” rating in a research report on Thursday, February 14th. Robert W. Baird reissued a “buy” rating and issued a $53.00 price target on shares of Cisco Systems in a research report on Tuesday, February 12th. Finally, Argus reissued a “buy” rating and issued a $55.00 price target on shares of Cisco Systems in a research report on Tuesday, January 15th. Seven analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $53.75.
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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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